The Bank of N.T. Butterfield & Son has agreed to acquire Canadian Imperial Bank of Commerce’s 91.7 percent interest in CIBC Caribbean Bank, its Caribbean arm, for $1.8 billion. The deal will create a leading banking and wealth management platform with $29 billion in assets.
Under the terms of the transaction, Butterfield will make an offer for the remaining 8.3 percent of the shares in CIBC Caribbean held by minority shareholders. Butterfield also expects to raise $700 million in Tier 2 capital-qualifying subordinated debt securities prior to closing.
Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from Bermuda, the Cayman Islands, Guernsey, Jersey, The Bahamas, Switzerland, Singapore and the United Kingdom.
CIBC Caribbean is a relationship bank located in 10 countries around the Caribbean, providing banking services through 41 branches and offices.
The S&C team advising Butterfield includes Mitch Eitel, Ethan Chess, Jamie Saevitzon and Russell Green. Cathy Clarkin and Bradford Olson are advising on capital markets and securities matters. Heather Coleman and Kristen Klein are advising on executive compensation matters. Eric Wang, Jackson Mariotti and Rachel Liu are advising on tax matters. Rachel Yu, KJ Lim and Kelvin Kim are advising on intellectual property matters. Barney Reynolds and Azad Ali are advising on bank regulatory matters.