At its annual general meeting last week, Cayman National Corporation Ltd. shareholders voted to appoint Republic Group executives Nigel Baptiste and Roopnarine Oumade Singh.
Appointing Baptiste and Singh to the board of Cayman National is pursuant to terms of agreement for Republic Group’s acquisition of the once-local bank. The Trinidad-based Republic Group acquired 74.99% of Cayman National stock via its Barbados branch, the Republic Bank Trinidad and Tobago (Barbados) Ltd., and now has power to control the composition of the board of directors, subject to the condition that the majority of the board remains Caymanian.
Baptiste is the managing director of the Republic Bank, and Singh is an executive director of the bank.
Bapsite was present at last week’s annual general meeting, and told reporters that he does not expect to have a heavy hand in how Cayman National is governed.
“Hopefully, I will not be too closely involved because I sit on five or six other boards,” he said. “I won’t be too involved, but my role will be to add value. I hope I can ask one or two good questions at every meeting.”
The Republic Group has also committed in writing to not institute systematic layoffs or redundancy for at least five years, “unless there is a significant adverse economic change or compelling business reason to do so”.
The Trinidad group’s offer circular further states that the Republic Group does not intend to introduce any major changes to the business or operations of Cayman National, to discontinue the employment of the employees of Cayman National, or to re-deploy the fixed assets of Cayman National, except in the ordinary course of the business – “provided, that [Republic] retains the flexibility at any time to consider any options in relation to Cayman National which the [Republic] may regard to be in the interest of Cayman National as part of a wider corporate group”.
As for the name and branding of Cayman National, Republic Group has committed to maintaining those things until at least Dec. 31, 2023, according to the circular.