March 13 was a red-letter day for Cayman National Corporation Ltd.
That was the day the Trinidad-headquartered Republic Group finalised its acquisition of Cayman National, making the territory’s only local bank local no longer.
Pursuant to the terms of the acquisition, Cayman National shareholders voted at the bank’s March 27 annual general meeting to appoint Republic Group executives Nigel Baptiste and Roopnarine Oumade Singh to the board of directors.
Baptiste was at the general meeting, and spoke to reporters about the Republic Group’s plans for Cayman National.
According to Baptiste, Cayman National will more or less be left to run on autopilot, at least in the foreseeable future. He said the reason the Republic Group wanted to buy Cayman National is because of its quality financials. Cayman National had earned a record $22 million in net income last year, and is on pace to set another record this year with $6.2 million in net income through its first quarter, an 18-percent increase over Q1 of last year.