Caribbean News

APPOINTMENT OF GOVERNOR’s APPOINTED MEMBERS – ADDRESS 25th FEBRUARY 2021

Published

5 years ago

February 26, 2021

#TurksandCaicos, February 26, 2021 – There has already been speculation regarding my choice of appointed members. Tracking social media I know passions run high on this and some good decent people have reached out to me expressing worries and concerns.

The last 48 hours have, as a result, only reinforced in my mind a truth that whatever ones position is on who a ‘Turks and Caicos Islander’ is – and who therefore should have a voice in the Legislature – there is a need for a national conversation on this issue. It stars to go the heart of the Islands present and future identity and it would seem to me that for so long as there is confusion about this then a properly unified nation, at ease with itself, is rather difficult to achieve.

That belief is reinforced because in every conversation I have, I do not know of a senior politician or informed private citizen, who has given this thought, who does not recognise that the question around unity or disunity, inclusion or exclusion, is a pressing issue here in TCI.

People might not agree on how it should be settled, but they do believe it does need to start to be settled. It is though very hard for an elected politician to talk in these terms publicly because of the strength of feeling it generates from those who elect them. So I hope I can play some part in catalysing and sustaining that debate over the course of this Parliament through those I appoint.

Whatever the solution is, that comes out of that conversation, it will need to be designed and managed by the Turks and Caicos Islanders– whereby – TCI can build an inclusive society particularly for those who were born here, who have yet to properly integrate, but who clearly are part of these Islands future.

I stress from the outset I offer no preferred solution, or indeed any solution. I am quite clear the issue is one for Turks and Caicos Islanders alone to resolve but what I do hope to do is generate a conversation that moves beyond short bursts of anger or frustration on social media – or quiet resentment in many communities – into a set of reflections and interventions on the floor of the House of Assembly which is where mature serious debate, on matters of national importance, should occur.

The Constitution:

I have said in the past how important the Constitution is and that whatever I do I am bounded by the law. With regard to guiding me, as to who I should appoint to the House of Assembly, Section 48 (which brings in Section 46(c)) compels me to appoint only Turks and Caicos Islanders. I cannot appoint a foreigner. If the persons I am about to appoint are considered by you to be ‘foreigners’ then you are at odds with the foundational legal document that all others on the Islands are built from. That alone is worth a proper conversation.

Linked to that it is worth saying that there is nothing, anywhere, in the Constitution that differentiates between different types of Turks and Caicos Islanders. In law a Turks and Caicos Islander is a Turks and Caicos Islander. To me that seems to be a fundamental foundation of any democratic society going back as far as ancient Greece. So within the Constitution, and under the law, every Turks and Caicos Islander has equal status. Some may not like that, but that is the legal position.

The second section of the Constitution that guides me on my selection is Section 47. That directs that my selection should be: ‘so far as possible from among persons representing shades of opinion which would not otherwise be represented in the House

Should the Governor’s Members Be Part of the Opposition:

This takes me to my first point. A number of people have suggested – from both sides of the political divide (although none of them past or present elected politicians because they have a good understanding of this point) that there is an expectation on me to appoint members who can provide an active opposition to the Government and they justify this because the Opposition benches have been depleted down to two.

I can see the ‘in the moment’ argument for this, but I see nothing in the Constitution that suggests, in any sense, that the Governor’s appointees should provide an ‘opposition’ to the ‘will as expressed by the people’. This seems to me a dangerous assertion. It is the people who have decided the relative ratios of the two opposing Benches and I certainly do not want to set a precedent that the Governor today, or in the future, seeks to make appointments to oppose the Government.

Once appointed by me the two Members of the House will take no direction from me – they will vote with their conscience as Turks and Caicos Islanders – but in appointing them I make an assumption that if the Government are seeking to pass legislation that was in their manifesto, which the people voted for, there should be some presumption of support unless the legislation is poorly considered or badly drafted.

What I do expect the members who I appoint to do is to ‘constructively challenge’, to scrutinise legislation line-by-line, and spending, and have the skill to do that. I also expect them to be able to bring real diversity of view – to help the House think through first and second order consequences that they may not have considered. I do not expect the Governor’s appointed members to be deliberately contrary, or grand-stand, but instead to be sober, wise and considered.

Respecting all Turks and Caicos Islanders.

Now to my second point. It would, I’m told via some on social media, be hugely disrespectful for me to not appoint ‘indigenous Turks and Caicos Islanders’. Of course one of the past appointed members – who has retired – was just such an appointment, non-indigenous, and I think most agree, he added great value to the work of the House.

But sticking with the broader point, for those who know me, you will I hope find it hard to find an example of where I have shown disrespect to anyone – in person or in social media – including my harshest critic – let alone an entire group of people, a group of people I have come not just to respect, but to genuinely admire. And in terms of appointing Turks and Caicos Islanders I quickly appointed a Deputy Commissioner, appointed for the first time a Judge (albeit temporarily because no long-term vacancy existed) and appointed the first Turks and Caicos Islands Resident Magistrate. The latter two are ground breaking appointments and show no disrespect. And in forming the Regiment I’ve ensured the Regular Officers of that Regiment, are all Turks and Caicos Islanders and invested in them.

