Butterfield to buy CIBC Caribbean stake as Jamaican market activity stays concentrated

Butterfield has signed a definitive deal to purchase CIBC's 91.7 per cent interest in CIBC Caribbean Bank Limited, in a major regional banking transaction highlighted in the May 29, 2026 business update.

The Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, is to pay US$1.091 billion in cash and US$73 million in Butterfield shares for the CIBC Caribbean stake. Butterfield chairman and chief executive officer Michael Collins said the bank has expanded and strengthened profitability through bank and trust acquisitions since its 2016 listing on the New York Stock Exchange.

On the Jamaica Stock Exchange, the May 28 trading session was led by Sagicor Select Funds Limited Financial, with 12,713,990 units traded, or 20.93 per cent of market activity. TransJamaican Highway Limited followed with 7,555,413 units, representing 12.44 per cent, while QWI Investments Limited accounted for about 6.17 million units, or 10.16 per cent of activity.

The update said investor demand remained heavily focused on finance and transportation counters, reflecting interest in dividend-oriented and strategic holdings.

Foreign exchange activity, based on Bank of Jamaica data for May 28, also showed firm demand across major currencies. The US dollar was quoted at $156.65 on the selling side and $158.28 on the buying side. The Canadian dollar was reported at $115.09 for selling and $114.63 for buying, while the British pound moved at $212.13 selling and $210.51 buying.

The report noted that currency timing remains important for companies managing imports, debt payments or overseas exposure. It also urged borrowers with dual citizenship to build credit histories responsibly in each market, as credit records do not automatically move across borders.

The business feature further pointed to pooled investing as a way for investors to access property, businesses and income-generating assets, provided partnerships are backed by clear agreements, proper structures and shared objectives.