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.
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.