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What Election Observers Recommend Following Review of the 2021 General Elections

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3 years ago

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From CARICOM ELECTION OBSERVER MISSION (CEOM)

 

  1. The CEOM was unable to ascertain the origin of the occurrence to unilaterally extend the closure of Poll to accommodate the time lost at the late commencement of the Poll.  The Elections Ordinance does not address this matter specifically.  There is a need for this issue to be resolved.  It may be recalled that a similar matter reached the Courts in another Caribbean jurisdiction.
  2. The idea of outsourcing the training of Polling Day Staff to one individual should be reconsidered.  Also, the methodologies associated with Polling Day Staff must be discussed and documented in detailed.  The EDBC, on this occasion, was well served by a person who is experienced in electoral management.
  3. Every effort should be made to ensure that the commencement of voting begins on time.  The commencement of any aspect of Polling Day Activities should not be delayed by unpunctual or non-arrival of Party Agents.  Roving Party Agents as well as Party’s Command Centre should be informed immediately about the absence of the respective Party Agent, especially at the opening and closure of Poll.
  4. It was often found that Party Agents did not fully understand that they are part and parcel of the entire polling day exercise.  Too often Party Agents had to be enthused to participate at crucial moments of the process.  Perhaps the Political Parties should change their Agents after 6 hours.  Always there should be a few fresh Agents at the count.  All Party Agents should be present at the count.  However, any absence should not delay the count.
  5. The count (tally) was often slow and laborious.  The CEOM feels that one way to hasten the counting process would be to ensure that the separation of ballots should take place simultaneously during the count.
  6. There must be one uniform way of staining the finger.  Similarly, the electorate must know which finger is to be stained and how and where it will be stained.  The Pamphlet/Notice “VOTING PROCEDURE” does not carry this information.
  7. Training of election day staff is of paramount importance.  It is a continuous exercise.  On Election Day there were a few incidents where polling staff, especially later in the day, were committing errors that they would not usually do.  One or two training exercises may not be enough.  “Training”, further training, repeat training, refresher training courses usually are very rewarding on election day.  The Security Services need also to be schooled, especially relative to the presence of Election Observers and the latter’s access to Polling Stations.
  8. One of the NOTICES tells the voter to “make sure you have 2 of these 5 acceptable forms of photo identification available when you vote.  Why 2 ?.  The Presiding Officer would have the name of the voter on the list.  The person (voter) is standing right in front of the Presiding Officer.  The voter has his picture on any one of the 5 acceptable ID’s.
  9. In spite of probable future accusations of gerrymandering the Constitution, Electoral District Boundary Commission (EDBC) might wish to re-visit the concept of arranging the electoral boundaries so as to create a greater numerical equity among the Constituencies, therefore fortifying the democratic process.

The CEOM received reports that voters were being misinformed, not only via the social media, but, it seems, even by the established media houses.  Other Caribbean Countries have established a Media Code of Conduct and even a Media Monitoring Unit managed by the Elections Management body. CARICOM could be of assistance in sharing these experiences with the TCI in the future.

  1. Consideration should be given to early voting for the disciplined force.

 

From INTERNATIONAL FOUNDATION FOR ELECTORAL SYSTEMS (IFES)

 

