AGP Executive Report
Last update: 7 hours agoBanking Deal: Butterfield Bank has agreed to buy CIBC Caribbean’s 91.7% stake in a landmark US$1.8bn transaction, paying about US$1.09bn in cash and US$703m in Butterfield shares, with the deal expected to close in the first half of 2027 and create a combined platform of roughly US$29bn in assets. Legal/Advisory: Carey Olsen Bermuda acted as joint lead counsel on the acquisition, coordinating across 19 jurisdictions with Sullivan & Cromwell and Lex Caribbean. Public Consultation: Bermuda’s bid for full CARICOM membership is nearing its deadline, with the Green Paper “The Story of Us” consultation set to close Sunday, May 31. Cost of Living: The Essential Commodities Regulations have been expanded to add more everyday items for duty relief, including a wider range of fresh produce, pantry staples, infant nutrition items and household hygiene products. Infrastructure/Connectivity: Google’s Nuvem subsea cable system is set to link Portugal, the Azores, Bermuda and the US, with a Bermuda landing station under development. Weather: Friday is forecast to start wet and gloomy, then brighten later, with a high near 25°C and a Small Craft Warning in effect through Friday morning.
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