JSE – 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.