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PROVEN Acquires Fidelity Bank (Cayman) Limited

PROVEN Investments Limited (PROVEN/PIL), through its newly formed subsidiary PROVEN Bank Holdings Limited, is pleased to announce the completion of its acquisition of 100% of the outstanding shares in Fidelity Bank (Cayman) Limited (FBC) from Fidelity Bank & Trust International Limited effective February 1, 2022.

 

The move to acquire Fidelity Bank (Cayman) Limited (FBC) which started last year supports PROVEN’s vision of being the premier Caribbean and Latin American Private Equity Firm with acquisitions that fits into its Core Banking and Wealth Division business model. Further, PROVEN’s strategy of regional growth through acquisitions in the regulated financial sector saw this transaction being finalized after its due diligence and having met Regulatory as well as all closing conditions as stipulated by the Share Purchase Agreement.

 

Fidelity Bank (Cayman) Limited is a financial services company incorporated in the Cayman Islands and is licensed under the Bank and Trust Companies Act as a Category A Bank to carry on banking business in the Cayman Islands. This license allows FBC to conduct banking operations both in the domestic and international markets. With two branches in the Grand Cayman, FBC provides services to residents and non-residents; offering financial solutions such as – Deposit accounts (savings, chequing, and CDs); Loans (consumer/ personal, mortgage/real estate); credit cards; foreign exchange services; internet and telephone banking. As at Sept 30, 2020 FBC has Total Asset of over US$354.1Million.

“We are very excited about the completion of this key strategic acquisition for the PROVEN Group,” said Johann Heaven, Head of the PROVEN Banking and Wealth Division. “Fidelity Bank Cayman, with the backing of the PROVEN Group, is uniquely positioned to provide the catalyst and funding for major development and corporate projects throughout Cayman, which we believe is poised for further growth in the near future. The bank’s current staff will continue to seamlessly provide a customer focused alternative that will delight our valued clients and satisfy their day- to-day banking needs.”

ABOUT PROVEN INVESTMENTS LIMITED

PROVEN Investments Limited (PIL/PROVEN) is the Caribbean’s premier “Income & Growth Strategy” Investment Company, built on the solid reputation of providing investors with safe and consistent returns on their investments. The company’s main objective is to provide shareholders with consistent returns, through a diversified portfolio of regional and international investments spread across three main investment strategies. PROVEN’s core investments include a portfolio of banking and wealth management companies with operations throughout the Caribbean, mainly in Jamaica, Cayman, St. Lucia, Bermuda and the British Virgin Islands. PROVEN has also created additional value and diversification for its shareholders by identifying and securing private and publicly traded, equity and debt positions in well established companies throughout the region and internationally which have the potential for enhanced levels of growth and return over the short to medium term. PROVEN’s Real Estate investments span both residential and commercial developments and are complemented by the consistent returns from our portfolio of commercial rental properties.

PROVEN Subsidiaries & Associated Companies: BOSLIL Bank Limited in St. Lucia with rep offices in Panama and Uruguay; International Financial Planning (Cayman) Limited (IFP); PROVEN Wealth Limited; IFP Limited, Jamaica (formerly PROVEN Fund Managers Limited); PROVEN Real Estate Investment Trust (PREIT); Access Financial Services Limited; JMMB Group Limited; and Roberts Manufacturing Limited.

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