PORT OF SPAIN, Trinidad, Friday March 15, 2019 – The Trinidad and Tobago based Republic Financial Holdings Limited (RFHL) has officially acquired majority interest in the Cayman National Corporation Limited (CNC), the largest financial services company based in the British Overseas Territory, at a price of US$198.4 million.
The transaction comprised the purchase of 74.99 per cent of the issued shares in CNC at an offering price of US$6.25 per share by RFHL’s Barbadian subsidiary, Republic Bank Trinidad and Tobago (Barbados) Limited. As a result of this transaction, the asset base of the RFHL Group will increase to approximately US$12 billion.
“RFHL and CNC share the same ideals with respect to values, business processes and opportunities,” said RFHL Chairman Ronald F. deC. Harford. “The acquisition of CNC 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.”
RFHL has confirmed that all employees of the CNC Group will remain following the acquisition of the majority shareholding, and that the bank will not be rebranded. CNC will also continue to be publicly traded on the Cayman Islands Stock Exchange.
“Cayman National is a leading full-service institution in one of the world’s most sophisticated financial centres, its brand is resilient and strong, and its management and employees are a critical part of that brand strength,” said Harford. “We do not want this to change. It will continue to be the same bank known, loved, and run by a very strong and experienced team of Caymanians.”
The CNC Group, which provides banking, trust and company management, fund administration, and wealth management services to clients in the Cayman Islands and around the world, 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.
Its acquisition is part of the ongoing strategic expansion of RFHL which operates in several territories, including Barbados, Cayman Islands, Grenada, Ghana, Guyana, St Lucia, Suriname, and Trinidad and Tobago.
Meantime, RFHL said its acquisition of nine Scotiabank operations in the Eastern Caribbean, St Maarten and Guyana is ongoing and is receiving the attention of all the relevant regulatory bodies.