CIBC selling Caribbean division for US$1.6 billion as it refocuses efforts on North American market

CIBC selling Caribbean division for US$1.6 billion as it refocuses efforts on North American market

CIBC divests its Caribbean unit to Bank of N.T. Butterfield for US$1.6B (US$1B cash + 52.1M shares), retaining a 22% stake in the Bermuda-based acquirer. Capital freed goes toward North American expansion — a sign that banks are rationalizing geographic footprint to concentrate ROE on core markets.