Re­pub­lic Fi­nan­cial Hold­ings Lim­it­ed (RFHL) is seek­ing to buy all re­main­ing shares of Cay­man Na­tion­al.

Ac­cord­ing to a re­lease from RFHL yes­ter­day,T&T-head­quar­tered no­ti­fied Cay­man Na­tion­al on Wednes­day of its in­ten­tion to make an all-cash con­di­tion­al of­fer to pur­chase the out­stand­ing or­di­nary shares of Cay­man Na­tion­al. Cay­man Na­tion­al an­nounced the RFHL no­tice to the Cay­man Is­lands Stock Ex­change (CSX) on Thurs­day.

The RFHL group cur­rent­ly owns or­di­nary shares rep­re­sent­ing al­most 75 per cent own­er­ship of Cay­man Na­tion­al. With this of­fer, the RFHL group seeks to ac­quire the re­main­ing or­di­nary shares, rep­re­sent­ing 25.02% of the is­sued shares of Cay­man Na­tion­al, at an of­fer price of USD 7.75/share.

Nigel Bap­tiste, Group Pres­i­dent and CEO of RFHL said, "For us, this of­fer is in keep­ing with the Group's com­mit­ment to re­gion­al de­vel­op­ment and in­vest­ing in the com­mu­ni­ties we serve, and is a nat­ur­al evo­lu­tion in the Group's ex­pan­sion strat­e­gy.

"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."

In Sptem­ber 2018, RFHL made a par­tial of­fer for Cay­man Na­tion­al with the dead­line for share­hold­ers to ac­cept or de­cline be­ing Oc­to­ber 22, 2018. Re­pub­lic had said its goal was to ac­quire 51 to 74.99 per cent of CNB’s shares.

On the dead­line date, RFHL said that it had “re­ceived ac­cep­tance” from share­hold­ers who took up the com­pa­ny’s US$6.25 per share of­fer, ef­fec­tive­ly giv­ing RFHL 54.14 per cent of the com­pa­ny.

In 2022, RFHL an­nounced plans to merge Re­pub­lic Bank (Cay­man) Ltd (RBKY) and Cay­man Na­tion­al Bank (CNB). This merg­er was of­fi­cial­ly com­plet­ed in 2023, with Cay­man Na­tion­al of­fi­cial­ly be­com­ing part of the Re­pub­lic group.

Cay­man Na­tion­al is the largest in­dige­nous fi­nan­cial ser­vices com­pa­ny, pro­vid­ing re­tail and com­mer­cial bank­ing, trust and com­pa­ny man­age­ment, and wealth man­age­ment ser­vices to do­mes­tic and in­ter­na­tion­al clients. Cay­man Na­tion­al al­so has a pres­ence in the Isle of Man.

RFHL's 2024 an­nu­al re­port in­di­cates that Cay­man Is­land's is the fi­nan­cial hold­ing group's sec­ond largest gen­er­a­tor of net in­ter­est in­come, be­hind T&T. Cay­man Is­lands earned $682 mil­lion, while T&T's net in­ter­est in­come for the pe­ri­od was $2.37 bil­lion. The bank's to­tal bet in­ter­est in­come for the pe­ri­od Oc­to­ber 1, 2023 to Sep­tem­ber 30, 2025, was $5.066 bil­lion.