Stacy Belnavis has been appointed as the new president and CEO of Proven Bank (Cayman) Limited pending regulatory approval by the Cayman Islands Monetary Authority (CIMA). Belnavis’s appointment marks a critical step in Proven Group Limited’s ongoing transformation as the organisation strengthens its banking operations and redefines its strategic priorities.

Belnavis, a seasoned banking professional with two decades of experience in the Caribbean, will lead Proven Bank at a time of renewed focus on core banking services. Despite recent challenges for Proven Group’s financial arm, including its wealth management division, the bank’s performance has remained robust, with a return on equity exceeding 18 per cent annually.

“I am honoured to join Proven Bank during such a pivotal period and look forward to building on its strong foundation to deliver even greater value to our clients and stakeholders,” Belnavis stated in commenting on her appointment.

The wealth management division, a cornerstone of Proven Group’s operations, has faced significant challenges over the past two years. Rising interest rates, coupled with global economic volatility, have tightened margins and impacted performance. Strategic adjustments, including organisational restructuring and leadership changes, are beginning to yield results. Additionally, the easing of monetary policy in key markets, such as the United States and Jamaica, offers optimism for recovery in this critical segment.

While Proven Wealth has returned to profitability, the group continues to enhance operational efficiencies and expand service offerings to ensure sustained improvement. Belnavis’s banking expertise is expected to complement these recovery efforts, particularly in aligning banking and wealth management operations to meet evolving market demands.

Complementing the focus on banking and wealth management, Proven recently announced that Johann Heaven, a co-founder of Proven Group Limited, will assume the role of CEO at Proven Management Limited (PML) on February 1, 202. Heaven’s appointment follows the planned retirement of Christopher Williams, the charter CEO of PML, who steps down on January 31, 2025. Heaven’s new role will focus on ensuring alignment across the group’s subsidiaries while addressing challenges in key segments like wealth management.

Williams, who will remain actively involved as a director of PML and a member of the Investment Management Committee, emphasised the importance of a seamless transition, noting, “Proven’s leadership evolution reflects our commitment to long-term stability and growth. Johann’s expertise will undoubtedly drive the group forward.”

Beyond its financial operations, Proven Group is expanding its real estate portfolio. Proven Properties Limited is set to deliver over 200 residential units in St Ann through its Sol Harbour and Bahari projects in 2025. These developments are part of a broader strategy to diversify revenue streams and mitigate risks associated with financial market volatility.

Proven says the changes position the group for a transformative fiscal year in 2025/26.