CIBC to sell stake in Bermuda bank

Canadian Imperial Bank of Commerce is selling its 19 per cent stake in Bermuda’s Bank of NT Butterfield & Son for U$155 million.

CIBC to sell stake in Bermuda bank
Canadian Imperial Bank of Commerce is selling its 19 per cent stake in Bermuda’s Bank of NT Butterfield & Son for U$155 million. Butterfield will buy most of the shares with the Carlyle Group acquiring the rest. CIBC invested in the bank five years ago.