Cayman National ousts longtime president

Ormond Williams has been terminated from Cayman National Bank after serving as its president for 15 years.

A Wednesday announcement on the Cayman Islands Stock Exchange stated that Mr. Williams and the bank have “parted company,” but did not say the nature of the departure or why he left.

“During his time with Cayman National, Ormond has been the leader of CNB and accomplished much during his tenure,” Cayman National CEO Stuart Dack stated in the announcement. “We wish him well on the next part of his journey.”

Mr. Williams told the Cayman Compass on Thursday that his employment was terminated.

“My employment has been terminated by Cayman National Bank and I am taking legal advice regarding the termination,” he stated. “As such I am unable to comment further at this point.”

His departure from Cayman National comes as the Republic Bank Trinidad and Tobago (Barbados) Ltd. finalizes its acquisition of the local bank. The Compass asked Mr. Williams whether his termination has anything to do with the acquisition, but he did not answer that question in his response.

Republic Bank is buying 74.99 percent of Cayman National at US$6.25 per share. Cayman National stock was US$3 before the Trinidad bank announced its offer in early August.

The acquisition still requires regulatory approvals in the jurisdictions where Cayman National conducts business – Cayman, the Isle of Man and Dubai. Mr. Dack said earlier this month that he does not know an exact timeline for those approvals, but that he expects decisions before the end of this year.

The acquisition requires the Republic Bank to refrain from introducing any major changes to the business or operations of Cayman National, discontinuing the employment of the employees of Cayman National, or re-deploying the fixed assets of Cayman National – “provided, that [Republic Bank] retains the flexibility at any time to consider any options in relation to Cayman National which the [Republic Bank] may regard to be in the interest of Cayman National as part of a wider corporate group.”

Republic Bank Trinidad and Tobago (Barbados) Ltd. was incorporated in Barbados in 1999, and is a part of the Trinidad-based Republic Financial Holdings Ltd., which was originally called Colonial Bank when it was formed in 1837, according to the organization’s website.

Republic Financial Holdings Ltd. has more than $10 billion in assets, owns banks in Guyana, Grenada, Suriname, St. Lucia and Ghana – as well as having a class B bank in Cayman, Republic Bank (Cayman) Limited – and has more than 4,000 employees in Trinidad alone, its website states.