Proven Group Limited (PROVEN), has finalized the purchase of the remaining shares of its St. Lucian subsidiary, Bank of St. Lucia International Limited (BOSLIL).
BOSLIL came under the proven umbrella in 2017, when they purchased 75 percent of the company. This was a very important move at the time to take a foothold within that market and also BOSLIL had local recognition with a good amount of client base. Additionally, they also have branches in Panama and Uruguay which helps in expanding their reach.
Directors of Proven Group gave the go ahead at a board meeting on October 16, which will allow the company to purchase the remaining shares of the company.
Another positive was that the Financial Service Authority of St. Lucia, the regulator of BOSLIL Bank gave the green light to the deal on August 31.
This is a positive move for Proven to purchase the remaining shares and have full control over the company. It remains to be seen where they will take this from now on. Over the last year reports have been coming out that Proven has been cautious in making acquisitions due mainly to the pandemic and the uncertainty that comes with it.
They have been focusing extensively on real estate projects that will have long term impact on the overall growth of the company.
The group, through its subsidiary Proven Properties Limited, has 10 real estate developments in the works, four of which are slated for completion this calendar year.
They include The Cesar, a residential complex comprising six villas and nine apartments; Via at Braemar, comprising 99 residential units; Gladstone Commercial, spanning 42,000 square feet of space for the commercial market; and The Lagoons in the Cayman Islands, a complex of 13 townhouses.
