Proven Investments Jamaica to purchase BOSLIL

By JSE

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proven-mb-siggnJSE – Proven Investments Limited (ProvenJA) has advised that he Company entered into an Agreement for Sale and Purchase of Shares to acquire 100% of common equity of Bank of Saint Lucia International Limited (BOSLIL) from East Caribbean Financial Holding Company Limited for an undisclosed consideration.

The proposed acquisition by Proven Investments Limited is subject to regulatory authority and approvals in Saint Lucia and is scheduled to be completed in the first quarter of 2017, subject to any extension by mutual agreement between the parties.

BOSLIL is an international bank located in St. Lucia, with branches in Panama and Uruguay, and is regulated by the Financial Services Regulatory Authority (FSRA) of Saint Lucia.

As at December 31, 2015, BOSLIL has total assets of US$336M, NPAT of US$2.5M and Capital of US$14M. The acquisition is subject to the approval of the Eastern Caribbean Central Bank, the Minister of Finance and/or the FSRA of St. Lucia.

International banking is historically a robust sector in the Caribbean and BOSLIL has a strong team and an established track record in the sector. This acquisition provides a solid platform for further growth for Proven Investments Limited.

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11 comments

  1. BOSL has already problems since about 3-4 years with non performing loans of over 250 million. The problem is quite big and the SLU government is a shareholder of BOSL. The world economy is not good, tourist are spending less. Air travel to St. Lucia is quite expensive.

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  2. sad state of affairs for this local bank. Bad decision making and poor leadership.

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    • No. No. No. How many had the experience to manage this bank's portfolio? I have doubts that I could find even one! Square pegs in round holes. That's the epitaph of this bank as it is currently structured.

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  3. So let us see the big brains of the UWP. You tell me all they want to do is sell us out. Unacceptable!

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  4. There goes all oversight. Now I cant see whats going on with my money 😐

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    • Do you have a substantial deposit with this bank? It is always useful when other financial intermediaries can rescue some parts of the portfolio of bank in crisis. Banks in the Caribbean go unregulated in terms of protecting investors' assets. This is not going to play out too well in this case either.

      Where are all the big brains of the SLP. Those morons left the people of Saint Lucia open to the ravages of an unprotected market. Their degrees are all for a big show. These degrees have no substance or value but to talk crap. They fail where it matters most. Chew-oops tan!

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      • wait a minute u dumb horse...!!! how u wanna apply pressure on slp when your foolish self can see thats it the govt duty to ensure persons who have a lil cacaduh in the bank dont get hurt in the process...since when has it become the opposition's duty to dispatch teams to interfere in works that should be undertaken by the govt??? why dont u ask uwp to come out clean with the story??? horse!!!

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        • Yeap! The dumb ass here does not understand retail banking nor banking supervision. Look at the operations of the ECCB. It is the duty of citizens to know how this institutions operate. How many politicians both past and present have a clue of the role and operations of this bank? How many?

          How can you sensibly change anything if you do not understand it?

          Like a playful monkey, you can tinker with it, as a toy. Are you a monkey? For good measure, are our CIP politicians playing the role of political monkeys?

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  5. This mean that BOSL is in serious trouble!

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    • You mean ECFH as a group. BOSL has been in real trouble for a long time now. People are buying up the profitable parts and leaving the carcass to rot.

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  6. Interesting

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