  1. Additional dialogue and public engagement are required to determine the best way to ensure inclusion in the electoral process in the TCI and, as a result, representative governance.  A range of options could be considered, including electoral system and structural governance changes, and/or voter eligibility reforms.  The current voter franchise regime does not align with international best practices in voter eligibility or international conventions to which the United Kingdom is a party.  The eligibility to vote should be increase to include a greater proportion of the population, based upon domestic, regional and international best practices, laws, treaties and obligations.  To not do so undermines the overall integrity and legitimacy of the electoral process, and democratic will of the people may not be reflected in their elected leaders.
  2. A formal review of the current and future needs of the Elections Office should be conducted within the next year to allow for successful implementation of any recommended changes.  This review should not only assess permanent and temporary staffing levels and budgets, but also technology upgrades and improvements to voter education outreach efforts – particularly in the event of any changes to voter enfranchisement as recommended.  In addition, any need to increase inclusion and accessibility should also be identified with an eye towards maximizing voter enfranchisement.  A review of necessary training should take place and be implemented in time for the next election.  Finally, to improve accessibility, the Elections Office could conduct an audit of TCI’s polling stations and make recommendations for selection of new sites if necessary and/or improve sites accessibility in time for the next election.
  3. In the observed election, voter registration closed on 1 March 2020, almost a full year before the election.  Not only did this resulted in the disenfranchisement of first-time voters who turned 18 in the months leading up to the election, but also of other new voters who, despite being eligible, had not previously registered or whose eligibility status had change in the months leading up to the election.  The elections office should embrace a rolling voter registration system with a standardized deadline set prior to the next election, such as the date of the election is called plus one or two weeks or the date of Candidate nominations.  A rolling voter registration system would maximize voter registration while also encouraging first-time voters.
  4. A single option of voting is unnecessarily restrictive and reduces voter enfranchisement.  In addition, it is counter to international best practices aimed at increasing inclusion and accessibility for a broader segment of society, particularly voters with disabilities, older Citizens, incarcerated prisoners, and others who cannot be physically present to vote on Election Day.  Therefore, TCI should consider authorizing advance voting and/or absentee voting well in advance of the next election.  Advance voting could take place the day before the actual election day and could be limited to law enforcement, firefighters and/or military.  Absentee voting could be considered via signed requests by confirmed voters to vote via a post- and/or hand-delivered absentee ballot.  This would include persons on remand and prisoners serving of less than 12 months.  The option used around the world to widen the franchise to include voters who cannot cast a ballot in person on Elections Day all having their own limitations in the provision of a secret and secure vote.  Based upon lessons learned in the region and from around the world, IFES does not recommend proxy voting, in which one voter is legally authorized to cast a ballot for another, for TCI, particularly because it can be used by heads of household to influence how family members in their household vote, ultimately taking away the right to vote for the candidate or party of their choice.
  5. Although much progress has been made in the Caribbean and TCI, and woman have held the top jobs in TCI, it is important to not get complacent about the fact that woman still face cultural and institutional barriers when running for office.  As social media use becomes more prolific, woman may be reluctant to run for elected positions because opponents and the media will often focus on a woman’s personal life rather than focusing on her politics and proposed policies.  In the TCI, as across the globe, efforts should be made to continue educating political leaders and citizens that woman, who are the majority of votes in TCI, should be represented in the formal political space and all Candidates should be treated equally with focus on politics and policies, not personal life.
  6. Adjust the appearance and layout of physical ballots to assist voters in making their Candidate choice.  This could include adding political party colors of photographs to the ballot to make the choice more easily identifiable by the voters, particularly voters with low literacy and those who are blind or have low vision.  In addition, a limited number of ballots could be printed based upon targeted need in the languages spoken in the TCI, including English and, where applicable, Spanish, French and Creole, and tactile ballot guide could be developed for identified populations so voters with visual disabilities can vote unaided and in secret.
  7. IFES recommends that more resources be provided to the Integrity Commission (IC) and the Supervisor of Elections (SOC) to proactively investigate issues around the abuse or misuse of state resources during elections, and different types of treating, or offering of material rewards in exchange for voting for a specific candidate or political party, to avoid a culture of impunity.  In addition, while the Elections Ordinance includes rules around political advertising, these have not been extended to the social media, and generally all political activities on social media platforms is on a personal basis as opposed to using paid advertisements and political pages.  Hence, regulation of this content, as well as potential disinformation and hate speech, is challenging.  As the influence and spread of social media continue to grow, consideration could be given to certain types of social media regulations, especially during electoral periods.
  8. Given the size of the TCI’s population, it is inevitable that candidates, party officials and election officials will have close ties.  A conflict-of-interest policy should be developed that is specific to any election requiring senior electoral officials, returning officers and other officials to formally declare any familial and/or financial ties to any candidate or political party on the ballot.  Upon declaration, officials could be required to abstain from any significant election-related government action and/or decision related to their specific conflict of interest.  A formal conflict of interest policy would enhance transparency.
  9. Individual polling stations should be segmented to equalize the number of voters on each list.  Currently, voters are segmented according to the first letter of their last name, which results in unequal voting line lengths, due to several common last names in TCI.  Apparently, this line segmentation is due to the ballot boxes having already been preprinted.  This fact should not discourage the election authorities from expenditures necessary to modify or replace the ballot boxes to balance the polling station lines, particularly given health concerns with long lines.
  10. The Elections Ordinance mandates the introduction of voter identification cards for registered voters, but this provision, which has been in the law for several years, does not come into effect until the government issue a proclamation in the Gazette.  Until this provision comes into effect, TCI requires one form of official identification to vote.  However, ahead of the 2021 elections, the Elections Office in its public education campaign encouraged voters to bring two pieces of identification.  To prove both residency and the right to vote, eligible voters should only need one form of identification.  It is therefore recommended that all eligible voters be issued a voter registration card in advance of the election, or revert to requiring on form of official ID.  An additional form of identification could be required in the event the voter loses their voter registration card.  In addition, voters should first be confirmed as eligible to vote at the polling stations before their fingers are inked.  Fingers should then be inked either at the moment voters receive their ballots or, optimally, at the moment they cast their ballots.  Finally, an election staff member should be stationed at the ballot boxes to ensure that voters do not accidentally place a ballot into the wrong box.
  11. The counting procedure should be consistent across all polling stations and in every Electoral District.  In some electoral districts, following the count of the electoral district specific ballots, the all-island ballots were brought to the primary polling station for the Electoral District and counted by the Returning Officer.  The all-island ballots should be counted at each polling station in the same manner as the election district-specific ballots to ensure consistency, maximize efficiency and release preliminary results more quickly.  Afterwards, the ballot and boxes can be secured by the Police in the event of a recount, as per the current protocol.
  12. Political party agents and civil society observers should be given the opportunity to participate and observe the entire electoral process and period.  This should include opportunities to observe ballot production, transportation, and storage, as well as any election administration events.  Proper training and rigorous methodology have proven to mitigate most concerns about political interference of nonpartisan observers in other countries.  This nonpartisan observation initiative, viewed as a citizen review, could be done in cooperation with international observation initiative to develop long-term capacity during and after the COVID-19 pandemic.
  13. A clear process for objections to candidate eligibility does not exist in the law and should be clearly established, including to avoid pose-election disputes over candidate eligibility.  It is also recommended that any complaint of objection related to voter registration are heard on appeal by the courts, rather than non-judicial election adjudicators appointed by the Governor.  In addition, consideration should be given to setting a deadline in the legal or judicial procedure for when post-election petitions must be heard and decided upon.  The current court practice of virtual hearings supports access to justice and could be adopted more broadly in the future, beyond the COVID-19 pandemic.

