UNI Global Union has called for urgent discussions with CIBC Caribbean and Butterfield Bank following the announcement of a major regional banking merger, warning that the deal poses significant risks to banking workers across the Caribbean.
According to Antigua Observer, Butterfield Bank announced an agreement to acquire CIBC's majority stake in CIBC Caribbean on 28th May, in a transaction valued at approximately US$1.8 billion. Completion of the deal is expected at a later date.
The regional union body's demand for talks underscores growing concern among labour representatives about the potential impact the merger could have on banking sector employees throughout the region. UNI Global Union, which represents workers across multiple industries globally, has urged both financial institutions to engage with worker representatives before the deal is finalised.
The acquisition marks one of the most significant shifts in Caribbean banking in recent years. Butterfield Bank's move to take on CIBC's majority position in CIBC Caribbean would substantially expand its regional footprint, raising questions about workforce restructuring, job security, and working conditions for employees at affected branches across multiple territories.
As reported by Antigua Observer, UNI Global Union has stressed the urgency of the requested talks, signalling that the union intends to ensure workers' interests are addressed as part of the merger process.
