Ogier advises CIBC on US$1.8 billion sale of CIBC Caribbean to Butterfield 

Ogier's Banking and Finance team in the Cayman Islands is advising its long standing client Canadian Imperial Bank of Commerce (CIBC) on its US$1.8 billion sale of its 91.7% interest in CIBC Caribbean Bank to The Bank of N.T. Butterfield & Son (Butterfield).   

Following completion of the sale, Butterfield will commence a mandatory take-over bid for the remaining 8.3% of CIBC Caribbean shares held by minority shareholders. 

CIBC Caribbean operates in 10 countries around the Caribbean. On a pro forma basis, the combined group is expected to have around US$29 billion in assets. 

The total consideration to be paid for CIBC Caribbean will comprise of approximately US$1.1 billion in cash and approximately US$700 million in Butterfield shares. 

The transaction is expected to close in the first half of 2027, subject to receipt of shareholder and regulatory approvals and the satisfaction of customary closing conditions. 

The Ogier team is led by partner James Heinicke, with support from senior associate Jasjit Grewal. 

James Heinicke said: "We are delighted to be working with CIBC on this landmark transaction for the bank. Our longstanding relationship with CIBC, and our experience supporting the bank on a variety of mandates over the years, mean we are well placed to advise on this significant transaction." 

Contact the team to find out more about Ogier’s Banking and Finance team in the Cayman Islands.