(L-R) Trevor Johnson, David Massiah, Chester Hughes, Marcio Monzane
A global labour organization representing finance sector workers is calling for immediate discussions with CIBC Caribbean and Butterfield Bank following the announcement of a major banking acquisition that could have far-reaching implications for employees across the Caribbean.
UNI Global Union says early engagement between the banks and trade unions is essential as Butterfield moves forward with plans to acquire CIBC’s majority stake in CIBC Caribbean in a deal valued at approximately US$1.8 billion.
The transaction, announced on May 28, is expected to be completed during the first half of 2027, pending regulatory approvals and other conditions.
Speaking in Antigua at the conclusion of a four-country Caribbean tour, UNI Americas Regional Secretary Marcio Monzane warned that failing to engage workers at an early stage could create challenges later in the process.
Monzane said unions should be brought into discussions now so that employees can better understand how the acquisition may affect them and so that management can hear workers’ concerns directly.
“The best way to protect the workers is to bring the unions to a meeting and talk to the unions, and explain to the union what is the consequence of this merger or this acquisition,” he said.
He added that both institutions should meet with labour representatives as soon as possible.
“We call Butterfield and CIBC to set an urgent meeting,” Monzane said. “Urgent meeting is important, and start to talk in this preliminary moment of the transaction that they are doing, because that can anticipate a lot of possible problems in the future.”
Also addressing the issue was Trevor Johnson, Regional Vice President of UNI Americas and former General Secretary of the Banking, Insurance and General Workers Union in Trinidad and Tobago.
Johnson described the acquisition as a significant development for banking employees throughout the region, noting that the effects would likely extend well beyond the countries where the banks are headquartered.
“These are not just banks in one country; these are basically regional, multinational banks,” Johnson said. “When they make a decision like this, it’s like a seismic shift; it’s like an earthquake because it impacts workers in not just Trinidad and Tobago or Barbados, but in Jamaica, across the region.”
He noted that varying labour laws across Caribbean jurisdictions could complicate efforts to ensure consistent protections for workers, even though the banks operate regionally.
UNI Global Union, which represents millions of workers worldwide through affiliated unions, has pledged to support its Caribbean members throughout the merger process and says it remains committed to ensuring workers’ voices are heard as the transaction progresses.
The acquisition marks one of the largest banking transactions in the Caribbean in recent years and is expected to reshape the regional financial landscape once completed.
These people are all in this for themselves. The don’t care about the workers and their commitments