There are unquestionably many ‘indigenous’ Islanders who I could appoint on merit, I’d go so far as to say there are some who are quite brilliant and some know exactly who they are because I’ve had conversations with them on this issue as I started to make my choices. But the key point for me is, because many are young, and many are brilliant, and many have big ideas for these Islands, I’d prefer they stood before the electorate than were brought into the House by me.

A Governor’s appointed member has limits placed on them that an individual with a big and expansive vision, and dream for the Islands, would be constrained from delivering. To effect this sort of change you need to be on the Government bench. I am confident that any indigenous Turks and Caicos Islander, of the quality I would want to appoint, the electorate of TCI would want to appoint, as well. So I encourage the very best of our Turks and Caicos Islanders to stand before the electorate.

Set against this I am much less confident that those of the same quality, who are not indigenous Islanders, particularly if they come from ethnic or national backgrounds that appear here to carry stigma, would presently be selected as candidates, let alone elected. I don’t criticise this in anyway, there are reasons for it that I understand. But I think the Constitution both calls on me, and enables me, to help such people still serve at the highest levels of government.

Selection Criteria:

In terms of selection criteria – I had four. First I wanted to choose those who could cover as many matters as possible that I hold Constitutional responsibility for (Policing, national security and financial services are examples). Second, an interest in issues I described in my inauguration speech (wealth creation, tourism, the vulnerable, child welfare); third, that they could contribute to good governance (so could scrutinise legislation line-by-line, or understood finances and budgets and had understanding of countering corruption, money laundering and human rights) and finally; d) had the gravitas and wisdom to hold and sustain an independent position in the House witout being overly influenced.

My Choice:

As a result, I have chosen to appoint Harold Charles and Willin Belliard as the Governor’s appointed members. I wish to also say that the one other name I have seen in social media – that apparently was my choice – was wrong, was fake news, never considered and never approached. Some of the venom directed at that individual requires, I’d have thought, an apology.

So to Harold and to Willin. Both are passionate Turks and Caicos Islanders. If you’ve met either you will know this. They have completely committed to TCI. Harold was of course born in Haiti, speaks Creole, and is well connected to the Haitian Community but he is also embedded in the Turks and Caicos Island community and there are few people I’ve heard speak as passionately and optimistically about TCI as Harold. He is the Islands adopted son – from the poorest of beginnings – and grateful for it.

Willin was born in the Dominican Republic, speaks Spanish, and is well connected to the Dominican community. But likewise, Willin’s home and his family’s future are embedded here in TCI and, as an ex-Police Officer, demonstrated he was prepared to put his life on the line, for the people of TCI, and committed to run towards danger rather than away from it for many years.

Harold Charles:

I said in my Inauguration speech that I would respect those who created wealth, and by implication created employment on the Islands. Harold has, though-out his career, certainly done that. For some time he was the second largest employer on the Islands, directly and indirectly.

I also said, in that speech that I had great respect for those who put themselves before the electorate and Harold did this in 2012, not successfully, but he provided an alternative Political Party offering something different. I hope Harold, through his actions, encourages others to stand knowing that there is a route into the House – if not immediately – by showing early courage and commitment to the democratic process. I’d certainly suggest my successor considers in the future some who stood in this year’s election – as Independents – who were unsuccessful but were of genuine quality.

Harold also clearly has an eye for finance, so in matters relating to budget I hope he can bring his financial rigour into the House. Tourism remains our overwhelming industry and aviation is its backbone. This is the main artery of the Territory’s financial life support – and as we recover our Tourist industry from the pandemic I hope Harold’s deep knowledge of this industry, particularly at a time when our international airport requires renewal, will be of help to his colleagues.

And Harold brings into the House real knowledge of our neighbouring country – Haiti – who frustrates and undermines us with our greatest national security problems. I hope he can use his influence in his community, and whatever influence he has in Haiti, to help us defend our borders and drive home the message that while legal controlled migration here is welcomed, at the pace or not the elected government dictates, illegal immigration undermines and stigmatises the Haitian community here and generates tensions that should not be present. The message he can deliver is simple. Come here legally you are very welcome. Come here illegally, you are not.

Beyond that Harold’s life experience is frankly inspirational. It’s well known in the Islands as a genuine rags to riches story generated through hard work and entrepreneurial flair. He is, I hope, a role model to all young people here in TCI, whatever their background, that it’s possible to rise from the most humble of beginnings to a position where you receive international recognition and you can serve the Territory in its Legislature. In 2014 Harold was presented with TCI’s National Honour for twenty years of outstanding and exemplary public service.

