November 1, 2009
By taking over two units from CL Financial a conglomerate that ran into liquidity problems in early 2009 and was subsequently bailed out by the local government to avoid systemic risks First Citizens automatically beefed up its assets by almost 9 billion Trinidadian dollars, CFO Shiva Manraj tells LatinFinance. The units it took over are banking subsidiary Clico Investment Bank (CIB) and Caribbean Money Market Brokers (CMMB), which he describes as healthy despite their parents travails.
Government owned First Citizens is T&Ts second largest bank, with 26.4 billion Trinidadian dollars in assets as of June, compared to 15.9 billion a year earlier. Republi
Not every bank is able to say it benefitted from assisting the government bail out troubled financial entities, but Trinidad & Tobago’s First Citizens Bank can.