CMC : The investment holding company, PROVEN Investments Limited (PIL), is to acquire the Bank of Saint Lucia International (BOSLIL), according to a statement issued by the East Caribbean Financial Holding Company Limited (ECFH).
According to CMC News, the statement has confirmed the sale of its wholly owned international (offshore) banking subsidiary subject to approval by the Financial Services Regulatory Authority of St. Lucia.
PROVEN Investments Limited, which is registered in St. Lucia, is listed by introduction on the US Market on the Jamaica Stock Exchange (JSE).
According to a statement on the company’s website, PROVEN Investments Limited itself does not manage client funds as an investment management company. Instead, assets are managed by a subsidiary, Proven Wealth Limited (PWL), which is registered in Jamaica. All employees are employed by an affiliate company, Proven Management Limited (PML).
The ECFH statement said the two companies have signed an agreement for the sale and purchase of 100 per cent shareholding interest in BOSLIL.
“The parties are in the process of obtaining the necessary regulatory approvals prior to the completion of the sale”, the statement said, without giving details as to the cost of the acquisition.