RFHL makes bid for full takeover of CNB
(CNS): Republic Bank Trinidad & Tobago (Barbados) Limited (RBTTBL), which is owned by Republic Financial Holdings Limited (RFHL), is making a bid for ownership of the whole of Cayman National Bank. Last week, RFHL announced its intention to make an all-cash conditional offer to acquire all of the outstanding ordinary shares of Cayman National and notified the Cayman Islands Stock Exchange (CSX).
A release from RFHL said the offer circular to Cayman National shareholders and CSX would be published shortly, thereby officially opening the offer.
The RFHL Group owns 31,754,248 ordinary shares or 74.98% of the local bank group. This offer would see it acquire the whole financial institution at an offer price of US$7.75 per share. RFHL President and CEO Nigel Baptiste stated that the offer was in line with the group’s commitment to regional development and investing in the communities it serves.
“We have been in the Cayman Islands since 2006, so with this offer, we are further demonstrating our confidence, unequivocal support, and long-term commitment to the economic growth of the Cayman Islands,” he said.
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Category: Banking & money, Business
Trinidad is far too cozy with China Ports deals and financial loans Not good Cayman not Good !
Whoever thought that bilking customers would be the way forward for these greedy banks ? But that is exactly where we are at in 2025 and all because the greedy upper management just want more and more to satisfy their insatiable appetite for material things! Sell them nothing Cayman because they are coming to steal our children’s future and to fleece them too .
The reason these banks are here is because there’s no taxes. Why are they saying they don’t need to pay interest? Wake up Cayman !! Where is the government protecting the consumers? The offshore banks are paying the expensive licensing fees. Now with all of these online services they are making more profits. Everyone in business will agree inefficient staff reduce profits. IWhen they buy out all the shares the fees will go up.
If the profit was so good then alternative banks would set up. That is the magic of a free market. Maybe the market isn’t free enough to allow competition.
Bush bringing motion to have banks reduce interest rates immediately
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Cayman Islands Bankers Association explains interest rate setting
https://www.loopnews.com/content/cayman-islands-bankers-association-explains-interest-rate-setting/
I’m moving my account. Only way to pay online bills on vacation was to have roaming. Really?!
One of our companies had over a million dollars on interest deposit with a local bank for several years, and they were deducting our interest as a customer expense instead of crediting to us as earnings. It’s uniquely Caymanian that there’s no agency, or regulator in Cayman that is willing to pursue consumer rights, or basic customer satisfaction. Everyone is on their own. These foreign banks love it.
Aaaaahhhhh Trinidad, the envy of the world for lack of corruption, crime and clean business practice.
We are so fortunate to have them own a bank here.
Well the Chinese like them… that’s good enough for me.
As far back as the mid-90s (before UCCI) banks hired high school leavers as tellers. From there, they went to ICCI (accredited in the USA) and as they pursued their degree in banking, accounting or management, they progressed from tellers to head tellers to compliance, etc. within the same bank that hired them as tellers. Now some banks do not even want to hire tellers. They force you to bank online—then charge you fees as if they had twenty tellers. Highway robbery! And CIMA? MIA…
Says RHFL: “We have been in the Cayman Islands since 2006, so with this offer, we are further demonstrating our confidence, unequivocal support, and long-term commitment to the economic growth of the Cayman Islands.”
The only thing demonstrated by those who run CNB is their unwavering commitment to extract every last nickle and dime they can from their customers by charging fees for every little thing and then paying depositors as little interest as they can.
A more honest quote from RHFL would be:
“We have been in the Cayman Islands since 2006 and with this offer, we are further demonstrating our long-term commitment to making a maximum profit from our operations in the Cayman Islands and are committed to continually increasing our profit margin.”
100% accurate 12:52pm only here for what they can get and just like certain telecommunication providers who are charging us the highest or maximum rates in this region to pay for their backwater or Thirdworld operations elsewhere which at least they are held to account for in those places. They cannot get away with their BS nor would they try it in those places, on like Cayman where we have those in positions who for their very own benefit are systematically crushing and destroying their very own to make themselves look good. We all know the drill right ya so ,dont we Cayman?
Agree. Well said. We take it because we must. That which cannot be helped, must be endured — or at least until we are all poverty stricken, and then it will be a civil war in which the people lose. Again.
Those of us who owned CNB shares know quite well that CNB was sold many, many years ago. They retained the name, but their processes, their national identity, their “Cayman-ness” died nearly twelve years ago.
As much as Caymanians hate Jamaicans, there are real reasons that Jamaicans do not like to have anything to do with Trinidadians. They cannot be trusted, learn the hard way.
They’re right not to trust Trinidadians…t
Trinidad’s Indo/Muslim culture is not user friendly when it comes to matters of business integrity.
Both Chris Saunders and Roy McTaggart discussed the problem of high banking fees. Saunders is still advocating for a national bank with rates that are not tied to LIBOR and does not fleece customers to meet its overseas shareholders’ revenue needs; and McTaggart pushed to introduce a Customer Protection Act like the one introduced in England. These disgusting entities rob us blind 24/7!
