Belnavis to lead regional banking operations for Proven, Group reveals 60-day plan to restructure wealth management arm

 

Proven Bank on December 30, 2024, announced via the Jamaica Stock Exchange that the Proven Group has appointed Stacy Belnavis as the new President and Chief Executive Officer (CEO). Belnavis will lead Banking operations in the Cayman Islands and Saint Lucia, driving Proven Group’s “strategic vision for growth and transformation in the Caribbean,” the group announcement stated.

The group will also consolidate its wealth management activities, announcing at the same time  that, "In keeping with the Group’s strategic focus to enhance operational efficiency and drive profitability, we have taken the strategic decision to optimize our Wealth Management operations across the region.

"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, and instead, concentrate on territories where we have significant operational presence, namely Cayman, St. Lucia, Jamaica, and Barbados."

Proven group added, "We are currently implementing the necessary steps to ensure an orderly restructuring and wind down of these operations, which we expect to conclude within the next 60 days. We have also commenced the process of consolidating all financial services onto one IT platform, and this should be completed in the first half of 2025."


Management said in the announcement about Belnavis, “ She brings over 20 years of experience in strategic business development, treasury management, agile project management and marketing throughout the Caribbean.”


Proven Bank (Cayman) Limited, formerly Fidelity Bank (Cayman) Limited (FBC), was acquired on February 1, 2022, by the Proven Group.


After over 40 years under the Fidelity name, the company was renamed to Proven Bank Limited for uniformity and alignment. The Group’s structure was also reorganized to include the creation of a bank holding company, Proven Bank Holdings Limited (PBHL).

Proven Bank (Saint Lucia), formerly Boslil Bank Limited and a 100 per cent subsidiary of the Proven group, was acquired by Proven Bank (Cayman) and this consolidated entity became a direct subsidiary of PBHL.

Before joining PROVEN Bank, Belnavis’ professional journey began at Citibank where she spent 17 years and held various positions. Additionally, she spent 7 years at CIBC Caribbean, where Proven stated, she pioneered digital banking initiatives that merged technology with retail banking, ‘significantly enhancing client acquisition, product development, and brand visibility.”

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.

Management at Proven stated, “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. Her transformational leadership style is characterized by a commitment to innovation, excellence, and team empowerment. Belnavis is also passionate about supporting local talent, with a keen interest in the culinary arts and fashion.”

Proven said that with the acquisition of Proven Bank total Group assets grew to over US$1 billion and net revenues surged by nearly 30 per cent to reach $49.64 million.

The group also said that that it aims to concentrate on territories where they have significant operational presence, namely Cayman, St Lucia, Jamaica, and Barbados.

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