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PRESS RELEASE – In December 2016, East Caribbean Financial Holding Company Limited (“ECFH”) and PROVEN Investments Limited (“PROVEN”) made public the signing of a Sales Agreement, for the Share Sale and Purchase of ECFH’s wholly owned international financial services subsidiary, Bank of Saint Lucia International Limited (“BOSLIL”) to PROVEN, subject to regulatory approval.
In a joint statement today, the two entities confirm that all regulatory approvals including the approval from the Financial Services Regulatory Authority of Saint Lucia have been granted, and that the completion of the sale and BOSLIL’s separation from ECFH will take effect on 10th March 2017.
PROVEN is an Investment Holding Company, built on the solid reputation of providing investors with safe and consistent returns on their investments. PROVEN is incorporated in Saint Lucia as an International Business Company (“IBC”) pursuant to the International Business Companies Act, Cap. 12.14 of Saint Lucia and listed on the Jamaica Stock Exchange. The newly owned entity will be renamed BOSLIL Bank Limited and operate out of the same premises at Willie Volney Drive, Massade, Gros Islet, Saint Lucia.
Ryan Devaux, who has been at the head of BOSLIL since September 2005, will continue in the position as Chief Executive Officer. The BOSLIL team will remain in place and will continue to offer the same products and services to its international clientele.
The sale of the international banking services entity BOSLIL has no impact on the operations of the domestic banking subsidiary, Bank of Saint Lucia Limited, which will continue to provide banking services to its customers and the general public in Saint Lucia. Bank of Saint Lucia Limited, the domestic bank, will continue to be owned by ECFH.