Markets & Finance · Caribbean
—The deal. Bermuda’s Butterfield bank has agreed to buy the Caribbean arm of Canada’s CIBC for about one point eight billion dollars.
—The exit. CIBC is selling its roughly ninety-two percent stake, ending a long and often difficult run as a Canadian owner in the region.
—The size. The combination would create a bank with around twenty-nine billion dollars in assets across more than a dozen island markets.
—The structure. Butterfield is paying mostly cash with some of its own shares, and CIBC will keep a stake of about a fifth in the merged group.
