GEORGE TOWN, Cayman Islands – The Trinidad-based Republic Financial Holdings Ltd (RFHL) has approved the merger of two of its subsidiaries, Republic Bank (Cayman) Ltd (RBKY) and Cayman National Bank (CNB).
But in a statement, the RHFL said that the merger is still subject to all regulatory approvals, and RBKY’s entire book of business will be transferred to CNB.
It said that upon the effective date of the merger, CNB would be the surviving entity and RBKYwouldl no longer be a subsidiary within the Republic Group of companies.
According to a statement released by the Cayman National Corporation (CNC), the merger of these entities rationalizes operations in the Cayman Islands. It creates efficiencies, with no loss of service to clients or displacement of staff.
It said all Caymanian employees at RBKY will continue to be employed within the Cayman National Group following the completion of the mergers.
“We believe this transaction will add great value to the Cayman National Corporation Group and look forward to welcoming both the RBKY clients and staff of RBKY,” said Stuart Dack, the CNC chief executive officer.
RFHL president and chief executive officer, Nigel Baptiste, is quoted in the press release as saying that “the merger of Republic Bank (Cayman) Ltd 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 duplications that currently exist across both entities.”
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