CNC shareholders pave way for Republic Bank, Government approvals on their vote pending on

Cayman National Corporation is now awaiting government required approvals to allow Republic Bank Trinidad to buy majority shares in its organisation.

In a statement posted on Cayman’s Stock Exchange Wednesday (10 October) CNC said its shareholders voted by a significant margin to remove the provision blocking anyone from owning more than 10 percent of the company’s shares.

Once approved Republic Bank’s path is now cleared to buy majority shares, but the option to sell the shares still remain with individual shareholders.

We reached out to the Governor’s Office to get an update on the documents seeking approval of the CNC shareholders decision. We are yet to hear back.