CIBC signs deal to sell CIBC Caribbean for US$1.6B, reports Q2 profit up

by Canadian Press

TORONTO — CIBC announced a deal to sell its 91.67 per cent interest in CIBC Caribbean to the Bank of N.T. Butterfield & Son for a total of US$1.6 billion in cash and stock as it reported its second-quarter profit rose compared with a year ago.

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