Republic Completes Takeover of Largest Financial Services Company in Cayman Islands

Republic Financial Holdings Limited has taken over Cayman National Corporation Limited.

PORT OF SPAIN, Trinidad, Friday March
15, 2019 –
The
Trinidad and Tobago based Republic Financial Holdings Limited (RFHL) has
officially acquired majority interest in the Cayman National Corporation
Limited (CNC), the largest financial services company based in the British
Overseas Territory, at a price of US$198.4 million.

The
transaction comprised the purchase of 74.99 per cent of the issued shares in
CNC at an offering price of US$6.25 per share by RFHL’s Barbadian subsidiary,
Republic Bank Trinidad and Tobago (Barbados) Limited. As a result of this transaction,
the asset base of the RFHL Group will increase to approximately US$12 billion.

“RFHL and
CNC share the same ideals with respect to values, business processes and
opportunities,” said RFHL Chairman Ronald F. deC. Harford. “The acquisition of
CNC will allow us to combine and leverage the talents of our two world-class
organisations. We are particularly eager to learn from Cayman National’s
experience in international financial services and serving high net worth
clients.”

RFHL has
confirmed that all employees of the CNC Group will remain following the
acquisition of the majority shareholding, and that the bank will not be
rebranded. CNC will also continue to be publicly traded on the Cayman Islands
Stock Exchange.

“Cayman
National is a leading full-service institution in one of the world’s most
sophisticated financial centres, its brand is resilient and strong, and its
management and employees are a critical part of that brand strength,” said Harford.
“We do not want this to change. It will continue to be the same bank known,
loved, and run by a very strong and experienced team of Caymanians.”

The CNC
Group, which provides banking, trust and company management, fund
administration, and wealth management services to clients in the Cayman Islands
and around the world, has five subsidiaries: Cayman National Bank Ltd., Cayman
National Fund Services Ltd., Cayman National Securities Ltd., Cayman National
Bank (Isle of Man) Limited, and Cayman National (Dubai) Ltd.

Its
acquisition is part of the ongoing strategic expansion of RFHL which operates
in several territories, including Barbados, Cayman Islands, Grenada, Ghana,
Guyana, St Lucia, Suriname, and Trinidad and Tobago.

Meantime, RFHL said its acquisition of nine Scotiabank operations in the Eastern Caribbean, St Maarten and Guyana is ongoing and is receiving the attention of all the relevant regulatory bodies.

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