December 30, 2024
Proven Group Limited (PROVEN) has advised that the Company intends to optimize its Wealth Management operations across the region. Firstly, the Company intends to consolidate the wealth management business in Cayman (including financial advisory) into PROVEN Bank (Cayman) Limited, subject to regulatory approval. Additionally, PROVEN has taken the decision to exit the small financial advisory businesses in Bermuda and the British Virgin Islands, which never fully recovered from the impact of Covid, and instead, concentrate on territories where the Company has significant operational presence, namely Cayman, St. Lucia, Jamaica, and Barbados.
PROVEN has further advised that the company is currently implementing the necessary steps to ensure an orderly restructuring and wind down of these operations, which is expected to conclude within the next 60 days. The Company has also commenced the process of consolidating all financial services onto one IT platform, and this should be completed in the first half of 2025.
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