(CMR) Republic Bank Trinidad and Tobago (Barbados) Limited (“RBTTBL”) confirms what Cayman Marl Road reported on Friday – that they have received final approval for the sale of Cayman National. Our sources informed us last week that the Cayman Islands Monetary Authority had given the final approval.
Cayman Marl Road was the first to break the news in August 2018 that RBTTBL was going to be making a bid to acquire a majority ownership in the only locally owned bank.
In a press release dated today they have confirmed that they have “now received approval from all required regulatory and governmental authorities” for the sale. The Partial Offer was set to expire on March 8.
Those shareholders who have voluntarily sold their shares are able to collect cheque payment for their shares after 12:00 pm on next week Wednesday, March 13, 2019; at Cayman National Securities Ltd., 2nd Floor, Suite 6201, 62 Forum Lane, Camana Bay, Grand Cayman.
There is further explanation provided about the formulation used to determine the actual amount of shares to be paid for by RBTTBL.