The Trinidad and Tobago government says it will soon offer shares to the public in two state-owned financial institutions including First Citizens Bank (FCB).
Finance Minister Larry Howai, who resigned as FCB chief executive officer to take up the government post earlier this year, told the Senate that shares will also be offered in the Trinidad & Tobago Mortgage Bank (TTMB).
"Over the next fiscal year, government will take the necessary steps to make the IPOs of First Citizens Bank Limited and the Trinidad Mortgage Bank a reality," Howai said.
While he gave no details of the initial public offerings, Howai had earlier this month indicated that it would comprise 20 per cent of the FCB shareholding and would be confined to domestic investors.
He said the IPOs will only occur in consultation with the line ministries and boards of directors responsible for the two state financial institutions.
First Citizens is one of the leading financial services groups in Trinidad and Tobago, offering a full range of retail, corporate and merchant banking services as well as asset management, trustee and brokerage services.
In 2009, FCB acquired Caribbean Money Market Brokers Limited, the largest full-service securities trading company in the Caribbean with offices in Trinidad, Barbados, St Vincent and St Lucia.
FCB, which has also been involved in financing a number of projects across the region, has an asset base of TT$30 billion.