Assurances Friday (21 September) from Cayman National Corporation that there’ll be little change to the local bank’s look or its staffing.
This as Republic Bank Trinidad moves to acquire majority shares in Cayman National Bank. Cayman 27 sat down with CNB boss Stuart Dack to discuss the impending acquisition.
“It is not a takeover, it is not a merger and you know there are benefits I think for people in Cayman,” said Mr. Dack.
The Cayman National Corporation CEO and President addressing the possible buy out of majority shares in Cayman’s flagship financial group.
“The decision as to what happens here in terms of Republic acquiring shares. It rests with the shareholders,” said Mr. Dack.
In August Republic Bank Trinidad Limited, a Barbados-based conglomerate made an offer to buy at least 51 percent of the bank’s shares. To be successful Republic Bank needs to purchase more than $100 million worth of shares.
“The way the offer is structured is when that offer expires if sufficient shareholders do not sign up to the offer it will fall away,” he said. The offer expires 22 October, but that could be extended.
“I have been with this organisation for many years. It is very dear to me and what I am trying to do together with the board of directors is to make sure that the organization goes forward in a way that continues the success of the organization, but also recognizes the desires of everybody involved,” said Mr. Dack. He says Republic has adopted a friendly approach to the process.
“We have got commitments from them that the name will stay, that the banks will remain on all three islands, that the branches will remain, the ATM network will remain and the way that customers are serviced will remain as it is now,” said Mr. Dack.
He added that the roughly 300 employees in the group would be retained, as would the board. He said all accounts, loans will remain as is. An extra-ordinary general meeting of CNB shareholders is planned for 9 October at the Grand Marriott hotel at 4 p.m.