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Fidelity Back to Banking Only

Business 02 Sep, 2020 Follow News

Fidelity Back to Banking Only

After 40 years of successful growth and expansion within the Cayman Islands, Fidelity Bank announces that it has undergone a corporate restructuring resulting in the sale of its Fidelity Pension Services and Fidelity Insurance businesses.

In a press release, Fidelity says “the sales mean that Fidelity Bank is once again just that – a bank.”

It further states that its range of services now includes a singular focus on core business assets in retail and corporate banking services, such as chequing and savings account facilities, fixed deposits, credit cards and consumer and real estate loans.

“Fidelity Bank’s heritage in the Cayman community spans over 40 years where we’ve prided ourselves on providing our members with a personalised approach when it comes to planning their financial future,” said Richard Johnson, Chief Operating Officer of Fidelity Bank Cayman.

“This sale allows us to now focus exclusively on our core business and further enhance the service provided to our banking customers here in Cayman.”

Fidelity Bank’s Cayman-based management and administration teams remain in place with the company, with a renewed focus to bring customers a better banking experience.

“Fidelity Bank customers will still access all the same services from its West Bay Road and Dr Roy’s Drive locations,” the statement says.

 

Sale of Fidelity Pension Plan

Meanwhile, the press release adds that RF Holdings Limited, the parent company of RF Group, acquired Fidelity Pension Services (trustee and administrator of the Fidelity Pension Plan) on 31 December 2019.

The Bahamas-based RF Group is said to have provided accounting and administration support services to the Fidelity Pension Plan since its inception in 2004.

Fidelity says although payment of pension contributions can still be accepted by Fidelity Bank, it is unable to handle any queries related to a member’s holdings in the Fidelity Pension Plan.

Recently, Fidelity was forced to apologise for delays in processing pension payouts under the Cayman Islands Government’s(CIG) COVID financial relief early pension withdrawal scheme.

The company had cited internal administrative arrangements as part of the reasons for the delay.

It said then that Fidelity new parent company, RF Group, had officially taken over the management of the Fidelity Pension Plan on May 1st 2020, the same day the changes to the Cayman Islands Pension Law came into effect.

 

Sale of Fidelity Insurance

Fidelity Insurance is also affected by the divestment.

Royal Star Assurance and Guardian General Insurance jointly acquired Fidelity Insurance on 30 September 2019.

Fidelity Insurance has acted as a local agent for both insurance companies for over 20 years providing an array of health insurance solutions to local companies and their employees.

Tuesday’s statement said although payment of insurance premiums can still be accepted by Fidelity Bank, it is unable to handle any queries related to any policies held through Fidelity Insurance.

Established in 1980, Fidelity Bank (Cayman) Limited provides retail and corporate banking services including, chequing and savings account facilities, fixed deposits, credit cards and consumer and real estate loans.


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