Prime Minister and Minister of Finance Gaston Browne has moved to ease concerns among CIBC Caribbean employees, stating that assurances have already been given that no workers will lose their jobs following the bank's multi-billion-dollar acquisition by the Bank of N.T. Butterfield & Son Limited.

According to Antigua.news, Browne addressed the issue during his weekly Browne and Browne Show on Pointe FM on Saturday, responding to growing public anxiety over the future of staff employed across CIBC Caribbean's regional operations, including in Antigua and Barbuda.

"The staff will be fine," Browne stated, emphasising that employee welfare remains a priority throughout the transition. He also reassured bargaining agents and unions that any staffing costs or employment obligations arising from the deal would be handled responsibly.

The Prime Minister's comments follow a public call by the Antigua and Barbuda Workers' Union (ABWU) for full protection of employees' rights. The ABWU, which serves as the legally recognised bargaining agent for CIBC Caribbean employees in Antigua and Barbuda, said it had taken careful note of the announcement and urged that workers' interests be safeguarded as discussions progress.

The acquisition ranks among the largest banking transactions in the Caribbean in recent years. Under the terms of the deal, Butterfield will acquire CIBC's 91.7 percent stake in CIBC Caribbean Bank Limited in a transaction valued at approximately US$1.8 billion — comprising US$1.091 billion in cash and US$703 million in Butterfield shares.

Butterfield, which manages approximately US$29 billion in assets, has signalled its intention to maintain CIBC Caribbean's existing regional footprint, including its Barbados-based headquarters, to ensure continuity for both customers and staff.

The transaction is expected to significantly reshape the regional banking landscape, with Butterfield describing the combined entity as a stronger island-focused financial institution with expanded digital, wealth management and corporate banking capabilities across the Caribbean.

Browne's assurances are likely to bring relief to employees and their families who had feared potential layoffs or restructuring in the wake of the deal.