Canadian Imperial Bank of Commerce, which took the biggest beating in the credit crisis, will help a 152-year-old Bermuda-based financial institution.

The Canadian bank that took the biggest beating in the credit crisis is coming to the aid of another troubled lender, further proof that the country's banks have emerged from the period with surprising strength.

The bank will contribute $150-million to the recapitalization of a 152-year-old Bermuda-based financial institution, which is the Bank of N. T. Butterfield & Son Ltd. It has been engulfed by toxic loans and mortgage-backed securities.

Despite the fact that it's a small move in financial terms, it's a considerable shift for Canadian Imperial Bank of Commerce which has eschewed foreign attainments and focused on its domestic banking business ever since it sold most of its U. S. investment banking business in late 2007. The bank is now looking for its future growth and recommends a new track on the acquirement front.

Butterfield lost $213.4-million in 2009, and further losses of $150-million to $175-million can be invited in the first quarter of 2010 as it reorganizes its balance sheet.