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WiredJa Online News

ST. LUCIA- Jamaican company takes over off shore banking concern

CASTRIES, St. Lucia, Dec 19, CMC – The investment holding company, PROVEN Investments Ltd. (PIL), is to acquire the Bank of Saint Lucia International (BOSLIL), according to a statement issued here.

A statement issued by the East Caribbean Financial Holding Company Limited (ECFH) has confirmed the sale of its wholly owned international (offshore) banking subsidiary subject to approval by the Financial Services Regulatory Authority of St. Lucia.

PIL, which is registered here, is listed by introduction on the US Market on the Jamaica Stock Exchange (JSE).

According to a statement on the company’s website, PIL itself does not manage client funds as an investment management company. Instead, assets are managed by a subsidiary, Proven Wealth Ltd (PWL), which is registered in Jamaica. All employees are employed by an affiliate company, Proven Management Ltd (PML).

An ECFH statement said the two companies have signed an agreement for the sale and purchase of 100 per cent shareholding interest in BOSLIL.
“The parties are in the process of obtaining the necessary regulatory approvals prior to the completion of the sale”, the statement said, without giving details as to the cost of the acquisition.

  • Countries: St_Lucia

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