Job losses and gains as Fidelity restructures its bank

Fidelity Financial Centre, West Bay Road

(CNS): Fidelity Bank (Cayman) Limited is undergoing “organizational transformation” following PROVEN Group’s acquisition of Fidelity Group earlier this year. While new jobs are being created, officials confirmed that four long-serving executive jobs have been lost because they “no longer fit the structure of the company”, and that these local employees have been laid off. The bank said former employees received “payments significantly above legal requirements, including employment assistance and health care.”

The West Bay Road branch is being transformed into a corporate and private banking center with new and different roles, while tellers will be added to the Dr Roy’s Drive branch, which will now be open for longer hours, according to a Bank press release. Staff have been promoted as part of the reorganization and more opportunities will open up as the bank grows, and some long-serving members of the local workforce are already being promoted.

The new management said key structural and branding changes, which include the bank’s renaming to PROVEN, are underway to maintain its strong regulatory capital position. The bank said it will be open for business as usual and current services will not be affected. Although the West Bay branch is closed to regular retail customers, the ATM will remain in place. The branch on Dr Roy’s Drive will be open until 6 p.m. on Fridays and counter staff will be increased to meet demand.

“PROVEN Bank (Cayman) is committed to the Cayman community and will continue to provide excellent, sustainable employment opportunities for Caymanians,” said Benjamin Freeman, President and CEO of the current PROVEN Bank.

“So all day-to-day customer interactions and decisions stay local, including credit, customer service, and onboarding. Additionally, as part of the PROVEN Group, staff will have further career development opportunities inside and outside Cayman. Finally, we are investing in education and training as part of a continued transition to a successful business with the goal of becoming the best place to work in Cayman,” he added.

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