Caribbean News

TCI: Hon. Rachel Taylor – Full Ministerial Statement

Published

5 years ago

March 19, 2021

#TurksandCaicos – Mr. Speaker, Members of this Honourable house, visitors in the gallery, my fellow Turks and Caicos Islanders, the Good Book says, in everything we must give thanks, and today, I rise to give the almighty thanks for permitting us to see another day, and all the blessings he has bestowed upon me. I also want to give thanks because the almighty has blessed me with health and strength to carry out my responsibilities in this Honourable House.

I must acknowledge that I am forever grateful to my Constituency Council led by Mr. Calvin Greene, my campaign team who toiled with me for four long years, the constituents of Electoral District 9, Five Cays, South Dock and Chalk Sound who resoundingly elected me on February 19^thto represent their interests and those of all the people of the Turks and Caicos Islands. To all those who supported me in different capacities, I say thank you. I will represent with integrity, dignity and accountability.

I wish to also thank my family for their continued support and guidance to take on the challenges of today and tomorrow. To Arnelle Alexis Taylor, I express my deepest gratitude to you, for you supported me not only as a daughter, but also played the role of my Campaign Manager.

Mr. Speaker, I rise to provide an update on the progress of my Ministry. Over the past year, the pandemic has struck a devastating blow to the Education Sector, not only in these Beautiful by Nature Islands, but across the Globe. This month of March 2021, marks one year since our schools have been closed in the Turks and Caicos Islands, and our children have been forced to remote learning from home.

Mr. Speaker,

We have heard the cries of our children, they want to return to the classroom with their friends.
We have heard the cries of our Teachers, who have expressed that they are not reaching our children in a meaningful way via online learning.
We have heard the cries of our parents, who are seeking the best learning opportunities for their children.

Mr. Speaker, it is my pleasure to update this Honourable House on matters related to the Education Sector and to address those cries from our children, the teachers and parents.

Since assuming office, I have held a series of meetings with officials in the Department of Education, Private and Public School Principals and key stakeholders to chart a course to safely return our students to a safe environment where we can once again ensure effective learning.

Arising out of those meetings and in consultations with the Ministry of Health, we have aimed to safely transition our students back to face to face learning blended with online classes through a phased approach captured in our revised Roadmap.

Mr. Speaker, with effect 22^nd March 2021 to April 31^st 2021 we will implement the first phase of the Roadmap for the reopening of School. This will include the following:

All Schools throughout the Turks and Caicos Islands with a population of 200 students or less, will be permitted to return to Face to Face Learning.
Schools with a student population above 200 students, we will permit only 4^th and 5^th formers and Grade 6 students to return to face to face learning at this time, while the lower classes continue using online learning.
Due to the fact that students attending Tertiary Schools usually attend classes at scheduled time, all students at these institutions would be allowed to return to Face to Face Classes.

Mr. Speaker, at the initial stage, face to face classes are given to students that are in the senior grades who are preparing to sit examinations, because the Ministry wants to ensure that these students are given as much support as possible to prepare for external examinations, entry into the labour market and for pathways to lifelong learning.

We will also use this opportunity before the Easter break to get students readjusted to their classes. Also, teachers, school administrators and the Department of Education will have the opportunity to identify any potential issues and work diligently to resolve these kinks over the Easter Break.

Mr. Speaker, during Phase 1 after the return of the Easter break, we will return all students to school, yes, I repeat,ALL SCHOOLS,ALL STUDENTSwill return to face to face learning.

We are cognizant of the health protocols, and the requirement for Social Distancing and we have taken this into serious consideration. All Schools will be allowed to function with up to 200 students with a blended approach of face to face and online learning. The School Administrators would be permitted to use and adopt any strategy which suits them,but I re-emphasize at any onetime, only 200 students would be permitted in face-to face classes, while the remainder of students would continue to join classes remotely and alternate from time to time.

Mr. Speaker, we are here to do the peoples work and we aim to deliver.

As part of our strategy to make the full use of this Daylight Savings Time and also maximize this opportunity to enable our students to catch up, school hours are also modified. At present, students attending online classes in the Public Schools attend from 9a.m. to 1p.m. This will continue in instances where online learning remains the dominant form of lesson delivery, particularly in Phase 1.

However, in instances where students will be attending face to face classes, the following school operating hours would be as follows:

In primary schools: 8:30 am to 2:30 pm
In secondary schools: 8:30 am to 3:00 pm.

Mr. Speaker, these are exceptional times that have required all of us to take swift action and make drastic changes to our professional and personal lives to slow the spread of the novel coronavirus.

Mr. Speaker, Phase 2 of the reopening of Schools will take place during the period May 3^rd2021 to July 2^nd2021 which leads us to the end of the school year. The Ministry will ensure that there is continuous liaison with the Ministry of Health with relevant updates from CDC and inspections by health officials, the necessary recommendations will be shared with the schools to ensure that they are all complying with the protocols.

