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Proposed Acquisition of Fidelity Bank (Cayman) Limited

Proposed Acquisition of Fidelity Bank (Cayman) Limited

Proposed Acquisition of Fidelity Bank (Cayman) Limited

https://www.caymancompass.com/2021/03/22/proven-investments-to-buy-fidelity-bank

PROVEN Investments Limited (PROVEN) is pleased to announce that it has entered into a share purchase agreement with Fidelity Bank & Trust International Limited, a company incorporated in the Commonwealth of The Bahamas, to acquire the entire issued share capital (the Shares) of Fidelity Bank (Cayman) Limited (FBC), conditional on receiving approval by the Cayman Islands Monetary Authority. 

FBC is a financial services company incorporated in the Cayman Islands and licensed under the Bank and Trust Companies Act as a Category ‘A’ Bank to carry on banking business in the Cayman Islands.  With two (2) branches in Grand Cayman, FBC provides services to residents and non-residents; offering financial solutions such as deposit accounts (savings, chequing, and term); loans (consumer/ personal, mortgage/real estate); credit cards; foreign exchange services; internet and telephone banking.  As at September 30, 2020, FBC had total assets in excess of US$350 million.

PROVEN’s mission as the pioneering Caribbean focused Private Equity and Real Estate investment company for the past decade, uses a stringent business model around two (2) key pillars for its Private Equity interests namely in: Financial Services and Real Sector. The proposed acquisition of FBC is aligned with PROVEN’s strategy of regional growth through acquisitions in the regulated financial services sector throughout the Caribbean and Latin American regions, with a view to increase value to its shareholders.

Johann Heaven, Head of the PROVEN Banking and Wealth Division said,

We are very excited with this recent acquisition! This is not only consistent with our strategic focus but supports our outlook of the impending buoyancy of the Caribbean economies on the other side of the coronavirus pandemic. Our focus is to emerge stronger with an aim to take advantage of opportunities that will posit value for all stakeholders.”

Gowon N.G. Bowe, CEO of Fidelity Bank & Trust International Limited noted,

“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.  Accordingly, the Fidelity Group has carefully considered the potential acquirers of FBC, as the Fidelity Group addresses the changing dynamics of its shareholders, to ensure that there is strength and stability in its successor to carry on the successful traditions of FBC.  The Fidelity Group looks forward to working with PROVEN to attain regulatory approvals, complete the transaction, and effect a seamless transition to new ownership.”

The proposed acquisition of the Shares of FBC comes on the heel of PROVEN’s entry into an agreement dated December 30, 2020 to purchase from the Massy Group, 50.5% interest in Roberts Manufacturing Co. Limited; a leading manufacturer of animal nutrition, edible fats, and oils in Barbados supplying diversified consumer goods to markets in the Caribbean, Central America, and the U.S.A.. Completion of this transaction is also subject to regulatory approval.

 

Press Release – PROVEN Acquisition in Cayman (Fidelity)

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