Sullivan & Cromwell (S&C), Carey Olsen, Wachtell, Lipton, Rosen & Katz, Chancery Chambers, Torys, and Mayer Brown advised on Butterfield’s US$1.8 billion acquisition of CIBC Caribbean.

The transaction brings together a combined business with approximately US$29 billion in assets, creating a banking and wealth management platform spanning international financial centres and high-growth Caribbean markets. Coordinated across 19 jurisdictions, the transaction is expected to expand the combined group’s cross-border payments, consumer and merchant banking services, wealth management capabilities and digital banking infrastructure.

Sullivan & Cromwell advised Butterfield on the acquisition.

The Sullivan & Cromwell team included Mitch Eitel, Ethan Chess, Jamie Saevitzon and Russell Green. Capital markets and securities advice was provided by Cathy Clarkin and Bradford Olson. Executive compensation matters were handled by Heather Coleman and Kristen Klein. Tax advice was provided by Eric Wang, Jackson Mariotti and Rachel Liu. Intellectual property advice was provided by Rachel Yu, KJ Lim and Kelvin Kim. Bank regulatory advice was provided by Barney Reynolds and Azad Ali.

Carey Olsen acted as joint lead counsel to Butterfield alongside Sullivan & Cromwell and Lex Caribbean.

The Carey Olsen team was led by Partners Alexander Collis and Michelle Falcucci. The wider team comprised Partner Michael Hanson JP, Senior Associates Thomas Connor, Charlotte Donnelly and Stephen Parnell, and Associates Alex Gays, Jordan Powell and Marcus Symonds.

Wachtell, Lipton, Rosen & Katz advised CIBC on the sale of its majority interest in CIBC Caribbean.

The corporate team comprised Partner Brandon C. Price, Associate Michael Ye and Associate Stephanie S. Levine.

Chancery Chambers and Torys also advised CIBC on the transaction. Mayer Brown acted as legal adviser to CIBC Caribbean.