Our first priority remains the health and well-being of our dynamic community of students throughout the islands, faculties, and other stakeholders. As part of this mandate to return our students to the classroom, we will implement the Guidelines Developed by the Education Department for the safe return of students to the classrooms. Some of these guidelines call for the following:

1) Daily screening and maintaining of a register of all students as they enter the school compound.

2) All students must wear a mask, face shield at all times.

3) In the Public Schools, we will implement a bubble system, whereby students would remain within their classroom with their cohorts. We will implement a system of restricted movement of students throughout the campus. Parents are encouraged to send their children with lunch to school.

There will be an option for students to purchase from the canteen and school administrators are asked to put a system in place to facilitate the students lunch being taken to the classroom.

Physical activities and Physical Education would be encouraged under a controlled and closely supervised environment. Teachers are encouraged to promote in-class physical activities such as stretching and pause periods.

We congratulate all teachers who have taken on the responsibility to vaccinate themselves and encourage all other teachers to get vaccinated as soon as possible in the best interest of themselves and their students. Mr. Speaker, in joint efforts with the Deputy Governor and the Ministry of Education, we will be arranging weekly vaccination times dedicated for our teachers and all those who work alongside our children on the school compound in both government and private schools should they wish to be vaccinated.

In reviewing some of the health protocols which are emerging in Europe and the United Kingdom, many schools and universities are working closely with public health experts to establish a COVID-19 rapid testing facility within their schools for students that is available on a voluntary basis. In the very near future, the Department of Education, in collaboration with the Ministry of Health, would encourage a similar protocol to be implemented. This will be addressed in the new budget.

Mr. Speaker, my ministry will be installing plexiglass sneeze guards on the desks of each student and teacher in public schools for the new academic year as an extra protective measure for our teachers and students. The health and well-being of our people will always be paramount.

Mr. Speaker, the Department of Education alongside the Ministry of Health will initiate the sensitization campaign to inform parents of the health measures which are in place to keep their students safe such as the School Health COVID-19 Protocols and Contingency Plans which were previously developed and are currently in place. Our Ministry of Health has completed assessments of schools and will continue to ensure that our schools are adhering to the protocols established by the Ministry of Health.

In keeping with the Ministry of Health Protocols, we will provide additional PPEs, additional cleaning supplies and the necessary number of cleaners per school to ensure that the environment of our students are conducive to their health and well-being.

My Government will seek to implement temporary contracts with bus service providers for students of Long Bay High and students on Middle and North Caicos adhering to the Ministry of Health Protocols for the safety of our students. We will not hold back our students, but instead work in unison to ensure that our students education are treated as a priority, and in so doing follow rigidly the protocols established. Parents and the wider community, we need your support, again I am pleading with you to get vaccinated this will indeed mitigate the bread of Covid 19. Together we can, and together we will!

Mr. Speaker, I cannot end without speaking on the upcoming external examinations. We recognize and appreciate the significant stress that our students are feeling as they prepare to sit in some cases, life changing external examinations.

Mr. Speaker, we have heard the cries of our School Principals, the cries of our teachers, and the cries of our students when they say, our children are not ready for these examinations. Our children have not had the benefit of consistent face-to-face for over a year. Our students have not covered the subject requirements,and to sit some of these external examinations would not be fair to our children when other countries have had the benefit of returning their students to classroom much earlier than we have.

Mr. Speaker, Cambridge recently announced that it is their intention to proceed with the examination this year,EXCEPTfor a very small number of countries and regions within countries where directives from national and local authorities mean exams cannot go ahead, Cambridge will switch from exams to a teacher assessment approach using students’ work, their SBAs.

Consequently Mr. Speaker, with effect immediately, my Government has taken the decision to formally write to Cambridge and advise them of the Government’s decision to defer IGCSE examinations this year and switch from exams to a teacher assessment approach using their SBAs.

Mr. Speaker, The Caribbean Examination Council examinations will be sit by our students in June/July of this year and results will be made available to Ministers of Education the last week of September 2021. CXC intends to share with each country the broad topics to be assessed on Paper 2, five weeks in advance of the start of the examination. As a contingency measure, if students are unsuccessful in their exams, the Ministry will encourage these students to re-sit the examinations in 2022.

Mr. Speaker, we must give our students the best opportunity to succeed and in these stressful times, this is the right thing to do.

Similarly, Mr. Speaker, my Government has taken the decision to defer the Grade 6 Caribbean Primary Examination Assessment (CPEA) this year for All Schools except two. Instead, the Department of Education will focus on administering an internal assessment focusing on Literacy and Numeracy. We encourage school leaders, teachers and parents to continue to work with students using the CPEA guidelines and finish the curriculum.