 

From COMMONWEALTH PARLIAMENTARY ASSOCIATION BRITISH AND MEDITERRANEAN REGION (CPA BIMR)

 

  1. Extend the Convention of the Rights of Persons with Disabilities to the Turks and Caicos Islands.  Amend domestic law to ensure compliance with this instrument, as necessary, prior to extension.
  2. Extend the Convention against Corruption to the Turks and Caicos Islands.  Amend domestic law to ensure compliance with this instrument, as necessary, prior to extension.
  3. A new Boundary Commission should be established in compliance with the Constitution.  This Commission should begin work immediately and should be tasked with presenting a report aimed at revising district boundaries and creating equal suffrage.  The House of Assembly should commit to considering the report and implementing new boundaries no later than one year before the likely date of the next general election.
  4. The elections Ordinance should be amended to include legal principles which are necessary to guide any future Electoral District Boundary Commission as to the interpretation and practical application of the Constitutional requirement of equality of districts.  As absolute equality is almost impossible to achieve, guidance as to what standard deviation will be tolerated is essential, with international norms taken into consideration.
  5. A new working group, comprising the Supervisor of Elections, Political Parties and other election stakeholders, could be established several months prior to elections.  This group would conduct regular meetings to promote better communication between election stakeholders and increase the transparency of the electoral process.
  6. It is crucially important that voter registration efforts are undertaken on an ongoing basis, with the goal of increasing the proportion of eligible voters registered to vote.  In order to protect the right to vote, consideration could be given to amendment of Part ll of the Elections Ordinance to remove the fixed dates set out for the publication of the Register of Electors.
  7. The Constitution should be amended to clarify the specific meaning of Article 49(1)(a) which imposes a disqualification from membership of the House of Assembly where a Candidate is, in some measure, under allegiance to another state.  Detailed legal provisions are needed to create legal certainty for intending Candidates who hold Dual Citizenship.
  8. The Integrity Commission could provide more transparency in campaign donations and spending by publishing full details of all party and candidate donations and spending online, redacted only to remove the home addresses and contact details of individual donors.
  9. Consideration could be given to the introduction of regulations under Section 71 of the Political Activities Ordinance to require identification of those who pay for online campaigning content.
  10. Affirmative action could be considered to promote the advancement of woman, as permitted under the Convention of the Elimination of all forms of discrimination against woman.

