Jamaican private equity firm Proven Investments has completed the acquisition of Fidelity Bank Cayman, announced in March of last year.
Fidelity Cayman is one of six retail banks on islands and had assets of US$354.1 million at the end of the third quarter 2021.
Fidelity Bank said its local range of services will continue to focus on retail and corporate banking services, including chequing and savings account facilities, fixed deposits, credit cards and consumer and real estate loans.
Proven concluded the agreement to purchase 100% of Fidelity Cayman’s shares from Fidelity Bank & Trust through its newly formed subsidiary Proven Bank Holdings Limited on 1 Feb.
Brett Hill, the long-time CEO of Fidelity Bank in Cayman, will be stepping down after close to 20 years in the role and almost 30 years with the bank.
The bank’s current staff will continue and the remainder of the Cayman management team stays in place with COO Richard Johnson taking over as president, subject to regulatory approval.
Fidelity Group said the sale aligns its 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”.
Gowon Bowe, Fidelity Group’s CEO stated, “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.”
Proven said it had been looking for acquisitions that fit into its Core Banking and Wealth Division business model.
“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,” he said.
In 2018, the firm acquired IFP Group, which provides independent financial and investment advice to residents in Bermuda, Cayman and the BVI.
In 2020, 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.
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