PROVEN acquires Fidelity Bank (Cayman)

PROVEN Investments Limited is announcing the completion of its acquisition of 100% of the outstanding shares in Fidelity Bank (Cayman) Limited (FBC) effective February 1.

PROVEN says the purchase was made from Fidelity Bank & Trust International Limited through its newly formed subsidiary PROVEN Bank Holdings Limited.

It says the move to acquire Fidelity Bank, 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 says its strategy of regional growth through acquisitions in the regulated financial sector saw this transaction being finalised 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 licence 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 September 30, 2020, FBC had total assets of over US$354.1million, according to PROVEN.

"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."

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