KINGSTON, Jamaica, Monday December 19, 2016 – In its largest acquisition to date, a Jamaica-registered, St. Lucia-incorporated investment holding company will take over the Bank of Saint Lucia International Limited (BOSLIL).
The cost of the acquisition – the first banking operation for PROVEN Investments Ltd (PIL) – has not been disclosed.
A statement from the East Caribbean Financial Holding Company Limited (ECFH) has confirmed the sale of 100 per cent shareholding interest in BOSLIL, its wholly owned offshore banking subsidiary, which is pending approval by the Financial Services Regulatory Authority of St. Lucia.
“The parties are in the process of obtaining the necessary regulatory approvals prior to the completion of the sale,” the ECFH said.
President and chief executive officer of PROVEN Management Ltd with responsibility for the operations of PIL, Christopher Williams told the Jamaica Observer the deal presents “an exciting opportunity for PROVEN Investments to move into the international finance market with a strong team”.
“Given its existing regional footprint, BOSLIL is well positioned to take advantage of market share in the local, regional and global markets for international banking services. This is a tremendous global opportunity,” he told the newspaper.