A Trinidad and Tobago financial giant has launched a bid of more than US$82 million to take complete ownership control of Cayman National Bank.
Republic Financial Holdings, which already owns almost three-quarters of the Cayman entity, said it was prepared to buy up the remaining 10.59 million ordinary shares at US$7.75 apiece.
Nigel Baptiste, the group president and CEO of Republic, said, “For us, this offer is in keeping with the group’s commitment to regional development and investing in the communities we serve and is a natural evolution in the group’s expansion strategy.
“We have been in the Cayman Islands since 2006, so with this offer we are further demonstrating our confidence, unequivocal support and long-term commitment to the economic growth of the Cayman Islands.”
The offer was made last week through the company’s wholly-owned subsidiary, Republic Bank Trinidad and Tobago (Barbados).
Cayman National, founded in 1974 and based in George Town, is the largest homegrown financial services company and provides retail and commercial banking services.
It also operates in trust and company management and wealth management in the Cayman market and internationally.
In addition to Cayman, the bank has a presence in the Isle of Man, a UK Crown Dependency, where it offers banking, trust and compliance services and custody services for assets.
The Republic Financial Holdings Group covers retail and commercial banking, wealth management, investment banking and trust services, as well as offshore banking and insurance.
It operates in 15 jurisdictions, including Anguilla, Dominica, Ghana, Grenada, Guyana, St. Vincent and the Grenadines and the British Virgin Islands.
The offer for the remaining shares represents a premium of about US$0.85 a share on the closing price of Cayman National shares on 14 May, the last trading day before the notice of intention was released.
Cayman National is considering the terms of the offer and is expected to await more details.
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