Republic Bank (Cayman) Limited (RBKY)’s banking operations were merged with Cayman National Bank Ltd (CNB) on May 1, 2023.
Cayman National Corporation Ltd, the Cayman Islands’ largest financial services company, made the news after receiving all regulatory permissions.
The securities operations of RBKY will be integrated with those of Cayman National Securities Ltd (CNS). Following the mergers, the only entities left are CNB and CNS.
Republic Financial Holdings Limited (RFHL) Group President and Chief Executive Officer Nigel Baptiste stated that the mergers allow the Group to improve 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 CEO Janet Hislop stated that the teams have been working hard to ensure a smooth transition for RBKY’s clients.
“We are delighted to welcome our new customers and offer them our extensive range of products and services, as well as a significantly improved online experience,” she said.
CNC owns CNB and CNS directly, with 74.9 percent of the shares eventually controlled by RFHL.
Following the mergers, Republic has assured that all of its Caymanian employees will be employed by the Cayman National Group.
Cayman National is a subsidiary of the Republic Group, which began in the Caribbean in 1837 as the Colonial Bank and later as the Barclays Bank of Trinidad and Tobago. The Republic Group is now one of the major financial companies in the region.
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 are all subsidiaries of Cayman National.
