At a glance: Trinidad's Republic Financial Holdings
Caribbean financial services heavyweight Republic Financial Holdings (RFHL) is poised to pile on a few more pounds.
Trinidad & Tobago-headquartered RFHL, through subsidiary Republic Bank Trinidad & Tobago, has put in an offer to purchase up to 74.99% of the ordinary shares of Cayman Islands lender Cayman National at a price of US$6.25 per share.
In a statement this week, RFHL said it had so far received acceptances for 22.9mn shares, or 54.15%.
The US$143mn deal is subject to regulatory approval. The partial offer is due to expire on Monday.
"The Board believes that the Partial Offer is a good opportunity for Cayman National shareholders to realise the value of their investment in Cayman National," Cayman National said in a statement earlier this month.
RFHL has 10 direct subsidiaries including banks in Trinidad & Tobago, Barbados and Grenada.
Formed in 1837 and originally called Colonial Bank, RFHL also has a credit insurance-focused insurer, Republic Insurance Company (Cayman). Colonial Bank was the first commercial bank in Trinidad & Tobago.
In 2013, RFHL became the first bank in the English speaking Caribbean to become a major stakeholder on the African continent through the purchase of a 40% stake in HFC Bank in Ghana, which was this year rebranded as Republic Bank (Ghana).
The government is a major stakeholder in RFHL.
At the end of June, RFHL held assets of 69.6bn Trinidadian dollars (US$10.3bn). Liabilities stood at 60.1bn.
For the three months ended June 30, it reported a net profit of 362mn Trinidadian dollars, up from 348mn a year earlier.
Cayman National, meanwhile, is part of Cayman National Corporation, which has been providing services since 1974 and also has operations in the Isle of Man and Dubai.
At the end of June, Cayman National held 1.56bn Cayman Island dollars (US$1.90bn) in assets, up from 1.46bn Cayman Island dollars a year earlier. Liabilities stood at 1.44bn, up from 1.37bn.
For the three months ended June 30, it reported net income of 16.4mn Cayman Island dollars, up from 11.7mn.
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: Political Risk & Macro (Barbados)
IDB announces the first nine countries to join IDB CLIMA
The Inter-American Development Bank (IDB) announced today the first nine eligible projects that will be part of the IDB CLIMA pilot program. IDB CL...
Spotlight: the IDB's electromobility projects
The development bank is helping Latin American countries develop electric vehicle strategies, policies and incentives to roll out charging infrastr...
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects
Get key information on thousands of projects in Latin America, from current stage, to capex, related companies, key contacts and more.
- Project: Centenario Way (Panama Pacifico to Autopista Arraiján - La Chorrera)
- Current stage:
- Updated:
13 hours ago
- Project: El Aromo photovoltaic project
- Current stage:
- Updated:
13 hours ago
- Project: Barueri Thermoelectric Plant
- Current stage:
- Updated:
16 hours ago
- Project: Alvear - Itaqui international bridge
- Current stage:
- Updated:
17 hours ago
- Project: Phase IV Tietê river cleanup
- Current stage:
- Updated:
17 hours ago
- Project: Tietê river sanitation - Phase III
- Current stage:
- Updated:
17 hours ago
- Project: Urani wind farm
- Current stage:
- Updated:
17 hours ago
- Project: Photovoltaic 3 Solar Project
- Current stage:
- Updated:
16 hours ago
- Project: Culebrinas Water Treatment Plant Rehabilitation
- Current stage:
- Updated:
18 hours ago
- Project: Schoonord-Crane, phase 1 and 2 (Schoonord to Parika Four lane Highway)
- Current stage:
- Updated:
18 hours ago
Other companies in: Political Risk & Macro
Get key information on thousands of companies in Latin America, from projects, to contacts, shareholders, related news and more.
- Company: Richard Hidalgo Vásconez Cía. Ltda.
- Company: Gobierno de la República de Surinam
-
The Government of the Republic of Suriname is the public administration established under its Constitution in 1987. It is composed of the President's office, integrated by the P...
- Company: Asociación de Aseguradores de Chile A.G.  (AACH)
-
Chilean Insurance Assocation A.G. (AACH) is a non-profit association, comprised of 56 insurance companies, incorporated in 1899 to promote the development and protection of insu...
- Company: Gobierno de la República de Chile