Proven buying Fidelity Bank Cayman

Proven Investments entered into an agreement with Fidelity Bank and Trust International to acquire all the shares of Fidelity Bank Cayman (FBCL), subject to receiving approval by the Cayman Islands Monetary Authority.
The purchase price for the Shares will be determined in accordance with the terms of the Share Purchase Agreement.
“FBCL is a financial services company incorporated in the Cayman Islands and is licensed with the Cayman Islands Monetary Authority under the Bank and Trust Companies Act as a Category A Bank to carry on banking business in the Cayman Islands.
“The proposed acquisition of the Shares is aligned with Proven’s strategy of regional growth through acquisitions in the regulated sector throughout the Caribbean and Latin American regions, with a view to increasing value to its shareholders,” advised Proven.
The acquisition, if completed will result in the second financial institution to be owned by the group in the Cayman Islands and the second bank within the Caribbean as the company continues to grow by acquisitions.
Proven acquired all the shares in International Financial Planning (Cayman) Limited, a licensed security dealer, in August 2018. In 2017, the majority shares in Bank of Saint Lucia International Limited were acquired. Proven could realise cost savings, with two entities owned within the same territory.
In January this year, Proven acquired 50.5 percent interest in Roberts Manufacturing Company, a Barbados based company.