(CMR) Following regulatory approvals, Cayman National Corporation Ltd. (CNC) has announced that the banking operations of Republic Bank Cayman have merged into Cayman National Bank (CNB) effective May 1, 2023.
In addition, the securities operations of RBKY will be merged into the operations of Cayman National Securities Ltd. CNB and CNS are the remaining entities following the Mergers.
Speaking on the Mergers, Nigel Baptiste, Group President and Chief Executive Officer of Republic Financial Holdings Limited (RFHL), said:
“The merger of Republic Bank (Cayman) Limited into Cayman National Corporation will allow the RFHL Group to strengthen our operations in the Cayman Islands. This move will enable the RFHL Group to ensure a more robust customer experience and remove some of the duplications that existed across both entities allowing for greater efficiencies.”
Janet Hislop, Chief Executive Officer of CNC said, “We are happy to announce the completion of the Mergers. Our teams have been working diligently to smoothly transition RBKY’s clients to CNB and CNS. We are delighted to welcome our new customers and offer them our wide array of products and services and a much enhanced online experience.”
CNB and CNS are directly owned by CNC, 74.9% of whose shares are ultimately owned by RFHL. All Caymanian staff at RBKY will be employed within the Cayman National Group following the completion of the Mergers.