The parent company of a Bermudian-based investment business has acquired a bank in the Cayman Islands.

Jamaica-headquartered Proven Investments Limited, through its newly formed subsidiary Proven Bank Holdings Limited, has completed its acquisition of 100 per cent of the outstanding shares in Fidelity Bank (Cayman) Limited from Fidelity Bank & Trust International Limited.

The deal was effective February 1.

Proven Investments is the parent company of International Financial Planning Limited, which has offices in Bermuda, the Cayman Islands and the British Virgin Islands.

The operation on-island has been licensed by the Bermuda Monetary Authority as an investment business since 2004. It has offices in the Kitson Building on Reid Street in Hamilton.

Conditions attached to the BMA licence stipulate that the company's investment business is restricted to arranging deals in investments and giving or offering investment advice. The company must not hold client assets, deal in investments, either as principal or agent, manage investments or safeguard or administer investments.

The parent company said the move to acquire the bank, which started last year, supported Proven’s vision of being the premier Caribbean and Latin American private equity firm with acquisitions that fit into its core banking and wealth division business model.

Proven said it had a strategy of regional growth through acquisitions in the regulated financial sector.

Fidelity Bank (Cayman) Limited is a financial services company incorporated in the Cayman Islands and is licensed under the Bank and Trust Companies Act as a Category A Bank to carry on banking business in the Cayman Islands. This licence allows FBC to conduct banking operations both in the domestic and international markets, Proven said.

With two branches in Grand Cayman, FBC provides services to residents and non-residents such as deposit accounts (savings, chequing, and CDs); loans (consumer/personal, mortgage/real estate); credit cards; foreign exchange services; internet and telephone banking.

As at September 30, 2020, Proven said, FBC had total assets of more than $354.1 million.

Johann Heaven, head of the Proven banking and wealth division, said: "We are very excited about the completion of this key strategic acquisition for the Proven Group.

“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.

“The bank’s current staff will continue to seamlessly provide a customer focused alternative that will delight our valued clients and satisfy their day-to-day banking needs."

Proven said that its core investments included a portfolio of banking and wealth management companies with operations throughout the Caribbean, mainly in Jamaica, Cayman, St Lucia, Bermuda and the British Virgin Islands.