PROVEN Bank Holding Limited, a subsidiary of PROVEN Investments Limited Acquires  Fidelity Bank (Cayman) Limited.

• On March 16, 2021, PIL entered into a Share Purchase Agreement with Fidelity Bank & Trust International Limited (a company incorporated in the Commonwealth of The Bahamas) to acquire the entire issued share capital (Shares) of Fidelity Bank (Cayman) Limited (FBCL), conditional on receiving approval by the Cayman Islands Monetary Authority (CIMA). 
• CIMA approved the acquisition and it was completed on February 1, 2022. The purchase price for the Shares was US$31,835,988.50 (subject to adjustment within 45 days of completion in accordance with the terms of the Share Purchase Agreement). 
• FBCL is a financial services company incorporated in the Cayman Islands and is licensed with the Cayman Islands Monetary Authority under the Bank and Trust Companies Act as a Category ‘A’ Bank to carry on banking business in the Cayman Islands. Category A Banking License – Allows a bank to operate both in the domestic and international markets and provide services to residents and non-residents of the Cayman Islands. 
• PROVEN’s further exposure in the Cayman Islands through FBCL should bode well for its bottom-line as the Cayman Islands is one of the leading financial centres in the world. Additionally, this exposure may aid the company in realizing earnings growth, which could improve its future value and/or payouts to investors.

(Source: JSE and NCBCM Research)