Proven Investments Limited will seek to acquire another sizeable entity within the Caribbean this year in what would be a new sector for the company, according to group head Christopher Williams.
The company on Friday got regulatory approval from the authorities in St Lucia for its last acquisition, Bank of St Lucia International Limited (BOSLIL), a merchant bank which serves mostly wealthy clients in Panama and Uruguay.
Proven bought 100 per cent of the bank from Eastern Caribbean Financial Holding (ECFH). The cost of the transaction was not disclosed, but Williams suggested it was substantial.
Additionally and concurrently, with the completion of the acquisition, Proven entered into a share-sale agreement with BOSLIL’s long-standing CEO Ryan Devaux for him to acquire a 17.18 per cent stake in BOSLIL. Proven will end up owning 82.82 per cent of the merchant bank.
With that deal in the bag, Proven plans to canvas the Caribbean to further develop leads in a number of territories. Williams said Proven remains encouraged not only by the opportunities in the region, but also by the reception.
Published in the Jamaica Gleaner
Read full Article →