 

From TCI SUPERVISOR OF ELECTIONS

 

  1. For the last three (3) TCI general elections prisoners serving sentences under twelve (12) months have been given the opportunity to attend polling stations and vote where they are registered.  This privilege extended to those prisoners has posed significant and cumbersome problems for prison authorities in respect of travel and security.  Should prisoners for the next general election be extended the courtesy of advance voting or should a mail-in voting system for prisoners be implemented.

 

Photo Caption: Head of Mission Dr Robert Stephen Mahadeo Surujbally (2nd right) is joined by Mr Ian Hughes (right), H.E. Felix Gregoire (2nd left) and Ms Valique Gomes (CARICOM Secretariat support) for the start of Elections Day monitoring

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Beaches Turks and Caicos and Sandals Foundation share educational material with primary school in Providenciales

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2 weeks ago

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May 29, 2026

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PROVIDENCIALES, Turks & Caicos Islands: May 29, 2026 – Beaches Turks and Caicos Resort and the Sandals Foundation, recently brought smiles and inspiration to students at the Community Christian Academy through a meaningful Reading Road Trip and educational material donation initiative.

The outreach effort, which forms part of the Sandals Foundation’s ongoing commitment to education and community development across the Turks and Caicos Islands, saw team members and volunteers engaging directly with students while delivering a wide range of essential school supplies.

Among the donated items were books, footballs, volleyballs, pencils, rulers, sharpeners, Bibles, Christian literature, sun glasses, writing pads, educational cue cards, erasers, markers, crayons, glue, scissors, paper clips, coloured chalk, and pens. The contributions were carefully curated to support both academic learning and extracurricular development for students at the institution.

A highlight of the day’s activities was an interactive reading session with the kindergarten and grade one classes, where volunteers shared stories and encouraged early literacy in a fun and engaging environment. The young students responded with enthusiasm, creating a lively and memorable experience for all involved.

Travel Advisor Renee Rice, who participated in the initiative alongside her family, expressed heartfelt appreciation for the opportunity to give back. “We are happy for this experience as we partnered with the Sandals Foundation and Beaches Turks and Caicos Resort in sharing in the development of education in the Turks and Caicos Islands,” Rice said. Her family actively participated in reading sessions and interacting with the students, further enhancing the impact of the visit.

Principal Krystal Vincent welcomed the initiative and emphasized the importance of such partnerships in advancing the school’s mission. “These educational materials will go a far way, and we are happy for this relationship that we have established with the Sandals Foundation and Beaches Turks and Caicos Resort in helping to support the growth of the students and the institution,” Vincent noted.

Chairman of the School Board, Pastor Bradley Handfield, also expressed gratitude during the presentation of the items. He commended the donors for their continued investment in the community and their willingness to support the nation’s youth. Pastor Handfield highlighted the significance of corporate and philanthropic partnerships in strengthening educational foundations across the islands.

The Reading Road Trip initiative is part of a broader effort by the Sandals Foundation to promote literacy and provide access to educational resources for children throughout the Caribbean.

Beaches Turks and Caicos Resort has long been an active partner in community outreach, consistently supporting initiatives that uplift local communities and empower young people. Through collaborations such as this, the resort continues to demonstrate its commitment to social responsibility and sustainable development.

The visit to Community Christian Academy stands as a testament to the power of partnership and the positive impact that can be achieved when organizations and individuals come together with a shared purpose. For the students, the day was not only about receiving supplies but also about feeling encouraged, valued, and inspired to pursue their educational journeys with confidence.

As the Sandals Foundation and Beaches Turks and Caicos Resort continue to expand their outreach efforts, initiatives like the Reading Road Trip remain vital in shaping the future of education in the Turks and Caicos Islands—one child, one book, and one meaningful connection at a time.

