February 03, 2022

Proven Investments Limited (PROVEN) has advised that on March 16, 2021, the Company entered into a Share Purchase Agreement with Fidelity Bank & Trust International Limited (a company incorporated in the Commonwealth of The Bahamas) to acquire the entire issued share capital (Shares) of Fidelity Bank (Cayman) Limited (FBCL), conditional on receiving approval by the Cayman Islands Monetary Authority (CIMA).

CIMA having approved the acquisition of the Shares, the acquisition was completed on February 1, 2022 on the transfer of the Shares to PROVEN Bank Holding Limited, a wholly owned subsidiary of PROVEN which was incorporated in the Cayman Islands. The purchase price for the Shares was US$31,835,988.50 (subject to adjustment within 45 days of completion in accordance with the terms of the Share Purchase Agreement).

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