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Proven completes purchase of Bank of St Lucia Int’l


KINGSTON, Jamaica — Proven Investments Limited (PIL) indicated today, March 13, that it has completed purchase of the Bank of St Lucia International Limited (BOSLIL) from East Caribbean Financial Holding Company Limited (ECFH).

PROVEN is an investment holding Company, incorporated in St Lucia and listed on the Jamaica Stock Exchange. The newly owned entity will be renamed BOSLIL Bank.

BOSLIL has over US$300 million in assets and nearly doubles PIL’s existing balance sheet. Total assets for the PIL as at December 31, 2016 stood at US$166.8 million.

Simultaneous with the completion of the acquisition, PIL said it entered into a share sale agreement with Ryan Devaux, who has been head of BOSLIL since September 2005.

Under that agreement, Devaux acquires 17.18 per cent of the shares of BOSLIL and PIL holds the remaining 82.82 per cent.

Published in the Jamaica Observer
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