Photo Caption:

The Sandals foundation is a registered charity in Jamaica with the Department of Co-operatives and Friendly Societies, a CRA registered charity in Canada, a 501(c)(3) nonprofit organization in the United States and a registered charity with the Charity Commission for England & Wales that was created in March 2009 to continue and expand upon the philanthropic work that Sandals Resorts International has undertaken.  It is the culmination of over four decades of dedication to playing a meaningful role in the lives of the communities where we operate across the Caribbean. The Sandals Foundation funds projects in three core areas: education, community and the environment. One hundred percent of the monies contributed by the general public to the Sandals Foundation go directly to programs benefiting the Caribbean community. To learn more about the Sandals Foundation, visit online at www.sandalsfoundation.org or follow us on Facebook, and Instagram.

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850 Fish Pots in the Making: Further Support Helps Fishers Rebuild Their Livelihoods After Hurricane Melissa

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2 weeks ago

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May 28, 2026

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Whitehouse, Westmoreland, Jamaica – May 28, 2026 — Continuing its support to hurricane-affected fishing communities, the Sandals Foundation has partnered with Good360 to equip 170 fishers from Belmont in Westmoreland and Galleon and Parrottee in St. Elizabeth with critical mesh wire—materials that will be transformed into as many as 850 fish pots, further strengthening livelihoods and local food supply across Jamaica’s western coastline.

The wire, valued at J$2.97 million, supports the coastal districts where Hurricane Melissa dismantled fishing gear, disrupted income streams, and placed added strain on already vulnerable food systems. The initiative will be implemented through local fishing leaders, who will oversee the equitable distribution of materials to those most impacted by the Category 5 storm.

This latest distribution builds on a series of targeted interventions delivered by the philanthropic organization over the past six months. In November, the Sandals Foundation distributed 120 rolls of fish wire and 6,720 litres of gasoline courtesy of RUBiS Energy Jamaica to over 100 fishers in Whitehouse and Old Bay. The intervention enabled the production of up to 600 fish pots and the restart of fishing operations.  Earlier this year, a partnership with Good360 also saw the provision of more than 50 generators to fishing villages and schools to continue the recovery process.

“Rebuilding takes root when people are able to earn again,” said Heidi Clarke, Executive Director of the Sandals Foundation. “For fishers, that begins with the tools to return to sea. This continued support is about restoring independence, strengthening communities, and ensuring that the systems people rely on every day can function again.”

Recovery from a storm like Hurricane Melissa takes months, sometimes years,” said Morgan Loomis, Vice President of Disaster Response & Recovery at Good360. “For coastal communities, the storm destroyed people’s homes and livelihoods overnight. Our work with the Sandals Foundation is changing that reality. When fisherfolk have access to critical materials like fishing wire, the ripple effects reach the entire community. Fishers get back to work. Pot makers have orders to fill. Families have income. Children stay in school. That is what meaningful recovery looks like in action,” she said.

Across the Caribbean, coastal fishing communities play an outsized role in national food security and local economies. Strengthening their recovery is not just about rebuilding individual livelihoods—it is about reinforcing the systems that sustain entire populations.

Because when the sea begins to provide again, communities begin to steady.

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Butterfield Announces Agreement to Acquire Control of CIBC Caribbean in $1.8 Billion Transaction

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2 weeks ago

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May 28, 2026

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Transaction unites two premier, full-service banking and wealth management platforms with complementary experience in international financial centers and attractive Caribbean markets to create a $29 billion financial institution

 

Hamilton, Bermuda and St. Michael, Barbados, May 28, 2026 – The Bank of N.T. Butterfield & Son Limited (“Butterfield”) (NYSE: NTB | BSX: NTB.BH) has entered into a definitive agreement to acquire CIBC’s 91.7% interest in CIBC Caribbean Bank Limited (“CIBC Caribbean”), a relationship bank with a longstanding history serving communities across the Caribbean, to create a leading banking and wealth management platform in international financial centers and attractive Caribbean markets, with approximately $29 billion in assets. The transaction brings together two complementary banks with deep roots and established relationships across their combined footprint with heightened capacity, greater diversification and scalable growth to drive long-term value for all stakeholders.

Butterfield and CIBC Caribbean’s expanded capabilities and scale are expected to provide enhanced corporate, personal and wealth management services across their combined client bases. Clients can expect greater ability to process cross-border payments, increased consumer and merchant banking capabilities, and continued investments in technology and digital banking infrastructure. Butterfield will maintain both organizations’ operational footprints, including CIBC Caribbean’s regional headquarters in Barbados, ensuring continuity for customers and employees. Butterfield is also committed to its and CIBC Caribbean’s philanthropic, financial education, and sustainability initiatives in each of their geographies, which will continue to provide outsized, tangible and mutually beneficial financial impacts for the combined company and its communities.

