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Cayman National to merge with Republic Bank

Business 31 Aug, 2022 Follow News

Cayman National to merge with Republic Bank

In a recent press announcement, Cayman National Corporation, the owner of Cayman National Bank and Cayman National Securities, has said it will be merging with Republic Bank (Cayman) Limited, subject to all regulatory approvals.

The merger will consist of a merger whereby Cayman National Bank will acquire the banking operations of Republic Bank (Cayman) Limited, while at the same time the securities operations of Republic Bank Cayman will also be merged into the operations of Cayman National Securities.

Cayman National Corporation said that their banking and securities businesses would be the remaining entities following the mergers. CNB, CNS, and Republic Bank Cayman are all indirectly owned by Republic Financial Holdings Limited.

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.”

The merger of these entities rationalised operations in the Cayman Islands and created efficiencies, with no loss of service to clients or displacement of staff, the announcement confirmed. All Caymanians at Republic Bank Cayman would continue to be employed within the Cayman National Group following the completion of the mergers, they underlined.

Stuart Dack, CEO of CNC, said: “We believe this transaction will add great value to the Cayman National Corporation Group and look forward to welcoming both the RBKY clients and staff of RBKY.”

Republic Bank Cayman said it would communicate further information about the proposed transition directly to its clients in the coming weeks. Subject to regulatory approvals, once the merger is completed an announcement will be provided, they said.

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