CAYMAN NATIONAL CORPORATION LTD. ANNOUNCES SALE OF JOINT VENTURE
George Town, Grand Cayman, Cayman Islands – 17 June 2010 -- Cayman National Corporation Ltd. (CSX: CNC KY) (CNC) announced that effective 26 May 2010, it has sold its interest in Aon Cayman National Insurance Brokers Ltd. (ACNIB) to its joint venture partner, Aon Insurance Managers (Cayman) Ltd. (Aon).
CNC and Aon entered into the joint venture in November 2006. CNC President and Chief Executive, Stuart Dack, commented that CNC desired to focus on its core businesses of providing the financial services of banking, wealth management, trust and company administration, and fund services. “The joint venture with Aon worked well, and we will continue to have a prosperous and healthy relationship with Aon in the future.”
The sale of CNC’s interest in ACNIB will not have any material impact on CNC.
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About Cayman National
Cayman National Corporation Ltd. is the largest financial services company based in the Cayman Islands, providing banking, trust and company management, fund administration, and wealth management, to clients locally and around the world, from the Cayman Islands and the Isle of Man, with representative offices in Dubai and Panama. CNC is publicly traded on the Cayman Islands Stock Exchange.