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RFHL makes offer for Cayman bank
Republic Financial Holdings Limited (RFHL) announced yesterday that it is in discussions with Cayman National, the parent of Cayman National Bank Ltd, for potential acquisition of a majority stake—at least 51 per cent and up to 74.99 per cent in the bank.
According to a notice sent to the T&T Stock Exchange yesterday by Corporate Secretary and Group General Counsel Kimberly Erriah-Ali, this potential acquisition opportunity is still in the embryonic stage. A due diligence exercise is ongoing and the offer is subject to board approval being granted.
The terms of the possible offer includes a price of between US$6 to $6.75 per Cayman National share. Once there is board approval, RFHL will inform shareholders about a definitive agreement with Cayman National for the purchase of the shareholding. However, this will also be subject to, among other things, the requisite regulatory approvals being obtained.
In the interim, shareholders have been advised to take no in relation to this potential acquisition until there is further announcement confirming execution of a definitive agreement.
Established in 1974, Cayman National Corporation Limited is the largest financial services company based in the Cayman Islands. It provides banking, trust and company management, fund administration, and wealth management services to clients around the world, from the Cayman Islands, and the Isle of Man, with an office also in Dubai.
The company, which is publicly traded on the Cayman Islands Stock Exchange, comprises 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, and Cayman National (Dubai) Ltd. Previous acquisition include National Commercial Bank in Grenada (1992), the National Bank of Industry and Commerce in Guyana (1997), the Barbados National Bank (2003), Dextra Bank in the Cayman Islands (2006), a 57 per cent stake in HFC Bank in Ghana (2015) and a 20 per cent stake in East Caribbean Financial Holding Company Ltd in St Lucia (2003).
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