State-owned bank launches billion dollar IPO

PORT OF SPAIN, Trinidad, CMC – The state-owned bank, First Citizens Bank (FCB) will launch 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 offering 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 The 48, 495,665 ordinary shares are being sold at TT$22 (One TT dollar=US$0.16 cents) each and will be withdrawn from sale on August 9.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 eb used to widen its capital base to facilitate future strategic expansion plans. ”First Citizens opened its doors in 1993 and will fittingly celebrate uts 20th anniversary on September 13, 2013. The bank has grown from strength to strength and is now the third largest bank in Trinidad and Tobago,” the bank said in a statement.