Republic Financial Holdings Ltd on Wednesday announced the acquisition of the majority interest in the Cayman National Corporation Ltd at a cost of 198.4 million US dollars.

A statement from Republic Financial Holdings said the transaction comprised the purchase of 74.99 per cent of the issued shares in CNC, at an offering price of $6.25 per share by Republic’s Barbadian subsidiary, Republic Bank Trinidad and Tobago, Barbados Ltd

This acquisition is part of RFHL’s ongoing expansion. The Group operates in several territories, and is continuing its efforts to acquire ScotiaBank operations in the Eastern Caribbean, St. Maarten and Guyana.

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The Bahamas has welcomed news that it has not been included in the latest European Union list of non-cooperative jurisdictions for tax purposes.

But Finance Minister Peter Turnquest says there is still more work to be done to ensure full compliance.

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The Eastern Caribbean Central Bank is preparing to roll out its new Polymer bank notes this year.

Acting Director of the Currency Management Department, Rosbert Humphreys, says it will be done in a staggered approach, beginning in May.