Proven Investments has agreed to acquire 100% stake in First Global Financial Services (FGFS) from First Global Holdings for JM$3.05 billion.
This transaction, which involves the transfer of all business lines, is subject to regulatory approval.
Following the acquisition, Proven Investments will change the name of FGFS and will merge with its wealth management arm, Proven Wealth.
Additionally, Proven Investments will continue to provide the products and services under a new company name.
GraceKennedy Group, the parent company of First Global Holdings, said that the acquisition will include US$22 billion of balance-sheet assets and US$60 billion in off-balance sheet funds under management.
Don Wehby, CEO of GraceKennedy Group, said that the firm is planning to include further investments to expand First Global Bank and financial services regionally.
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Christopher Williams, CEO of Proven Management, added: The decision to acquire FGFS was a strategic one and will build on the great foundation that Proven has set for itself. FGFS’ clients will continue to receive first-rate customer service."