Fidelity Bank Announces Completion of Share Purchase Agreement with Proven Investments Limited
Grand Cayman, 2 February 2022 – The Fidelity Group of Companies is pleased to announce that it has concluded a transfer of ownership of Fidelity Bank (Cayman) Limited following regulatory approval. The acquisition aligns with the Fidelity Group’s 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. At the same time, it has been announced that Mr. Brett Hill, the well-knownand 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 Richard Johnson taking over as President, subject to regulatory approval.