Loop News- Effective May 1, 2023 the banking operations of Republic Bank (Cayman) Limited (RBKY) were merged into Cayman National Bank Ltd (CNB).
The announcement from Cayman National Corporation Ltd, the largest financial services company based in the Cayman Islands follows the receipt of all regulatory approvals.
RBKY’s securities operations will be merged into the operations of Cayman National Securities Ltd (CNS). CNB and CNS are the remaining entities following the mergers.
Nigel Baptiste, Group President and Chief Executive Officer of Republic Financial Holdings Limited (RFHL) said the mergers allow the Group to strengthen its operations in the Cayman Islands.
“This move will enable the RFHL Group to ensure a more robust customer experience and remove some of the duplication that existed across both entities allowing for greater efficiencies,” Baptiste said.
CNC Chief Executive Officer Janet Hislop said the teams have been hard at work to ensure a smooth transition for RBKY’s clients.
“We are delighted to welcome our new customers and offer them our wide array of products and services and a much enhanced online experience,” she said.
CNB and CNS are directly owned by CNC, 74.9 per cent of whose shares are ultimately owned by RFHL.
Republic assured that all its Caymanian staff will be employed within the Cayman National Group following the completion of the mergers.
Cayman National is part of the Republic Group, which was stablished in the Caribbean in 1837 as the Colonial Bank and later, Barclays Bank of Trinidad and Tobago. Today, the Republic Group is one of the region’s largest financial institutions.
Cayman National comprises Cayman National Bank Ltd, Cayman National Fund Services Ltd, Cayman National Securities Ltd, Cayman National Bank (Isle of Man) Limited and Cayman National Trust Company (Isle of Man) Limited.
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