This is no time for us to rest on ourlaurels, our children are behind and we must give them a fighting chance to succeed. The deferral of the CPEA examinations means, that schools are no longer burden to complete the school-based assessments within the allocated timelines, but we want to encourage schools to continue along the path, complete the curriculum, because it will build the students competencies and skills.To do otherwise will be unfair to the children.

Mr. Speaker, I had mentioned that two schools which are far advance in preparing our students to sit the CPEA exams. I wish to use this opportunity to congratulate these schools, the teachers and administrators, and most importantly the parents for their hard work. While the completion of the exams by these schools will not be used for the placement of students, the lessons learnt will be invaluable to other schools in the TCI and these schools will serve as a pilot and Champion schools to better assist other schools as we work to implement the CPEA next year.

Mr. Speaker, my ministry intends to provide additional after school programmes for struggling students in public schools to provide greater one on one support that will aid in improving their literacy and numeracy skills. The Ministry will continue to review its budget ceiling and identify savings which can be re-allocated towards this initiative in the next budget cycle or the new academic year. No child will be left time.

Mr. Speaker, the Education Department is aware of the struggles of our children and parents as it relates to having access to an electronic device. We are ever grateful to the many donors who have assisted with the many purchases. We are currently awaiting 300 laptops from the Pine Cay Project and an additional $17,000 worth of devices sponsored by the Shore Club. Our partnership with the private sector will improve as we work together for the betterment of our children. In the new financial budget, we will address procuring additional electronic devices for our children so that no child will be left behind.

Mr. Speaker, our classrooms will see the installation of HD cameras over the Easter break in an effort to aid in the delivery of their online learning. Additionally, we will provide additional hot spots on site at the public schools that will boost the internet service.

Mr. Speaker, as I conclude, I wish to reassure all parents, teachers, and students that in making these decisions, their health and safety was our primary consideration. All schools are currently operating under COVID-19 safety protocols which are aligned to the Guidelines issued by the Ministry of Education and Health.

The Ministry of Education will continue to monitor the threat of the COVID-19 pandemic and make informed decisions in conjunction with the Ministry of Health. We will continue to keep all our parents informed about the progress being made. The road ahead may have bumps, but I am confident we will continue to make significant advances in our shared goals of returning to some sense of normalcy.

My Ministry is fully committed to providing the resources and helping the education system to transition to one that can effectively navigate the new normal. This requires us to pivot the odds in our favour and to capitalize on the seeds of opportunity through consultations and strategic collaboration.

Mr. Speaker, we cannot fail our students. As we make this shift from online learning back to face to face and blended instruction, we must work to ensure that students are receiving thesame high-quality instructionthey would have under normal circumstances.

Mr. Speaker, I end by reminding us all that this month is known as Social Work Month. It isa time to celebrate the great profession of social work. As practitioners, social workers are trained to help people address personal and systemic barriers to optimal living.

They are employed to effect positive change with individuals, families, groups and entire communities. I would like to commend my staff, the social workers, for their continuous support and dedication in this field. They have worked tirelessly during this pandemic; dedicating their time and resources to assist the community throughout the Turks and Caicos Islands.

I have not forgotten the vulnerable among us. I have heard their cries as well. Their cry for social assistance and support. That is why Mr. Speaker, with effective immediately, my ministry has redirected savings identified from the Social Stimulus Program in the sum of $56,0000. $16,000 will be awarded to Social Services to purchase $200.00 food vouchers, that will be made available to the most vulnerable in our communities.

Mr. Speaker, $40,000 will be given to Red Cross who will work with other NGOs in the TCI such as, Salvation Army, Soroptomist, Food for Thought and other groups of the cohort who are best placed to channel these resources to persons that are in need. I take this opportunity to thank them for the work they have done and continue to do.

Mr. Speaker, I promised the vulnerable people of Five Cays, that we will get them the help they need. I promised the vulnerable people throughout the TCI that we will remove the bureaucratic red tapes and we will deliver on that promise. For the purpose of accountability, the Ministry will be provided with the necessary documentation from the NGOs and Social Services outlining their expenditure.

Mr. Speaker, I am grateful for the opportunity to serve my country, especially as the Minister with responsibility for Education, Youth, Culture, Library and Social Services; I will work hard seeing that no one, no child, will be left behind. This is my promise to you.

May God continue to bless our country, the Turks and Caicos Islands.

Caribbean News

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

Published

4 days ago

May 29, 2026

Deandrea Hamilton

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.

Caribbean News

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

Published

5 days ago

May 28, 2026

Deandrea Hamilton

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.

Caribbean News

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

Published

5 days ago

May 28, 2026

Deandrea Hamilton

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.