(Wall Street Journal) March 3. – Canadian Imperial Bank of Commerce and Carlyle Group led a $550 million investment in Bermuda’s largest independent bank, Bank of N.T. Butterfield.

Under the deal, Toronto-based CIBC and Washington, D.C.-based Carlyle have invested $150 million as part of a million recapitalization of Butterfield. Other investors in the deal include hedge-fund investor Julian Robertson and U.K. charity Wellcome Trust.

In return for their investment, the group will own 82.5% of the bank, whose shares trade on the Bermuda Stock Exchange. CIBC and Carlyle will each own 22.5% of the bank’s equity.

Butterfield, which has $9.6 billion in assets, also announced that Bradford Kopp, most recently the company’s Chief Financial Officer, has been appointed Chief Executive Officer at the bank.