According to Republic Financial Holdings Limited (RFHL) President, Nigel Baptiste, the Group’s acquisition of majority shareholding in Cayman National Corporation Limited (CNC) provides a Caribbean model for development, growth and empowerment. Baptiste said, “The acquisition combines the values and skills of two successful organisations for the betterment of the entire region.”
“The Cayman National brand is strong, and critical to that brand identity are its management and employees. Indeed, it is an integral component we very much wish to maintain,” said Baptiste. The
CNC purchase, concluded on March 13, will see the continuation of local management and operations with the addition of RFHL Executive Director Roopnarine Oumade Singh and President Nigel Baptiste to the Board of Directors. CNC will not be rebranded.
Noting that a major plank of its ethos is the retention of local knowledge and expertise, Baptiste stressed that the financial needs of CNC customers will continue to be serviced by the same staff to whom they are accustomed. This includes lending decisions, which will continue to be made locally.
With a vision to be the financial institution of choice in the Caribbean, this partnership between two of the region’s strongest indigenous financial institutions is testament to Republic’s commitment to regional economic growth and development. The acquisition of 74.99% of the shares in CNC positions the Bank as one of the region’s largest employers, with more than 5,000 employees in nine territories and markedly expands its range of services offered.
“As a group, Republic remains committed to adding value to the markets we enter. This recent acquisition not only benefits RFHL and the CNC Group, but the entire Caribbean as well,” said Baptiste.
The CNC acquisition was concluded at a cost of US$198,474,012.50. The transaction was subject to the rigorously detailed approval processes of several government and regulatory bodies, including the Central Bank of Barbados, the Central Bank of Trinidad and Tobago, the Cayman Islands Monetary Authority, the Government of Cayman Islands, the Isle of Man Financial Services Authority and the Dubai Financial Services Authority.
The Group, last year, announced that it had entered into an agreement to acquire Scotiabank’s banking operations in several territories. The agreement, executed on November 27, 2018, signalled the commencement of a transaction that is subject to all regulatory and other customary approvals and conditions.