CIBC sold its Guernsey business to the Guernsey subsidiaries of The Bank of N.T. Butterfield & Son Ltd., effective immediately.

CIBC Guernsey, established in 1985, is one of six CIBC offshore locations offering a full range of discretionary and non-discretionary investment and banking services for high net worth individual and institutional clients.

The bank says the transaction is consistent with CIBC Wealth Management’s strategy to focus on supporting its North American client base and growing its Caribbean and Asian operations. It is also consistent with CIBC’s overall strategy to focus on core businesses that add value to shareholders and customers.

Going forward, CIBC says it will continue to service the on and offshore needs of its North American corporate and high net worth individual clients through global operations by providing access to a full range of offshore services in key jurisdictions — Bahamas, Barbados, Cayman, Hong Kong and Singapore.

CIBC will also continue to grow its Canadian private banking business through an enhanced client offer and delivery and focus CIBC Trust — its Canadian trust operations — on core estate trust and custody activities.

Bank of Butterfield is a community bank and a growing specialist international financial services group, providing both local and international clients with a range of banking, credit, treasury, investment, trust, custody and corporate services. Bank of Butterfield has headquarters in Bermuda and offices in Guernsey, Cayman, Hong Kong and the United Kingdom. Further information on Bank of Butterfield can be found at www.bankofbutterfield.com.