Cayman National Corporation has announced that, subject to all regulatory approvals, Cayman National Bank will acquire the banking operations of Republic Bank (Cayman) Limited through a merger.
Republic Bank Cayman is a private bank offering wealth management services and was incorporated in Cayman in 1992.
The securities operations of Republic Bank Cayman will be merged into the operations of Cayman National Securities, according to a press release.
Following the mergers, Cayman National Bank and Cayman National Securities will remain as surviving entities.
All entities are indirect subsidiaries of Trinidad-based Republic Financial Holdings Limited.
The Barbados offshore banking arm of Republic Financial Holdings bought most of Cayman National Corporation’s stock in 2019.
Cayman National said the merger would rationalise operations in the Cayman Islands and create efficiencies, with no loss of service to clients or displacement of staff.
Stuart Dack, CEO of Cayman National Corporation, said in the release, “We believe this transaction will add great value to the Cayman National Corporation Group.”
All Caymanian staff at Republic Bank Cayman will continue to be employed within Cayman National Group following the completion of the mergers.
Nigel Baptiste, president and chief executive officer of Republic Financial Holdings Limited, said, “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 duplication that currently exists across both entities.”
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I assume it will no longer be called “Cayman National Bank”?.