First Citizens Launches IPO
- First Citizens will launch the largest ever Initial Public Offering (IPO) of shares in the history of the T&T Stock Exchange with a market value of approximately TTD 1.1 billion on Monday 15th July at an Offer Price of TTD22.00 per share.
- 48,495,665 shares in the Bank will be offered for sale to the public, this represents approximately 19.3% of the total shareholding.
- The IPO will assist the Bank in widening its capital base in order to facilitate its future strategic expansion plans.
- First Citizens Brokerage & Advisory Services (a subsidiary of First Citizens Investment Services) is the Lead Broker for the Offer for Sale.
The First Citizens Group is a financial service organization headquartered in Trinidad & Tobago that offers a range of retail, corporate, capital markets, investment management, wealth management, asset management, trustee and brokerage services.
- First Citizens Bank Ltd. was formed in March 1993 from the combination of three failing institutions: i) The Trinidad Co-operative Bank ii) Worker’s Bank a and iii) National Commercial Bank. At that time, 62% of its loan portfolio was in arrears, and the Bank was ranked last in the commercial banking sector.
- In the 10 years to 2003 First Citizens Bank grew its profits to TTD233 million, doubled its asset base to TTD6.1 billion and had attained international credit ratings of BBB- and A-3 by S&P and Moody’s, respectively. It should be noted that the Bank is still the highest rated indigenous Bank in the Caribbean.
- By 2004, First Citizens Bank was the third largest bank in Trinidad & Tobago, with assets of TTD7,900 million, and in 2006 the non-performing loan portfolio stood at only 0.8%, the lowest in the sector and well below the industry average of 2%.
- In 2009, First Citizens acquired Caribbean Money Market Brokers Limited now rebranded as First Citizens Investment Services Limited, a full service securities company with offices in Trinidad & Tobago, Barbados, St. Vincent and St. Lucia.
- In January 2012, the Group opened a representative banking office in Costa Rica as the Bank’s first entrance into Central America
- In August 2012, the Group continued its expansion with the acquisition of Butterfield Bank in Barbados, now called First Citizens Bank (Barbados) Limited.