Proven exiting BVI, Bermuda, appoints new bank president
Published:Friday | January 3, 2025 | 12:09 AM
Regional financial group Proven enters the new year with a new president at the helm of its bank, while announcing plans to exit two smaller markets.
The company announced its exit from the British Virgin Islands and Bermuda by the end of February, while appointing Stacy Belnavis as president and chief executive officer of Proven Bank.
“In keeping with the Group’s strategic focus to enhance operational efficiency and drive profitability, we have taken the strategic decision to optimise our Wealth Management operations across the region,” the company said in a statement on the Jamaica Stock Exchange’s website.
“Firstly, we intend to consolidate the wealth management business in Cayman (including financial advisory) into Proven Bank (Cayman) Limited, subject to regulatory approval.
Additionally, we have taken the decision to exit our small financial advisory businesses in Bermuda and the British Virgin Islands, which never fully recovered from the impact of COVID-19, and instead, concentrate on territories where we have significant operational presence, namely Cayman, St. Lucia, Jamaica, and Barbados,” the statement said.
Proven said it was currently implementing the necessary steps to ensure an orderly restructuring and wind down of these operations, which it expects to conclude within the next 60 days.
The group also started consolidating all financial services onto one IT platform, which they expect to complete in the first half of 2025. A notification of the company’s intention to cease the operations of Proven Wealth (Bermuda) Limited and Proven Wealth (BVI) Limited was also posted on the JSE website.
The move comes right after the appointment of Belnavis as President and Chief Executive Officer of Proven Bank.
Belnavis will lead Proven’s banking operations in the Cayman Islands and Saint Lucia, driving our strategic vision for growth and transformation in the Caribbean.
“She brings over 20 years of experience in strategic business development, treasury management, agile project management and marketing throughout the Caribbean,” the statement said.
Before joining Proven Bank, Belnavis worked at Citibank for 17 years in various positions before spending seven years at CIBC Caribbean.
“With a strong background in finance, leadership, business development, and communication, combined with her deep knowledge of the Caribbean landscape, Stacy will be instrumental in driving the continued success of Proven Bank,” the release said.
Belnavis holds an MBA in Global Leadership from the University of Liverpool and a BSc in Economics and Finance from the University of the West Indies.
Belnavis’ appointment is the latest in a series of leadership changes at the financial group. Last year, Proven co-founder Christopher Williams announced his retirement with Johann Heaven also a co-founder named as his successor.
Proven’s assets total some US$1.1 billion.