Cayman’s largest homegrown financial services company, Cayman National Corporation, will leave the Cayman Islands Stock Exchange after 51 years.
Republic Financial Holdings Ltd, which controls Cayman National Corporation, said the move was approved with more than a three-quarters majority at an extraordinary general meeting held in Cayman on 8 Aug.
Cayman National Corporation is the parent company of Cayman National Bank.
A spokesman for Trinidad and Tobago-based Republic said that the delisting would take effect after the completion of the transfer of all the shares bought up following an offer made to existing shareholders at the end of May.
The meeting also agreed to remove a rule that mandated that all directors had to own at least 999 shares in the corporation to sit on the board.
Republic announced last week that its holding in the bank, which had been 74.98%, was now at 87.17% as a result of the $82 million share offer, which closed at the end of July.
The increased control meant Cayman National Corporation was required to delist from Cayman’s stock exchange because of a regulatory requirement that at least 25% of a company’s shares must be available for trade in Cayman.
Republic offered US$7.75 a share through subsidiary Republic Bank Trinidad and Tobago (Barbados) for the remaining 10.59 million ordinary shares in Cayman National Bank in May.
The offer for the remaining shares represented 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, founded in 1974 and based in George Town, provides retail and commercial banking services. It also operates in trust, company and wealth management in the Cayman market and internationally.
Cayman National also 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.
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