The Fidelity Group of Companies has announced that it has concluded a transfer of ownership of Fidelity Bank (Cayman) Limited following regulatory approval. PROVEN Investments Limited now has 100% of the Fidelity Bank (Cayman) Limited (FBC) shares effective February 1.
Purchase was reportedly made from Fidelity Bank & Trust International Limited through its newly formed subsidiary PROVEN Bank Holdings Limited.
Fidelity said the acquisition aligns with the Fidelity Group’s strategy of finding new and engaged shareholders who have demonstrated their ability to bring fresh capital and introduce fresh opportunities to its former entities.
Fidelity also announced that Mr. Brett Hill, the well-known and long-time local CEO of Fidelity Bank, will be stepping down after close to 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, 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.”
He further commented that he “looks forward to the transition period in which the Fidelity Group will continue to support Fidelity Bank (Cayman) Limited to maintain the stability for all of its stakeholders, as the PROVEN Group builds out its strategy for the bank into the future.”
Fidelity Bank’s local range of services will 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 will remain intact, with COO Richard Johnson taking over as President, subject to regulatory approval.
PROVEN said the acquisition supports its vision of being the premier Caribbean and Latin American Private Equity Firm. It said its regional growth strategy through acquisitions in the regulated financial sector saw this transaction being finalized after its due diligence and having met regulatory and all closing conditions as stipulated by the Share Purchase Agreement.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator and a recipient of the D9112 Superstar Icon Award, who writes ruthlessly about pop culture, religion, politics and entertainment.
