Republic Bank Trinidad’s buy out of Cayman National Bank is moving ahead and it has committed to keeping the CNB name and the majority of its personnel.
Tuesday (18 September) CNB announced that it has entered into an implementation agreement with the Barbados-based bank for the purchase of a minimum 51 percent of Cayman National’s shares.
The announcement of the agreement was posted Tuesday on the Cayman Islands Stock Exchange website. News of the possible buy out came last month.
In addition to the agreement, the banks signed on to a side letter agreement outlining specific conditions for the acquisition.
Republic Bank Trinidad has committed to maintaining a banking presence in all three Cayman Islands, maintaining the name and branding of Cayman National Bank and its Cayman Islands subsidiaries and maintaining a majority of the workforce and management of Cayman National and its Cayman Islands subsidiaries.
CNB said an extraordinary general meeting is planned for 9 October at the Grand Cayman Marriott beach resort beginning at 4 p.m. We reached out CNB’s Stuart Dack for comment. We are yet to hear back.