Questions loom regarding CIBC Investment in Butterfield’s bank
TORONTO (Dow Jones)–Credit-rating agency Moody’s Investor Services Inc. is questioning Canadian Imperial Bank of Commerce’s (CM) investment in the recapitalization of a troubled Bermuda-based bank.
Toronto-based CIBC announced March 2 that it acquired a minority stake in Bank of N.T. Butterfield (NTB.HM) as part of a $550 million multi-investor effort to shore up the bank. Canada’s fifth-largest bank is investing $150 million and providing a secured credit facility of up to $500 million. …
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