March 6, 2021

SMP partners to expand in Cayman Islands

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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 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 expcted to close in a few months. Financial terms of the transaction remain confidential.

About The SMP Partners Group
The SMP Partners Group is a leading independent trust and corporate services provider
which has secured its position over the past three decades by offering a superior level of
expertise combined with its focus on delivering results. SMP Partners Group is wholly
owned by its management and headquartered in the Isle of Man. With offices in the Isle of
Man, the Cayman Islands, The Bahamas, Zurich, Hong Kong and Jersey, it has a global
client base, solutions spanning over 60 different jurisdictions and extensive experience in
trust and company management, fund administration, corporate law and accounting, as
well as tax and VAT consultancy and compliance, and an impressive portfolio of specialist
services covering capital markets, space and satellite and yachts and aircraft.
For more information please visit:

About Cayman National
Established in 1974, Cayman National Corporation Ltd. is the largest financial services company based in the Cayman Islands, providing banking, fund administration, and securities brokerage services to clients locally and around the world, from the Cayman Islands, and the Isle of Man, with an office also in Dubai.  Cayman National is publicly traded on the Cayman Islands Stock Exchange.

Cayman National comprises: Cayman National Bank Ltd., Cayman National Fund Services Ltd., Cayman National Securities Ltd., Cayman National Bank (Isle of Man) Limited, Cayman National Trust Company (Isle of Man) Limited, and Cayman National (Dubai) Ltd.

For more information please visit:

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