(CMR) Republic Bank has announced that Cayman National Bank Ltd (CNB) will acquire, by way of a merger, the banking operations of Republic Bank (Cayman), subject to all regulatory approvals.
The securities operations of Republic Bank Cayman will also be merged into the operations of Cayman National Securities Ltd (CNS), with CNB and CNS the remaining entities following the mergers.
CNB, CNS, and RBKY are all indirectly owned by Republic Financial Holdings Ltd (RFHL). Republic Bank said the merger would rationalize operations in the Cayman Islands and create efficiencies, with no loss of service to clients or displacement of staff.
All Caymanians at Republic Bank will continue to be employed within the Cayman National Group following the completion of the mergers'
RFHL President Nigel Baptiste said, “The merger of Republic Bank (Cayman) 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) Ltd by providing access to a wider array of products and services and eliminating some of the duplication that currently exists across both entities.”
“We believe this transaction will add great value to the Cayman National Corporation Group and look forward to welcoming both the Republic Bank Cayman clients and its staff,” Stuart Dack, CEO of CNC, said.
Republic Bank Cayman will communicate further information about the proposed transition directly to its clients in the coming weeks.