Port of Spain, Trinidad August 29, 2022: Cayman National Corporation Ltd. ((CSX: CNC) KY) (CNC) has announced that, subject to all regulatory approvals, Cayman National Bank Ltd. (CNB) will acquire by way of merger, the banking operations of Republic Bank (Cayman) Limited (RBKY). In addition, the securities operations of RBKY will also be merged into the operations of Cayman National Securities Ltd. (“CNS”). CNB and CNS will be the remaining entities following the mergers.
CNB, CNS, and RBKY are all indirectly owned by Republic Financial Holdings Limited (RFHL). The merger of these entities rationalizes operations in the Cayman Islands and creates efficiencies, with no loss of service to clients or displacement of staff. All Caymanians at RBKY will continue to be employed within the Cayman National Group following the completion of the mergers.
According to Nigel Baptiste, President and Chief Executive Officer of Republic Financial Holdings Limited, “The merger of Republic Bank (Cayman) Limited into the Cayman National Corporation Group, brings the RFHL Group one step closer to streamlining our operations in the Cayman Islands. This move will enable the RFHL Group to enhance the experience of the existing clients of Republic Bank (Cayman) Limited by providing access to a wider array of products and services, and eliminating some of the duplications that currently exists across both entities.”
Stuart Dack, CEO of CNC, said, “We believe this transaction will add great value to the Cayman National Corporation Group and look forward to welcoming both the RBKY clients and staff of RBKY.”
RBKY will communicate further information about the proposed transition directly to its clients in the coming weeks. Subject to regulatory approvals, once the merger is completed an announcement will be provided.