Michael Collins, Butterfield’s Chairman and Chief Executive Officer, said: “Since Butterfield’s 2016 listing on the NYSE, we have successfully grown and enhanced profitability through bank and trust acquisitions. This deal combines two storied and complementary banks, with significant local scale advantages and time-honored customer relationships in their respective core jurisdictions. The transaction will offer both scale and diversification to the benefit of all stakeholders, positioning Butterfield as a leading independent bank and wealth manager operating across international financial centers and attractive Caribbean markets. I look forward to welcoming our talented new colleagues and valued clients.”

Mark St. Hill, Chief Executive Officer of CIBC Caribbean, added: “For our clients, employees and communities, this combination brings together two organizations with shared values and a common focus on relationship banking, innovating and community impact. We look forward to building on our legacy as the region’s champion in financial services.”

Harry Culham, President and CEO, CIBC, commented: “The entire CIBC Caribbean team led by Mark St. Hill has built a strong, client-focused bank across the region, and we look forward to realizing the strategic benefits of this transaction to deliver more for all stakeholders.”

Transaction Details

The total consideration to be paid for CIBC Caribbean will be comprised of $1,091 million in cash and $703 million in Butterfield shares valued by reference to Butterfield’s 10-day NYSE VWAP of $55.66 as of May 27, 2026, for an aggregate purchase price of $1,794 million, or $1.14 per CIBC Caribbean share.

Under the terms of the agreement, which have been unanimously approved by the Board of Directors of Butterfield, Butterfield will acquire CIBC Investments (Cayman) Limited, the holding company for CIBC’s 91.7% interest in CIBC Caribbean. Butterfield will subsequently commence a mandatory take-over bid for the remaining 8.3% of total outstanding shares of CIBC Caribbean held by minority shareholders, with the objective of acquiring full ownership of CIBC Caribbean, subject to applicable law and regulatory requirements.

CIBC Caribbean’s minority shareholders will be offered equivalent economic terms as CIBC, and will also have the option to elect to receive up to 100% of their consideration in Butterfield shares, providing them with the opportunity to maintain the entirety of their investment in the combined organization, should they choose to do so. Houlihan Lokey, acting as financial advisor to the Special Committee of CIBC Caribbean’s Board of Directors, has provided an opinion to the Special Committee with respect to the fairness from a financial point of view of the consideration to be offered to CIBC Caribbean’s minority shareholders in the mandatory take-over bid. Assuming minority shareholders elect the same mix of cash and shares as CIBC, following completion of the take-over bid they would collectively own approximately 2% of Butterfield.

In connection with the transaction, Butterfield has obtained commitments for $700 million of Tier 2 capital-qualifying subordinated debt financing expected to be raised prior to closing. Following completion of the transaction, the combined company is expected to maintain capital levels significantly above applicable regulatory thresholds on a consolidated basis, with a pro forma Common Equity Tier 1 (CET1) ratio above 12%, and total capital above 19% at closing.

The transaction is expected to close in the first half of 2027, subject to receipt of Butterfield shareholder and regulatory approvals and the satisfaction of customary closing conditions. Following the transaction, Butterfield’s ordinary shares will continue to be listed on the New York Stock Exchange (NYSE) and the Bermuda Stock Exchange (BSX), and Butterfield intends to undertake additional secondary share listings on the Barbados Stock Exchange (BSE), the Bahamas International Securities Exchange (BISX), and the Trinidad & Tobago Stock Exchange (TTSE), subject to local listing and regulatory requirements.

Following completion of the transaction, CIBC will own an approximately 22% stake in the combined entity. Under the terms of Butterfield and CIBC’s shareholder agreement, CIBC will then initially have the right to appoint two directors to Butterfield’s Board. The shareholder agreement will also provide for certain lockup restrictions with respect to CIBC’s stake in Butterfield and include customary standstill obligations and registration rights.

The Bermuda Monetary Authority (BMA) will continue to serve as the consolidated regulatory supervisor of Butterfield across all of its locations. Butterfield will also collaborate with all relevant jurisdictional authorities to ensure continuity, market confidence, and access to high-quality financial services within each jurisdiction.

