PORT-OF-SPAIN: The state-owned First Citizens Bank (FCB) launched its initial public offering (IPO) of more than 48 million ordinary shares on Monday in a move the bank says will be one of the largest single IPO offerings in the history of the Trinidad and Tobago Stock Exchange (TTSE).
The 48,495,665 ordinary shares are being sold at TT$22 (one TT dollar=US$0.16 cents) each and will be withdrawn from sale on August 9. The bank says it hopes to raise TT$1.1 billion from the venture to be used to widen its capital base to facilitate future strategic expansion plans.
“First Citizens opened its doors in 1993 and will fittingly celebrate its 20th anniversary on September 13, 2013,” the bank said in a statement. “The bank has grown from strength to strength and is now the third largest bank in Trinidad & Tobago. First Citizens urges members of the public to take advantage of this opportunity to own a part of the only truly local bank in Trinidad and Tobago and share directly in the future success of this great indigenous institution.”
FCB was formed in 1993 after the collapse of the Trinidad Cooperative Bank, the Workers Bank and National Commercial Bank.