Tag: Cayman National Bank
Cayman National sale to Republic done-deal
(CNS): Republic Financial Holdings Limited (RFHL) has completed its controversial acquisition of Cayman National Corporation Ltd, having purchased the equivalent of 74.99% of the once wholly Caymanian-owned bank at US$6.25 per share. The transaction cost the Trinidad-based bank just under US$198.5 million, according to a press release. Republic has said that all of the current […]
Ex-bank boss sues for wrongful dismissal
(CNS): Ormond Williams, who was president of Cayman National Bank for more than 15 years before he was unexpectedly fired by its board of directors last November, has filed a legal claim in the Grand Court for wrongful dismissal. According to the court documents, Williams said he was sacked without “proper legal justification” and is […]
Former chairman’s daughter takes over bank
(CNS): Janet Hislop has been appointed as President of Cayman National Bank, pending regulatory approval. Hislop, who takes up her position with CNB after eleven years as the chief officer of Deutsche Bank (Cayman) Limited, has a deep connection to Cayman National, as her father, Benson Ebanks, was a founding shareholder and chairman of the board.
Bank denies any genuine counter-offer
(CNS): Cayman National Corporation Ltd has stated that the bank has not received any legal or real offer to purchase its shares other than the deal it has made with Republic Bank Trinidad and Tobago (Barbados) Limited. Although a minority of the shareholders claim that they have pulled together a consortium that would see the bank […]
Cayman National board fires 15-year president
(CNS) UPDATED: The president and chief executive of Cayman National Corporation, Stuart Dack, has said that the termination of Ormond Williams, who has been the president of Cayman National Bank for more than 15 years, was a decision by the CNB board of directors and was unrelated to the potential sale of a majority shareholding […]
Cayman National sells off 54% of stock
(CNS): The Republic Bank of Trinidad and Tobago (Barbados) Ltd has bought a majority share in Cayman National Corporation just over two months after it made an unsolicited offer. An announcement from Republic said that at the end of business on Friday it had received notice from Cayman National that shareholders were willing to sell more than […]
Shareholders pave way for bank sale
(CNS): Despite some dissenting voices, the majority of shareholders of Cayman National have voted to remove a restriction that prevented any single entity from owning more than 10% of the bank’s shares in order to pave the way for its sale to a regional financial corporation. Following a meeting of shareholders Tuesday, they voted by a […]
CNB reveals directors’ gains in bank sale
(CNS): A circular released to Cayman National Bank shareholders on Friday, ahead of the general meeting tomorrow evening, about the bank’s takeover by a regional financial corporation revealed what the directors on the board, the majority of which have recommended that shareholders accept the sale, will gain. Former politician Truman Bodden has the largest number […]
Bank shareholders asked to give back ‘people’s cash’
(CNS): The opposition is appealing for the shareholders of Cayman National, who are about to enjoy a cash windfall if its sale to Republic Bank Trinidad and Tobago (Barbados) goes ahead as expected, to give up some of their financial gain to the public purse, arguing that government lost out in a poor deal to […]
Cayman National board tells shareholders to take deal
(CNS): The Cayman National board of directors is expected to release a circular Friday about the take-over bid of the local bank by the Republic Bank Trinidad and Tobago (Barbados) Limited, in which it is recommending that shareholders accept the deal. Shareholders in the only Cayman-owned bank were offered a premium of more than $3 on […]
Republic Bank pushes bid for Cayman National
(CNS): Republic Bank TT (Barbados) Ltd (RBTTBL), a wholly-owned subsidiary of Republic Financial Holdings Ltd (RFHL), has signed “an implementation agreement” with Cayman National Corporation Ltd in its continued efforts to take over the local financial institution. Shareholders have been offered $6.25 per share from Republic, which is seeking to acquire between 51% and 75% […]
