Butterfield to acquire CIBC Caribbean for $1.8bn; meets VI premier

The Bank of N.T. Butterfield & Son Limited held talks with Premier Dr. Natalio D. Wheatley in Road Town after announcing plans to purchase CIBC's 91.7% holding in CIBC Caribbean.

The deal, valued at roughly $1.8 billion, would merge the two operations into a single banking and wealth-management entity controlling approximately $29 billion in assets, contingent on shareholder and regulatory clearance.

Five members of Butterfield's leadership attended the meeting: Michael W. Collins (Chairman and Chief Executive Officer), Michael L. Schrum (President and Group Chief Financial Officer), Donna Wellington (Chief Country and Commercial Officer), Michael McWatt (Managing Director for Cayman), and Fabian S. Devonish (CIBC Virgin Islands Country Manager).

Premier Wheatley responded positively to the proposal, telling the delegation he wished them success. He noted his expectation that the transaction would deliver "more vibrant, responsive and innovative banking services for the people of the Virgin Islands."

Butterfield has framed the acquisition as a way to expand banking and wealth-management reach throughout the Caribbean region. The bank says customers stand to gain from faster cross-border payments, wider consumer and merchant banking options, and ongoing digital banking improvements.

Regulatory approval and other standard closing requirements must be satisfied before the transaction completes in the first half of 2027. Butterfield intends to preserve the operating presence of both institutions, retaining CIBC Caribbean's regional base in Barbados to protect customer and staff continuity.