As Republic Bank takes ownership of Cayman National Corporation, support for small businesses will be on their agenda.
Small businesses are the backbone of the Cayman Island’s economy and their success contributes to the overall national economic progress.
“That very important part of the service for small and medium enterprises will remain,” said Stuart Dack, Cayman National CEO. “That is something that Republic has been very keen on.”
While the country welcomed HRH Prince Charles and Camilla, Duchess of Cornwall on Wednesday afternoon, Mr Nigel Baptiste, Managing Director of Republic Bank Limited and President and Chief Executive Officer of Republic Financial Holdings Limited of the Republic Group held a press briefing at the Kimpton Seafire Resort. He was accompanied by Cayman National CEO Stuart Dack and Chairman Truman Bodden.
Mr Baptiste said the three platforms on which Republic Bank were built were real estate mortgages and personal lending, government financing and thirdly small and medium enterprise financing, highlighting the importance they placed on small businesses to their business.
“Those are the three areas in which Republic Bank has been a leader,” he added.
In order to guarantee timely decisions and enhanced service, Mr. Dack confirmed that the decisions on lending to entities such as small businesses would remain in the Cayman Islands.