Proven Closes its Bermuda and BVI Wealth Operations and Appoint a New Bank CEO

• Proven Group decided to cease the operations of Proven Wealth (Bermuda) and PROVEN Wealth (BVI), which never fully recovered from the impact of COVID-19.
• Instead, the company will concentrate on territories where they have significant operational presence, namely Cayman, St Lucia, Jamaica, and Barbados. This decision is intended to optimise its Wealth Management business model and ultimately enhance its operational efficiency.
• Additionally, Proven appointed Stacy Belnavis as the president and chief executive officer (CEO) of Proven Bank. Belnavis’ appointment is anticipated to drive a renewed focus on PROVEN Bank’s core financial strengths in banking and wealth management. The overarching strategy involves consolidating wealth management, including financial advisory services, into PROVEN Bank (Cayman) Limited, pending regulatory approval.
• Proven’s stock price closed at $18.54, reflecting a 17.6% decline since the start of the calendar year. This reflects its year-to-date performance, which shows a 65.2% drop in earnings.

(Source: JSE & NCBCM Research)