As of 1 February, Fidelity Bank & Trust International Limited has sold Fidelity Bank (Cayman) Limited to PROVEN Investments Limited, and entity which has its headquarters in Jamaica, and which has bought the Cayman bank through its newly formed subsidiary PROVEN Bank Holdings Limited.
A press release by Fidelity said the acquisition aligned with the Fidelity Group’s strategy of finding new and engaged shareholders who have been able to demonstrate their ability to bring fresh capital and introduce fresh opportunities to its former entities.
CEO of Fidelity bank (Cayman) Limited Brett Hill, will be stepping down after almost 20 years in the role and almost 30 years with the bank. Mr Hill will be retaining links with Fidelity Bank in an advisory capacity going forward.
Gowon Bowe, Fidelity Group’s CEO, said: “The due diligence performed by PROVEN and Fidelity on one another was extensive, and the engagement over the entire process has confirmed that there is alignment in the visions for the future of Fidelity Bank (Cayman) Limited.”
Fidelity said its Cayman bank’s local range of services would continue to have a singular focus on core business assets in retail and corporate banking services, including chequing and savings account facilities, fixed deposits, credit cards and consumer and real estate loans. The remainder of Fidelity’s local management team would remain intact with COO Richard Johnson taking over as President, subject to regulatory approval.
PROVEN also issued a press release, stating the move supported its 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.
They said their 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.
As at 30 September, 2020, Fidelity Bank (Cayman) Limited had total assets of over US$354.1million, the release said.
Johann Heaven, Head of the PROVEN Banking and Wealth Division, said: “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."