(CMR) Proven Investments Limited has entered an agreement with Fidelity Bank and Trust International to acquire shares in Fidelity Bank Cayman Limited, subject to regulatory approval by the Cayman Islands Monetary Authority.
Proven announced the agreement last week.
Head of the Proven's banking and wealth division, Johann Heaven, said in a news release that the move was not only consistent with the company's strategic focus on regional growth but that the acquisition supports the company’s outlook of the impending buoyancy of the Caribbean economies after the coronavirus pandemic.
“Our focus is to emerge stronger with an aim to take advantage of opportunities that will posit value for all stakeholders,” Heaven said.
The acquisition would see Proven acquiring over US$350 million in assets as FBC, a licensed financial services company incorporated in the Cayman Islands, at the end of September 2020, had total assets over US$350 million.
“FBC is a trusted financial institution, and an integral part of the community, in the Cayman Islands, with a long and fruitful history, including many significant events impacting the Cayman Islands over that time,” said Gowon NG Bowe, CEO of Fidelity Bank & Trust International Limited.
Bowe said The Fidelity Group carefully considered the potential acquirers of FBC, focusing on the changing dynamics of shareholders to ensure that Proven will carry on the successful traditions of FBC.
“The group looks forward to working with Proven to attain regulatory approvals, complete the transaction, and effect a seamless transition to new ownership,” Bowe said.
Proven Investments Limited (Proven) is a Caribbean Investment Company, incorporated in St. Lucia as an International Business Company. The company’s registered office is located at 20 Micoud Street, Castries, St. Lucia. The assets and operations of Proven are managed by Proven Management Limited (PML), which has been engaged as the Investment Manager. PML’s registered office is located at 53 Lady Musgrave Road, Kingston 6, Jamaica.