Butterfield Bank shares dipped 3.6 per cent in the week the bank announced it would buy four fifths of the stake formerly held by the Canadian International Bank of Commerce (CIBC).

Butterfield closed the week on a 52-week low of $1.90, after falling seven cents over the five-day trading week, as 132,900 shares.

The bank paid out $120 million to buy back 80 million of its own shares for $1.50 from CIBC at $1.50 apiece. CIBC sold the remaining 23 million or so Butterfield shares to private-equity firm the Carlyle Group, also for $1.50 apiece.

Butterfield said the overall impact of the deal would be dilutive to its share price by about 5 per cent.

Argus Group Holdings Ltd gained ten cents, or 2.6 per cent, to close on $4 as 100 shares changed hands and was the only stock to advance on the Bermuda Stock Exchange.

The Royal Gazette/BSX Index fell 31.25 points, or 2.36 per cent to end the week on 1,320.81.