From left: Fabian S. Devonish, CIBC Virgin Islands Country Manager; Michael W. Collins, Chairman and Chief Executive Officer, The Bank of N.T. Butterfield & Son Limited; Donna Wellington, Chief Country and Commercial Officer; Premier Dr Natalio D. Wheatley; Michael McWatt, Managing Director, Cayman; and Michael L. Schrum, President and Group Chief Financial Officer. Photo:Government of the Virgin Islands

Senior executives of The Bank of N.T. Butterfield & Son Limited met with Premier and Minister of Finance Dr. the Honourable Natalio D. Wheatley (R7)  to discuss the bank’s planned acquisition of CIBC Caribbean and its expected impact on banking services in the Virgin Islands. Photo: Internet Source

The meeting followed Butterfield’s announcement of a definitive agreement to acquire CIBC’s 91.7% interest in CIBC Caribbean in a transaction valued at approximately $1.8 billion. The proposed combination would create a banking and wealth-management platform with roughly $29 billion in assets, subject to shareholder and regulatory approvals.

Premier welcomes new banking presence

During the courtesy call, members of Butterfield’s executive team briefed Premier Wheatley on the transition and the expectations surrounding Butterfield’s entry as the newest banking brand in the Virgin Islands.

Premier Wheatley expressed optimism about the development and wished the executive team every success as the transaction moves forward. He also emphasised the hope that the acquisition will lead to more vibrant, responsive and innovative banking services for the people of the Virgin Islands.

The Butterfield delegation included Michael W. Collins, Chairman and Chief Executive Officer, The Bank of N.T. Butterfield & Son Limited, Michael L. Schrum, President and Group Chief Financial Officer, Donna Wellington, Chief Country and Commercial Officer, Michael McWatt, Managing Director, Cayman and Fabian S. Devonish, CIBC Virgin Islands Country Manager.

Acquisition intention

Butterfield has said the acquisition is intended to strengthen banking and wealth-management services across the Caribbean. Customers are expected to benefit from improved cross-border payment capabilities, expanded consumer and merchant banking services, and continued investment in digital banking infrastructure.

The transaction is expected to close in the first half of 2027, subject to regulatory approvals and customary closing conditions. Butterfield has said it intends to maintain both organisations’ operational footprints, including CIBC Caribbean’s regional headquarters in Barbados, to ensure continuity for customers and employees.