Republic Financial Holdings Ltd (RFHL) has announced that subject to all regulatory approvals its Board has approved the merger of two of its subsidiaries, Republic Bank (Cayman) Ltd (RBKY) and Cayman National Bank (CNB).

Republic said RBKY’s entire book of business will be transferred to CNB and upon the effective date of the merger, CNB will be the surviving entity and RBKY will no longer be a subsidiary within the Republic Group of companies.

A press release from the Cayman National Corporation (CNC) said the merger of these entities rationalizes operations in the Cayman Islands and creates efficiencies, with no loss of service to clients or displacement of staff.

All Caymanians at RBKY will continue to be employed within the Cayman National Group following the completion of the mergers.

Stuart Dack, CEO of CNC said, “We believe this transaction will add great value to the Cayman National Corporation Group and look forward to welcoming both the RBKY clients and staff of RBKY.”

The Cayman National Corporation also quoted Nigel Baptiste, President and Chief Executive Officer of Republic Financial Holdings Ltd who said, “The merger of Republic Bank (Cayman) Ltd into the Cayman National Corporation Group, brings the RFHL Group one step closer to streamlining our operations in the Cayman Islands. This move will enable the RFHL Group to enhance the experience of the existing clients of Republic Bank (Cayman) Ltd by providing access to a wider array of products and services, and eliminating some of the duplication that currently exists across both entities.”

The statement noted that once regulatory approvals are received and the merger is completed an announcement will be provided.