Financial Highlights

  • Total purchase price of $1,794 million, or $1.14 per CIBC Caribbean share, representing 106% of CIBC Caribbean’s tangible book value as of January 31, 2026
  • Consideration is 61% cash ($1,091 million) and 39% ($703 million) Butterfield shares
  • Consideration per CIBC Caribbean share of $0.6918 in cash and 0.008008 in Butterfield shares based on the 10-day NYSE VWAP of $55.66 as of May 27, 2026
  • Butterfield has obtained commitments for $700 million of Tier 2 capital-qualifying subordinated debt financing
  • Pro forma Common Equity Tier 1 (CET1) ratio above 12%, and total capital above 19% at closing
  • 12% expected accretion to GAAP EPS in year 1 with fully phased-in synergies, excluding integration costs
  • 15% expected accretion to cash EPS in year 1 with fully phased-in synergies, excluding integration costs, rate marks and transaction-related amortization
  • 10% expected accretion to Butterfield’s tangible book value per share
  • Internal rate of return of 20%+
  • Pre-tax cost savings expected to reach an annual run rate of approximately $49 million once fully phased in by 2030

 Advisors

Barclays is serving as lead financial advisor to Butterfield, and Sullivan & Cromwell, Carey Olsen and Lex Caribbean are serving as legal advisors. BofA Securities is serving as financial advisor to Butterfield’s Board of Directors.

H/Advisors is serving as communications advisor to Butterfield.

Wachtell, Lipton, Rosen & Katz, Torys LLP and Chancery Chambers are serving as legal advisors to CIBC.

CIBC Capital Markets is serving as financial advisor to CIBC Caribbean, and Mayer Brown LLP is serving as legal advisor. Houlihan Lokey is serving as financial advisor to the Special Committee of CIBC Caribbean’s Board of Directors.

Finer Points Consultants is serving as communications advisor to CIBC Caribbean.

Investor Call

Butterfield will host a conference call for investors and analysts on Thursday, May 28, 2026 at 8:15 a.m. Eastern Time to discuss the transaction.

Dial-in information:  +1 (844) 855 9501 (toll-free US) or +1 (412) 858 4603 (international)

Conference ID:  Butterfield Group

Live audio webcast:  A live audio webcast of the call can be accessed via Butterfield’s investor relations page on Butterfield’s website at https://www.butterfieldgroup.com/investor-relations/events-presentations

Replay: An audio replay of the call will be available at https://www.butterfieldgroup.com/investor-relations/events-presentations

Website

You can also learn more about today’s announcement at https://www.butterfieldgroup.com/future

