48 million First Citizens shares get listed on Stock Exchange today

Forty-eight million First Citizens Shares (FCB) shares will be listed on the T&T Stock Exchange today at a value of $32 each.

The shares represent approximately 19.3 percent of the bank's issued share capital.

Citing Finance Minister Colm Imbert's September 30th, 2016 Budget statement, First Citizens said government “intended to make an offer for an additional sale of its shareholding in First Citizens Bank Limited via First Citizens Holdings Limited. The proceeds from this sale are intended to fund government's fiscal programme.”

Chief Executive Officer Karen Darbadasie is urging members of the public to take advantage of the opportunity.

The 2013 First Citizens IPO was marred by the purchase of $14 million in shares by the bank's then Chief Risk Officer Philip Rahaman, who allegedly used his insider position to buy 659,588 shares from the under-subscribed employee bucket, through a relative at a brokerage company.

Several resignations ensued but no one has been charged by the Director of Public Prosecutions.

Darbadasie described the debacle as a learning experience but says there are more stringent rules in place this time around.

One of the major changes – there is no employee pot.

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