Fidelity Bank announces sale of pension and insurance businesses

(CMR) Fidelity Bank has posted on its website that it has sold the pension and insurance arms of its businesses making it “just a bank” yet again. The sale it claims “comes as a testament of our growth over the years”.

They also shared that last year they decided to “focus exclusively on our banking services and sold our pension and insurance businesses to those companies already administering these service lines.” This announcement comes as the pension company has been under immense public scrutiny and complaints amid mishandling the COVID-19 emergency pension withdrawals process according to most clients.

It continues that the bank's Cayman based management and administration teams remain in place with the company. The full statement shares:

Fidelity Bank Announces Sale of Pension and Insurance Businesses

After 40 years of successful growth and expansion within the Cayman Islands, Fidelity Bank announces that it has undergone a corporate restructuring resulting in the sale of the Fidelity Pension Services and Fidelity Insurance businesses.

This means that Fidelity Bank is once again just that – a bank.

Fidelity Bank’s Cayman-based management and administration teams remain in place with the company, with a renewed focus to bring you a better banking experience.

Fidelity Bank’s heritage in the Cayman community spans over 40 years where it has prided itself on providing members with a personalised approach when it comes to planning their financial future. This sale allows Fidelity Bank to now focus exclusively on its core business and further enhance the service provided to banking customers in the Cayman Islands.

Fidelity Bank customers will still access all the same services from its West Bay Road and Dr. Roy’s Drive locations.

Sale of Fidelity Pension Services

RF Holdings Limited, the parent company of RF Group, acquired Fidelity Pension Services (trustee and administrator of the Fidelity Pension Plan) on 31 December 2019. The Bahamas-based RF Group has provided accounting and administration support services to the Fidelity Pension Plan since its inception in 2004.

Although payment of pension contributions can still be accepted by Fidelity Bank, it is unable to handle any queries related to a member’s holdings in the Fidelity Pension Plan.

Sale of Fidelity Insurance

Royal Star Assurance and Guardian General Insurance jointly acquired Fidelity Insurance on 30 September 2019. Fidelity Insurance has acted as a local agent for both insurance companies for over 20 years providing an array of health insurance solutions to local companies and their employees.

Although payment of insurance premiums can still be accepted by Fidelity Bank, it is unable to handle any queries related to policies held through Fidelity Insurance.

Contact information and further details for the Fidelity Pension Plan can now be found at www.royalfidelity.com/caymanislands, and at  www.fidelitygroup.com/caymanislands/fidelity-general-insurance for Fidelity Insurance.