Forward-Looking Statements

Certain of the statements made in this press release are forward-looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities Act, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and include statements with respect to, among other things, our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, including, without limitation, statements regarding the proposed acquisition of CIBC Caribbean by Butterfield; the expected timing, structure, terms and completion of the proposed transaction; the expected form and mix of consideration, including the issuance of Butterfield ordinary shares; any acquisition of shares from minority shareholders of CIBC Caribbean or related compulsory acquisition, squeeze-out or similar process; the expected ownership, governance, management, capital, regulatory and operating profile of Butterfield following the proposed transaction; the expected financing of the proposed transaction, including the amount, terms and timing of the proposed subordinated debt financing; and the anticipated benefits of the proposed transaction, including expected scale, diversification, cost savings, synergies, earnings accretion, tangible book value per share accretion, capital generation, regulatory capital ratios, risk-weighted assets, liquidity, deposit mix, market position and other financial and operating impacts.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond Butterfield’s control, which may cause the actual results, performance, capital, ownership, financial condition or achievements of Butterfield to be materially different from future results, performance, capital, ownership, financial condition or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others: Butterfield’s ability to successfully complete the proposed acquisition of CIBC Caribbean on the anticipated terms or timeline or at all; Butterfield’s ability to realize the anticipated benefits of the proposed transaction in the expected timeframes or at all, including cost savings, synergies, capital and balance sheet optimization initiatives, earnings accretion, and tangible book value per share accretion; Butterfield’s ability to successfully integrate CIBC Caribbean’s businesses, operations, systems, controls, compliance programs, risk management framework, personnel and culture into those of Butterfield; the risk that such integration may be more difficult, time-consuming or costly than expected; the failure of any of the conditions to the proposed transaction to be satisfied or waived; the failure to obtain required shareholder, regulatory, governmental, securities exchange, exchange-control or other approvals, or delays in obtaining such approvals; the risk that such approvals may result in the imposition of conditions, restrictions or requirements that could adversely affect Butterfield, CIBC Caribbean or the expected benefits of the proposed transaction potentially materially or that any proposed conditions, restrictions or requirements or other actions of regulatory or governmental bodies or securities exchanges could delay or prevent the closing of the proposed transactions; the risk that any minority shareholder offer, compulsory acquisition, squeeze-out or similar process is delayed, not completed or completed on different terms than expected; revenues following the proposed transaction being lower than expected; operating costs, customer loss and business disruption, including difficulties in maintaining relationships with employees, customers, clients, depositors, vendors, suppliers, regulators and other business partners, being greater than expected; risks associated with the disruption of management’s attention from Butterfield’s ongoing business operations due to the proposed transaction; reputational risks and potential adverse reactions to the announcement, pendency or completion of the proposed transaction; the outcome of any legal, regulatory or shareholder proceedings, inquiries or investigations that may be instituted or arise in connection with the proposed transaction; the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected transaction, integration, restructuring, financing, litigation, regulatory, tax, accounting or other costs; dilution caused by the issuance of additional Butterfield ordinary shares in connection with the proposed transaction; changes in Butterfield’s share price, interest rates, foreign exchange rates, capital markets or other market conditions that may affect the transaction financing or expected financial impacts of the proposed transaction; the risk that any subordinated debt or other transaction financing is not obtained on the expected terms, timing or at all; and the risk that assumptions underlying pro forma financial information, purchase accounting, credit marks, fair value marks, integration costs, cost savings, synergies, capital ratios, earnings accretion, tangible book value per share accretion, return metrics and other financial impacts prove to be inaccurate.

Other factors that may impact Butterfield’s future results, performance, financial condition or achievements include worldwide and regional economic conditions, including economic growth and general business conditions in Bermuda, the Cayman Islands, Barbados, The Bahamas, Turks and Caicos, Trinidad and Tobago, the broader Atlantic, Caribbean and other markets in which Butterfield or CIBC Caribbean operates; fluctuations in interest rates, inflation, monetary policy, foreign exchange rates, capital markets, tourism, real estate markets and sovereign credit ratings, including a decline in Bermuda’s sovereign credit rating; any sudden liquidity crisis; changes in customer behavior, including customer borrowing, repayment, investment and deposit practices; unfavorable developments concerning asset quality, credit quality, loan losses, non-performing loans, collateral values, loan concentrations, sovereign exposures, residential mortgage risk weighting, reserves, funding costs, liquidity and deposit flows; competitive product and pricing pressures; security risks, including cybersecurity, data privacy, fraud, financial crime, anti-money laundering and sanctions risks; the impact, extent and timing of technological changes, systems conversions and operational resilience initiatives; risks relating to the success of Butterfield’s updated systems and platforms; capital management activities; changes in laws, regulations, accounting standards, tax laws, regulatory capital or liquidity requirements and supervisory expectations; potential impacts of climate change, hurricanes and other natural disasters; compliance with regulatory requirements; and other factors.

Forward-looking statements can be identified by words such as “anticipate,” “assume,” “believe,” “estimate,” “expect,” “indicate,” “intend,” “may,” “plan,” “point to,” “predict,” “project,” “seek,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” “contemplate” and other similar expressions, although not all forward-looking statements contain these identifying words. All statements other than statements of historical fact are statements that could be forward-looking statements.

All forward-looking statements in this disclosure are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our SEC reports and filings, including under the caption “Risk Factors” in our most recent Annual Report on Form 20-F and in any subsequent reports furnished or filed with the Securities and Exchange Commission (“SEC”). Such reports are available upon request from Butterfield, or from the SEC including through the SEC’s website at https://www.sec.gov. Any forward-looking statements made by Butterfield are current views as at the date they are made. Except as otherwise required by law, Butterfield assumes no obligation and does not undertake to review, update, revise or correct any of the forward-looking statements included in this disclosure, whether as a result of new information, future events or other developments. You are cautioned not to place undue reliance on the forward-looking statements made by Butterfield in this disclosure. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, and should only be viewed as historical data.

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