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Fidelity Bank Cayman Undergoes Changes to better serve its Cayman Market

27 Jul / 2022

Fidelity Bank Cayman Undergoes Changes to better serve its Cayman Market

MEDIA RELEASE

FOR IMMEDIATE RELEASE

________________________________________________________________________


Fidelity Bank Cayman Undergoes Changes to better serve its Cayman Market

 

Fidelity Bank (Cayman) Limited (“FBC”), formerly a part of the Bahamas-based Fidelity Group of Companies, was acquired on February1, 2022 by the PROVEN Group. This came with a stated commitment to strengthen the Bank’s infrastructure so that it could be better positioned to provide the catalyst and funding for major development and corporate projects throughout Cayman.  This is in addition to plans to deliver a more customer-focused service offering to delight and satisfy our customers’ day-to-day banking needs.

 

FBC is now actively focused on executing its organizational transformation as it transitions from its former arrangements with Fidelity Bahamas to operate and manage autonomously within the Cayman Islands.  This will see essential changes in structure and brand in order to sustain its strong regulatory capital position.

 

During these necessary changes, we will be open for business as usual as current services will be unaffected. Additionally, as we reevaluate our businesses further to ensure the most efficient and compliant structure that will ultimately benefit all stakeholders and drive the businesses’ continued success and after full consideration of the markets in which we operate, our customers, systems, controls and our valued team; the following has/will occur:

Based on the new Customer Centric and business Operating Model, several Caymanian staff members were awarded promotions while regrettably some positions were separated as the roles no longer existed and will not be replaced.

 

Due process and care were taken as staff members were respectfully met with and thanked for their long service to the company.

 

Affected staff members were all provided with payments significantly above statutory requirements including employment assistance and healthcare.

 

The West Bay Road location is being refitted to house our Corporate and Private Banking businesses and the ATM located there remains available as the branch will not be permanently closed.

 

At the Dr. Roy’s branch Friday’s opening hours are extending to 6pm and we are increasing the number of tellers to accommodate additional traffic.

 

To address the separation from its former owner, Fidelity Bank (Cayman) Limited will be renamed PROVEN Bank (Cayman) Limited with effect from 1 August 2022 as it rebrands for uniformity and alignment with its new owners - PROVEN.

As we ready ourselves to better serve our customers and our community we stand committed to the same high standards and assure our stakeholders that the quality of service and expectations will not be affected as we undergo this transition. Our experienced team will continue to deliver the best financial products while implementing strategies to enhance quality and relevant business value/return as we seek to move towards recognition as a unified regional brand while satisfying all stakeholders.

“PROVEN Bank (Cayman) is committed to the Cayman community and will continue to provide excellent sustained employment opportunities for the Cayman people. As such, all day-to-day customer interactions and decisions remain local including credit, customer service and onboarding.  Also, as part of the PROVEN Group, staff will have further career development opportunities both inside and outside of Cayman. Finally, we are investing in education and training as part of an ongoing transition to a high-performance company with the goal of becoming the best place to work in Cayman.” Benjamin Freeman, President & CEO of Fidelity Bank (Cayman) Limited (soon to be PROVEN Bank) stated as he outlined the talent management business direction for the future.

ABOUT FIDELITY BANK (CAYMAN) LIMITED (FBC)FBC is a financial services company incorporated in the Cayman Islands and is licensed under the Bank and Trust Companies Act as a Category A Bank to carry on banking business in the Cayman Islands. This license allows FBC to conduct banking operations both in the domestic and international markets.  With two branches in the Grand Cayman, FBC provides services to residents and non-residents; offering financial solutions such as - Deposit accounts (savings, chequing, and CDs); Loans (consumer/ personal, mortgage/real estate); credit cards; foreign exchange services; internet and telephone banking.

 

ABOUT PROVEN GROUP LIMITED

PROVEN Group Limited (PROVEN) is the Caribbean’s premier “Income & Growth Strategy” Investment Company, built on the solid reputation of providing investors with safe and consistent returns on their investments. The company’s main objective is to provide shareholders with consistent returns, through a diversified portfolio of regional and international investments spread across three main investment strategies. ? PROVEN’s core investments include a portfolio of banking and wealth management companies with operations throughout the Caribbean, mainly in Jamaica, Cayman, St. Lucia, Bermuda and the British Virgin Islands. ? PROVEN has also created additional value and diversification for its shareholders by identifying and securing private and publicly traded, equity and debt positions in well established companies throughout the region and internationally which have the potential for enhanced levels of growth and return over the short to medium term. ? PROVEN’s Real Estate investments span both residential and commercial developments and are complemented by the consistent returns from our portfolio of commercial rental properties.

 

PROVEN Subsidiaries & Associated Companies: BOSLIL Bank Limited in St. Lucia with rep offices in Panama and Uruguay; International Financial Planning (Cayman) Limited (IFP); PROVEN Wealth Limited; IFP Limited, Jamaica (formerly PROVEN Fund Managers Limited); PROVEN Real Estate Investment Trust (PREIT); Access Financial Services Limited; JMMB Group Limited; and Roberts Manufacturing Limited.

 

For more information, please visit http://www.weareproven.com

 

For media enquiries please contact:

Belinda Williams | PROVEN

AVP, Group Chief Marketing Officer

                                                                                                                                       

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