Dude, LIBOR was phased out in 2021. Back to sleep.
@12:38pm I watched the sessions online, I was not taking notes. LIBOR or whatever you “banking pundits” call today.
Ok, Cayman rates should no longer be tied to Fed rates. Everyone knows what the writer intended.
Sick n Tired only to pay the enormous and ridiculous bonuses at years end for top management jollies and whims If customers only knew the architects of this robbery or larceny against customers to pay for their Audi’s and Benz’s and facial foundation and make up queens at the bank. Their despicable fleecing of poor customers is both irreprehensible and disgusting to say the lease and CIMA should be trying stop or regulate this relentless profiteering by this bank.
Sad times.
CNB sold out to this company nearly ten years ago. What they are doing now is simply going for the coup de grâce. Sadly, CNB started losing its national identity as soon as Peter Tomkins passed. (A decent human being. RIP)
The problem with Caymanians is that they wish to sell everything. I’m certain if the price is right a caymanian parent would sell their child. Everywhere else in the world, the natives have a sense of belonging, pride and nationalism! What we have manifested in Cayman is the almighty dollar take precedent. Good luck cayman!
The real problem is that there is nothing left to sell
100%. They sell their land to the highest bidder and then cry about it being developed by the people they sold it to.
Consider the miniscule percentage of interest paid at CNB savings accounts. I agree that we should have a national bank, but is this the one, or should we create a new one, one that dovetails with the Cayman Islands Credit Union? I sold half of my CNB shares when RFHL made a bid for the credit card division. I did pretty good. That’s why you buy stock, right? To personally benefit.
We need our own banking entity. If it is to be CNB, then we have to fund it, and they, in turn, have to pay a good dividend, a good savings account interest. As it stands now, I make more hiding cash in a sock, because I don’t have to pay all their fees. 1/2 of 1% is crap. If CNB is to be our leader, then make them work properly, the way a national bank should.
Any ‘savings’ account that is below inflation rate is a misnomer.
I agree, use the old sock. At least the sock doesn’t stop working on a Saturday while you’re trying to complete a transaction.
All local personal banking is garbage.
Agree. Even as a 74% Trini-owned entity, it doesn’t really instill any national pride or priorities.
what a disgraceful situation I remember those who stood up to this but were drowned out by the greedy and disgusting board of shareholders. You remember the promises they made about being able give big loans for big projects for Cayman.
Your two statements are not consistent and taken together, they betray your lack of savvy in regard to how the system works:
1. “That’s why you buy stock, right? To personally benefit.”
2. “We need our own banking entity. If it is to be CNB, then we have to fund it, and they, in turn, have to pay a good dividend, a good savings account interest.”
The more a bank pays in interest on accounts, the less profitable the stock will be and vice-versa. You cannot have it both ways. To which do you want priority given? The profitability of the stock or increased interest on accounts? If those who will fund a new bank subscribe to your idea “That’s why you buy stock, right? To personally benefit”, then they will do so expecting an optimal return on their investment.
CNB sold out to this overseas company years ago, at which point the natural expectation was that government would explore how to create a 100% owned and operated national bank, but no. Same thing with national television. We had CITN (Caymanian owned and staffed); the government at the time (thanks, PPM!) let it die through OFREG’s complete inefficiency. Now we have a foreign-owned tv station.
I strongly believe Cayman needs to have its own bank again. At one point we even had a “national” credit card — Signature. Now every bank’s head office is somewhere else. World-renowned financial centre; most super yachts in the world fly our flag, ever-growing private plane registry… yet we don’t have a national bank. We ought to do better.
I agree 100%. I would call it First Cayman Bank and I would put McKeeva in charge.
@9:29pm: And your point was supposed to be…
He did such a good job the first time.
@9:31am – @9:29pm’s comment is hilarious!
It shouldn’t matter who own the banks, so long as these are properly regulated and licensed by CIMA and Bankers Assoc to provide necessary savings, business, and investment services with up-to-date technology. The reality is that our retail banks have been allowed to lag the real world by decades on service repertoire and speed, with needless customer relations complexity, predatory fees, negative interest rates on savings accounts, an ever-present air of skeptical aggression, and with obsolete tech. They truly suck.
We’re already used to their poor service and extortionate fees. How much worse can it get?
If the government really cared about the cost of living they would cap the ridiculous fees being charged by the banks.
Bank needs to be nationalized in the interest of the Caymanian people another set of pirates here on these shores. Soon sell us out to their Chinese masters! aaah Cayman can’t win for loosing.
So tell CNB not to sell out, never mind ‘aaah Cayman can’t win for loosing. Cayman has been and is still selling out Cayman!
it’s already 74% Trini owned. too late.
‘….another set of pirates here on these shores’
Cayman and Caymaians are their own pirates, sold yourselves out and still blame others! Boo hooo!
Your conscience bothering you pirate, please learn how to spell Caymanians before you come on here with your drivel!
‘Bashment’…
Truth hurts Bashmet.