Willin Belliard:

And so to Willin. He is a former Police Officer, with commendations from a past Chief Justice and the UK House for Commons for a successful investigation into a major $200 million fraud. A highlight of his policing career is the law enforcement work, as a founding member of the Financial Intelligence Unit of the RTCIPF, to bring to justice the ringleader of a major Ponzi scheme, resulting in the only such conviction in the islands’ history and protecting the islands reputation in the financial services sector. As a result he brings the interests of front line law enforcement into the House. I hope there will now be a Representative in the House who can talk intelligently about the challenge and future of Policing and I hope the Leadership of the Police Force can keep him well briefed in this regard so he is current.

He is also an Attorney. Policing on its own cannot solve the problem of crime in TCI. It also needs an excellent, modern, efficient Justice system. The Chief Justice is leading on this and I hope Willin will help support her agenda, along with other Attorney’s, in the Legislature.

Having trained at the London Bar – Willin should also bring an Attorney’s eye to the line-by-line scrutiny of legislation. I hope all in the House commit to careful scrutiny of legislation that a Government, with a very powerful majority, will bring to the House. As an Attorney he has also worked on issues here relating to Human Rights, holding the Government to account, and I see Human Rights as an invaluable safety catch in terms of good governance as well as the protection of the individual.

Willin has, until recently, been a member of the Board of the Financial Intelligence Agency, a position he will now need to relinquish as it is a body subject to oversight by the House of Assembly. I know both political parties wish to diversify the economy and I hope the knowledge Willin brings to the House is helpful.

Finally, Willin has spent the past months consulting on a significant anti-corruption investigation in another jurisdiction. The insight he gained from that will, I hope, help inform his thinking when it comes to issues relating to procurement and capital projects.

Children and Education:

There are certain things that both Harold and Willin have in common. Both had to work very hard to get to where they got to. Neither started with great privilege in life. As a result both have a fierce understanding of the gift of education and the curse if it is denied; both I believe will fight passionately for children’s rights and be very supportive of a Government who are focussed on our children – both their education and their welfare.

I hope both Harold and Willin will also be role models demonstrating how legal (and I do stress the word ‘legal’) immigrants to these Islands – or people born of immigrants to these Islands – can enrich the Islands future and aspire to serve.

Just Two Among Fifteen

Beyond their skill and character, beyond their status as a citizen of these Islands, any who worry that there are now members in the House of Assembly who can explicitly bring into the House the views of the legal, lawful, immigrant community, be they first or second generation, need only reflect that these are just two members amongst 15, and the Government has such a strong majority that their ‘will’ simply cannot be frustrated so long as they act within the law.

I do hope both benches welcome Harold and Willin not only as colleagues but as fellow Turks and Caicos Islanders; I do hope debate in the House can be enriched by their presence; I do hope the skills they bring are valued, and; I do hope it helps further build a society where division is increasingly replaced by a process of managed integration, and increasing inclusion.

Helping generate what I think is an important conversation that needs to be had throughout the term of this Parliament, is the end of my public contribution on this matter. If I am criticised for starting a debate, and putting forward Turks and Caicos Islanders who can contribute to that debate, seems a rather modest contribution to make. The really hard work is of course for Turks and Caicos Islanders to take the conversation wherever they wish, and work out the long term future of how a population that was just 7,000 in 1980, and which is on track to grow to 70,000 by 2040, can increasingly be at ease on matters relating to identity and inclusion.

Only One Term:

Finally I have made it clear to both my appointees that my recommendation to any successor will be that they should not be reappointed after one term. That is because I believe the maximum number of people should be cycled through these roles bringing the maximum amount of opportunity and diversity to the Chamber. But also because, as Governor, I do not wish to impose on the public purse by having members of the House of Assembly that I appoint profit from the generous pension provision, following two terms of office, without having had to stand before the electorate.

Conclusion:

To conclude, I have been very consistent that this issue has to be decided and concluded by Turks and Caicos’ Islanders. But my responsibilities as the Governor of all these Islands brings with is a responsibility to every person who lives here, under the law. It is therefore incumbent on me – if I see a chronic problem – that is not being tackled – to highlight it. The stalling of the long awaited ‘Islander Commission’ last year – the one route to gain Islander status in TCI, so long delayed, worried me.

I restate I have no view as to who should get status in these Islands that decision is only to be made by Turks and Caicos Islanders – but I have an obligation, placed on me by the Constitution, that such a route must exist. With the election concluded I will look for it to restart its work imminently.

I wish all the appointed members well, including those from the political parties, and I hope the debate, that I believe my appointments will generate will help take forward an over-due national conversation that results in a more inclusive TCI where the status of being a TCI Islander, however that status was achieved, and however that process in the future is managed, is a badge of solid national unity and shared national pride.

So may God Bless the Turks and Caicos and may God bless the Turks and Caicos Islanders.

Related Topics:#appointedmembers #haroldcharles #magneticmedianews #nigeldakin #willinbelliard

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

Published

2 weeks ago

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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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.

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

Published

2 weeks ago

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.