CIBC to sell stake in Bermuda bank

CIBC to sell stake in Bermuda bank

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.