Carey Olsen supports Butterfield's major acquisition

Carey Olsen in Bermuda has played a pivotal role as the joint lead counsel for The Bank of N.T. Butterfield & Son Limited, commonly known as Butterfield, in its significant acquisition of CIBC's 91.7% interest in Caribbean Bank Limited, hereafter referred to as CIBC Caribbean. This landmark transaction, valued at US$1.8 billion, has set the stage for a combined entity boasting approximately US$29 billion in assets, thereby creating a prominent banking and wealth management platform that spans both international financial centres and emerging markets in the Caribbean.

The acquisition entails comprehensive coordination across 19 jurisdictions, aiming to enhance the offerings of both Butterfield and CIBC Caribbean. This expansion will bolster their service range, encompassing cross-border payments, consumer and merchant banking services, as well as robust digital banking infrastructure. The complexity and scale of this deal have rarely been witnessed in the offshore legal market, illustrating the significant role that Carey Olsen has undertaken alongside U.S. counsel Sullivan & Cromwell LLP and Lex Caribbean.

Leading the charge for Carey Olsen Bermuda were partners Alexander Collis and Michelle Falcucci, who expressed their enthusiasm regarding the transaction. Alexander Collis remarked that "this is a landmark transaction not just for Butterfield, but for the offshore legal market. Delivering a deal of this scale across 19 jurisdictions, alongside Sullivan & Cromwell, demonstrates that Carey Olsen Bermuda is at the forefront of complex, cross-border M&A." He emphasised the importance of supporting Butterfield in its strategic mission to become the dominant bank and trust company within international financial centres.

Michelle Falcucci echoed these sentiments, stating that "acting as joint lead counsel with Sullivan & Cromwell on a transaction of this scale and complexity requires not only multi-jurisdictional coordination but a detailed understanding of how regulatory, transactional and structuring considerations intersect in practice." She highlighted that Carey Olsen's expertise shines through in managing such complexities and delivering focused, commercially viable advice on high-value, cross-border transactions.

The robust team behind this monumental undertaking also included partner Michael Hanson JP, alongside senior associates Thomas Connor, Charlotte Donnelly, and Stephen Parnell, as well as associates Alex Gays, Jordan Powell, and Marcus Symonds. Additionally, support and regulatory advice were provided by Carey Olsen's teams in the British Virgin Islands, Cayman Islands, Guernsey, and Jersey, showcasing the firm's extensive reach and capability.

Michael Hanson, the group managing partner of Carey Olsen, noted the importance of this transaction not only for Butterfield but also for those involved: "We are particularly proud of this transaction. Firstly, in respect of helping the Butterfield team with their impressive and ambitious strategic growth program, which is driving real value to all its stakeholders. Secondly, as being another clear demonstration of Carey Olsen's ability to apply a level of service that is more typical in large onshore firms into the Bermuda, Caribbean, and wider offshore markets." He concluded by congratulating everyone involved in what was a remarkable team effort across multiple jurisdictions.

Carey Olsen Bermuda Limited is committed to providing exemplary service and is recognised under the Bermuda Bar (Professional Companies) Rules 2009, further establishing its stature as a key player in the offshore legal landscape.