On May 28, 2026, Canadian Imperial Bank of Commerce entered into a definitive agreement with The Bank of N.T. Butterfield & Son Limited, the Hamilton, Bermuda-headquartered international bank and wealth manager, under which Butterfield will acquire CIBC's 91.7 percent controlling interest in CIBC Caribbean Bank Limited for an aggregate purchase price of US$1,794 million, or US$1.14 per CIBC Caribbean share (approximately C$2.46 billion at the announcement-date exchange rate). The consideration comprises US$1,091 million in cash and US$703 million in Butterfield ordinary shares.

Butterfield will acquire CIBC Investments (Cayman) Limited, the holding company for CIBC's interest in CIBC Caribbean, and will subsequently commence a mandatory take-over bid for the remaining 8.3 percent of CIBC Caribbean shares held by minority shareholders. CIBC Caribbean is a relationship bank with approximately 2,700 employees operating 41 branches and offices across 10 Caribbean countries, with a representative office in Hong Kong. The combined business is expected to have approximately US$29 billion in assets.

The transaction is expected to close in the first half of 2027, subject to Butterfield shareholder and regulatory approvals and customary closing conditions. Butterfield has obtained commitments for US$700 million of Tier 2 capital-qualifying subordinated debt financing. Following closing, CIBC will retain an approximately 22 percent stake in the combined Butterfield entity, and Butterfield intends to undertake additional secondary share listings on the Barbados Stock Exchange, the Bahamas International Securities Exchange and the Trinidad and Tobago Stock Exchange, subject to local listing and regulatory requirements.