SMP Partners and Cayman National Corporation Ltd. (CSX: CNC) KY ("CNC"), today announced that SMP has entered into a purchase and sale agreement to acquire the book of business and certain staff of Cayman National Trust Co. Ltd., in the Cayman Islands.
SMP Partners Group Chairman Steve McGowan said, "This acquisition cements our position in Cayman following the acquisition from Royal Bank of Canada earlier this year.
"We will work closely with CNT to ensure a smooth transition of the book of business over to SMP. The SMP Partners Group is known for investing time to build long term relationships with clients and applying our collective expertise and experience to build and manage tailored solutions that fit precisely with the requirements of our clients. This agreement is an opportunity to grow the Cayman trust and corporate administration operations as part of the SMP Group, further enhancing the services and opportunities for clients and staff.
"CNT has offered fiduciary services for more than 40 years in the Cayman Islands, and has a long and distinguished history. We are pleased that CNT has chosen SMP to continue with that tradition and provide the right solutions to their clients."
Stuart Dack, the Chief Executive of CNC and Chairman of CNT, said that CNC desired to focus on its core businesses. "This is a strategic decision that will allow Cayman National to focus on its core strengths in banking, securities brokerage, and fund administration. We are pleased to have found the right partner in SMP to provide trust and company administration services for our clients, and that SMP will retain CNT staff to provide excellent continuity of service. We are confident we will have a prosperous and healthy relationship with SMP in the future."
The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in a few months. Financial terms of the transaction remain confidential.