Republic Financial Holdings Limited (RFHL) has completed its acquisition of Cayman National Corporation Limited (CNC). In a release, Republic said it had bought shares (via its wholly-owned subsidiary, Republic Bank TT (Barbados) Ltd) equivalent to 74.99 per cent of the Cayman Island financial Institution for US$6.25 per share. The transaction cost just under US$198.5 million.
“RFHL and CNC share the same ideals with respect to values, business processes and opportunities,” Republic chairman, Ronald Harford said via release. “The CNC acquisition will allow us to combine and leverage the talents of our two world-class organisations. We are particularly eager to learn from Cayman National’s experience in international financial services and serving high net worth clients. We are pleased to welcome both the employees and clients of the CNC Group to the Republic Family.”
Republic also assured that all CNC employees will remain and the bank will not be rebranded.
Established in 1974, the CNC Group has five subsidiaries: Cayman National Bank Ltd., Cayman National Fund Services Ltd., Cayman National Securities Ltd., Cayman National Bank (Isle of Man) Limited, and Cayman National (Dubai) Ltd. It is the largest financial services company based in the Cayman Islands, providing banking, trust and company management, fund administration, and wealth management services to clients in the Cayman Islands and around the world. CNC is, and will continue to be, publicly traded on the Cayman Islands Stock Exchange, Republic said.
Republic is the largest indigenous bank in the region. This latest acquisition is part of Republic’s ongoing strategic expansion. The bank last year also announced it would acquire Scotiabank’s Eastern Caribbean, Guyana and St Maarten assets for US$123 million, pending regulatory approval. Last year, the bank recorded a $1.3 billion profit.