First Citizens Bank of Trinidad & Tobago hopes to raise $172 million from IPO

The state-owned bank First Citizens Bank (FCB) has launched its initial public offering (IPO) of more than 48 million ordinary shares on Monday in a move the bank said would be one of the largest single IPO offerings in the history of the Trinidad & Tobago Stock Exchange (TTSE).

The 48, 495,665 ordinary shares are being sold at TT$22 (US$3.43) each and will be withdrawn from sale on August 9.

First Citizens Bank hopes to raise TT$1.1 billion (US$172 million) which will 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 has grown from strength to strength and is now the third largest bank in Trinidad & Tobago,” the bank said in a statement.

“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 & Tobago and share directly in the future success of this great indigenous institution,” it added.

The bank was formed in 1993 after the collapse of the Trinidad Cooperative Bank, the Workers Bank and National Commercial Bank. -(CMC)