No Layoffs Expected Following CIBC Caribbean Acquisition, Browne Says

No layoffs are expected at CIBC Caribbean as a result of its planned acquisition by The Bank of N.T. Butterfield & Son Limited, according to Prime Minister Gaston Browne.

Speaking on the Browne and Browne Show on Pointe FM on Saturday, Browne said he had been assured that employees would not be displaced by the transaction.

“The staff will be fine,” he said.

His comments follow concerns raised by the Antigua and Barbuda Workers’ Union, which has called for full protection of employees’ rights as Butterfield moves to acquire CIBC’s 91.7 percent stake in CIBC Caribbean Bank Limited.

The proposed deal, valued at about US$1.8 billion, would create one of the region’s largest banking institutions. Butterfield has indicated that it plans to maintain CIBC Caribbean’s regional operations, including its Barbados-based headquarters.

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