Cayman National Bank announced that it has won the “Bank of the Year” award for the Cayman Islands for 2018. The award was presented by The Banker magazine, part of the Financial Times group in London, U.K., on Nov. 29.

The Bank of the Year award is recognized as the industry standard for excellence. Banks are judged on their ability to deliver returns, gain strategic advantage, and serve their markets.

Stuart Dack, chairman of CNB said, “The award is a reflection of the hard work, professionalism, and dedication of our staff. We are exceptionally proud that we have been awarded this accolade for the fifth time since 2005, especially during a year that has had its challenges. It is gratifying to be recognized in this way,” he said.

Cayman National had an eventful year, after Trinidad and Tobago-based Republic Financial Group offered to buy a majority stake in the bank four months ago. In November, Cayman National shareholders paved the way for Republic Group to acquire 74.99 percent of Cayman National at US$6.25 per share, through its wholly owned subsidiary Republic Bank Trinidad and Tobago (Barbados) Ltd.

This transaction still requires regulatory approval in Cayman, the Isle of Man and Dubai.