Building a Leading Independent Bank For International Financial Centres and Caribbean Communities
Butterfield and CIBC Caribbean are combining strengths to deliver a more diversified and more resilient banking and wealth management platform. Our expanded capabilities and scale will allow us to better serve all of our stakeholders, with minimal disruption to our clients and communities. Both organisations share a commitment to relationship banking, exceptional service, and supporting the long-term wellbeing of our clients, employees and local communities. Together, we will do even more of what we do best.
The transaction will allow us to:
- Combine complementary strengths, expertise and shared values
- Strengthen operational resilience and efficiency
- Deliver enhanced corporate, personal and wealth management services to clients
- Expand our geographic reach and capabilities across Bermuda and the English-speaking Caribbean
- Improve our ability to process cross-border payments
- Continue investing in technology, digital banking and cybersecurity
- Support sustainable, long-term growth
The transaction remains subject to customary regulatory review and approval, and Butterfield is committed to working closely with regulators and stakeholders to ensure a responsible, transparent transition that protects customers, employees and communities.
The combination at a glance
A step-change in scale and growth
Highly complementary
Financially compelling
Acquisition Updates
This page is your source for the latest news on the proposed acquisition of CIBC Caribbean by Butterfield.
Published Updates
May 2026 — Announcement
Butterfield announced that it has entered into an agreement to acquire CIBC Caribbean, subject to regulatory approvals, a Butterfield shareholder vote and customary closing conditions.
Better Banking For All Our Clients
Client relationships have always been firmly at the centre of everything we do at Butterfield. The combination with CIBC Caribbean will add capability without disrupting the service you rely on every day.
What This Means For You Today
Your existing accounts, products and contact methods remain the same. You can continue banking as you normally do. We will provide clear, advanced notice before any future changes.
- No immediate changes to your accounts or services
- Your online and mobile banking, cards and payment instructions stay the same
- Your relationship managers and support teams remain available for you
Continuity and Regulatory Reassurance
This combination is built on group-wide continuity under highly respected, stable regulatory structures. Butterfield's group head office remains in Bermuda, with the Bermuda Monetary Authority, internationally recognised for its regulatory standards, continuing as the primary supervisor of the expanded group. Barbados remains the hub for a regional champion, and local regulators in every market retain their oversight and role.
The transaction remains subject to customary regulatory review and approval, and Butterfield is committed to working closely with regulators and stakeholders to ensure a responsible, transparent transition that protects customers, employees and communities..
FAQs
No. There is nothing you need to do. The way you bank with Butterfield and/or CIBC Caribbean, including your accounts, products, and terms and conditions, all stay the same.
No. Your account details, product terms and conditions, cards and payment instructions all remain unchanged. Butterfield is committed to full continuity of service, and we would communicate any future change to you clearly and well in advance.
Yes. Your online and mobile banking, ATMs and other service channels continue to work exactly as they do today.
Please continue to speak with your relationship manager or contact support services as usual.
Until the transaction is completed, which is expected to happen in the first half of 2027 subject to customary approvals, Butterfield and CIBC Caribbean continue to operate as separate, independent banks. We will give you clear, advance notice of anything that may affect you.
Over time, you can expect access to a wider range of products and expertise, stronger cross-border payment capabilities, and continued investment in technology and client experience, all delivered with the personal, relationship-led service you are familiar with.
Yes. Your deposits and the protections that apply to them continue exactly as they do today, under the same trusted regulatory oversight.
Creating Long-Term Value Through Strategic Growth
The acquisition of CIBC Caribbean is a defining step forward in Butterfield’s growth strategy, expanding our scale, strengthening our capabilities, broadening our presence and deepening our leadership across international financial centres and attractive Caribbean markets.
The transaction is both financially compelling and resilient, creating long-term value through the combination of our complementary businesses, a more diversified earnings mix, tangible avenues for continued growth, and an enhanced offering to clients across our combined footprint.
Key Highlights
- Further strengthens Butterfield’s positioning as a leading independent bank and wealth manager, with a proven record of strong financial performance and exceptional client service
- Leading market positions in Bermuda, Cayman Islands, Barbados and The Bahamas
- Nearly doubles Butterfield's deposit base, adding low-cost, stable funding across geographies and account types
- Expected to be immediately accretive to earnings and tangible book value, with returns that do not depend on aggressive synergies
- Maintains a strong capital position conducive to continued investment-grade credit ratings
Financial Highlights
- Purchase price of $1,794 million, or $1.14 per CIBC Caribbean share, representing 106% of CIBC Caribbean’s tangible book value as of January 31, 2026
- Consideration is 61% cash ($1,091 million) and 39% ($703 million) Butterfield (NYSE: NTB) shares
- Consideration per CIBC Caribbean share of $0.6918 in cash and 0.008008 in Butterfield shares based on the 10-day NYSE VWAP of $55.66 as of May 27, 2026
- Butterfield has obtained commitments for $700 million of Tier 2 capital-qualifying subordinated debt financing
- The transaction is expected to be 15% accretive to cash EPS in year 1 with fully phased-in synergies, excluding integration costs, rate marks and transaction-related amortisation
- 12% expected accretion to GAAP EPS in year 1 with fully phased-in synergies, excluding integration costs
- 10% expected accretion to Butterfield's tangible book value per share
- 20+% expected internal rate of return
- All pro forma capital ratios at closing are expected to remain significantly above “well-capitalised” thresholds, with pro forma Total Capital Ratio above 19% and pro forma Common Equity Tier 1 ratio above 12%
- Pre-tax cost savings expected to reach an annual run rate of approximately $49 million once fully phased in by 2030
Why This Combination Creates Value
The strategic rationale of this transaction rests on three key pillars:
- A step-change in scale and growth
The acquisition of CIBC Caribbean further establishes Butterfield as a leading independent bank and wealth management group.
- A highly complementary combination
Our combination unites the complementary strengths of two leading institutions with deep local experience within their respective footprints to deliver greater capability and capacity, with minimal disruption.
Financially compelling, with strengthened resilience
The acquisition is expected to deliver strong returns, including expected accretion to earnings and tangible book value from day one, without aggressive synergy assumptions.
Deepening Our Commitment to Communities
Butterfield and CIBC Caribbean both have long histories of supporting local communities, businesses and economic development. That commitment is not changing. Supporting the long-term well-being of our clients, employees, and communities will remain an essential part of our overall mission.
As a stronger combined organisation, we will:
- Continue to integrate sustainability considerations into the way we do business globally and locally, acting responsibly and contributing to positive economic, environmental, and social conditions in all our jurisdictions
- Increase lending capacity for local businesses and consumers
- Maintain, and where feasible expand, local employment to support customer and operational needs
- Support regional economic growth, development projects and public-sector facilities
FAQs
Yes. Both banks share a deep commitment to the communities they serve. Butterfield intends to maintain community programmes, partnerships and philanthropic initiatives across the combined footprint.
A larger combined bank means greater capacity, wider offerings and broader expertise — from cross-border payments to specialist lending. That directly supports local businesses, development projects and the wider economy in the markets we serve.
Face-to-face relationship banking remains central to Butterfield. We intend to maintain our branches and local teams to support customer and operational needs, and where feasible, to expand local employment as the combined group grows.
