Republic to retain status quo at Cayman National

(CNS): Nigel Baptiste, the president of Republic Financial Holdings Limited, which acquired a majority shareholding in Cayman National Corporation Limited this year, has said that it will be maintaining the local bank’s brand and keeping its management and staff in their jobs. In a recent press release he claimed the acquisition was a model for development, growth and empowerment in the region and said Republic wanted to retain Cayman National’s local knowledge and expertise.

The CNC deal was completed last month for over US$198 million for just under 75% of the shares. The transaction was subject to the 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.

Republic has added its own directors, Roopnarine Oumade Singh and Baptiste, to the Board but has said there will be no re-branding following the regional deal and will see the continuation of local management and operations.

“The acquisition combines the values and skills of two successful organisations for the betterment of the entire region,” Baptiste said. “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.”

Baptiste said the financial needs of CNC customers will continue to be serviced by the same staff to whom they are accustomed and lending decisions will continue to be made locally.

“As a group, Republic remains committed to adding value to the markets we enter,” Baptiste said. “This recent acquisition not only benefits RFHL and the CNC Group, but the entire Caribbean as well.”