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 having approved the acquisition of the Shares, the acquisition was completed on February 1, 2022 on the transfer of the Shares to PROVEN Bank Holding Limited, a wholly owned subsidiary of PIL which was incorporated in the Cayman Islands. 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.
