Proven Investments to buy Fidelity Bank

Jamaican private equity firm Proven Investments Limited announced that it has entered into a share purchase agreement with Fidelity Bank & Trust International to buy the entire issued share capital of Fidelity Bank Cayman.

The transaction is subject to the approval by the Cayman Islands Monetary Authority.

Fidelity Cayman is a category A bank and one of only six retail banks on island. The bank has two branches in Cayman and assets of more than US$350 million.

In an advisory to the Jamaica Stock Exchange, Proven said the proposed acquisition is aligned with the firm’s growth strategy for Latin America and the Caribbean to increase shareholder value.

Proven has about US$650 million in assets. In 2018, the firm acquired IFP Group, which provides independent financial and investment advice to residents in Bermuda, Cayman and the BVI.

Last year Proven REIT, the firm’s real estate arm, entered into a joint venture with Caymanian private equity company, Infinity Capital Partners (ICP) to build 13 townhouses on Omega Drive.

Support local journalism. Subscribe to the all-access pass for the Cayman Compass.

Subscribe now