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Financial News

Nov 2014 Financial News

Michael Mansoor passes away

Nov 12, 2014

Former CIBC FirstCaribbean bank executive chairman Michael Kevin Mansoor was a “positive force” in the business community locally and regionally, says Catherine Kumar, chief executive officer, T&T Chamber of Industry and Commerce.  Mansoor, who served as executive chairman of CIBC FirstCaribbean from its inception in October of 2002 to his retirement on December 31, 2013, after which he continued to serve on the company’s board of directors, passed away yesterday. On October 17, the T&T Chamber inducted the chartered accountant and banker into its Hall of Fame. Via a text message yesterday, Kumar said she visited him at his home following his induction. “The Chamber recently inducted him into its Business Hall of Fame and we were so happy that we were able to do this while he was still alive, and was fully aware of his nomination. While he was not able to attend the function, his daughter Natalie accepted the award on his behalf and I was able to visit thereafter, and speak about the award. The Chamber will certainly mourn the loss of a great business icon and a man of the highest integrity.”

Remembering her first interaction with him, Kumar said: “Michael was already a partner at (accounting firm) Pannell Fitzpatrick when I joined and got to know him. He was young, but I totally looked up to him and respected his knowledge and certainly used the opportunity to gain from his experience.” First Citizens Group chief executive Larry Nath described Mansoor, a former partner at Ernst and Young, as “an astute professional.” “It is indeed an honour and privilege to have worked with Mike. I regard him as an astute professional who was committed to the development of the Caribbean financial services industry, and had a tremendous capacity for work, but always made time to mentor and provide sound counsel.  Nath added: “Mike always strove to be the best that he could—family man, conscientious citizen, highly regarded banker, boss and coach. He is an inspiration to us all and will be missed.”

In a statement on its Web site, CIBC FirstCaribbean’s chief executive Rik Parkhill said Mansoor was one in a million. “We can never replace a man of Mike’s stature. When the history of this institution is written, in fact, as the history of this region continues to be recorded, Mike Mansoor’s name will certainly feature as one of the builders of the banking industry, one of the scholars of the region, and one of the great orators to address the Senate of the Republic of T&T.” Parkhill said Mansoor will be remembered as a “great friend.” “Mike made many friends across the region at all levels of our society, chiefly among our employees.”

CIBC FirstCaribbean president Victor Dodig added: “Mike was instrumental in charting the course for CIBC FirstCaribbean. Of particular note is the role he played in bringing CIBC and Barclays together more than a decade ago to combine our operations in the region to become FirstCaribbean International Bank.  “Mike was a man of tremendous character. He was a role model, a leader and a gentleman. His wise counsel and sincere friendship to CIBC and its Caribbean operations will be greatly missed.” In 1990, Mansoor became a director and chief financial officer of the ANSA McAL Group. The 1990 attempted coup came within days of Mansoor joining the conglomerate. Like many other businesses in the capital, ANSA McAL suffered devastating losses from the looting and arson attacks. In 1993, Mansoor became Group managing director of ANSA McAL. During the eight years there, his energies were consumed by a mix of challenges as he stabilised, rebuilt and expanded the conglomerate, while carrying significant public sector and civic responsibilities. 

Mansoor served as an independent senator during the third and four Republican Parliaments, from 1987 to 1995. During his tenure in the Senate, he was often involved in legislation related to economic, finance and general business development.  In 1966, he was awarded the Open Island Scholarship in languages for being the top student in Trinidad. He then studied in Canada, receiving the chartered accountant designation in 1972, and an MBA from the University of Western Ontario in 1974, and was placed on the dean’s honour list. Mansoor also served as the chairman of the Campus Council of the St Augustine Campus of the University of the West Indies (UWI). In 2012, the UWI conferred on him the degree of honorary Doctor of Laws.

Bankers pay tribute
Darryl White, managing director, RBC Royal Bank Ltd, has hailed the late Michael Mansoor as a leading figure in the banking sector locally and regionally. “A Caribbean banker, Mr Mansoor led CIBC FirstCaribbean through a period of change and transformation at a time when sound leadership was critical for any global financial institution to be sustainable.” “His daughter, Natalie, who is the head, asset management, RBC, is a colleague with whom I have had the pleasure of working with for several years.” Suresh Sookoo, chief executive officer, RBC Caribbean banking, said, “Mr Michael Mansoor has distinguished himself as a senior executive and leader in the financial sector in T&T and the Caribbean. As the executive chairman of CIBC FirstCaribbean, Michael worked tirelessly to establish that brand in the region.”

 

Source:
Nadaleen Singh
Trinidad Guardian
Wednesday November 12, 2014

http://www.guardian.co.tt/business/2014-11-12/michael-mansoor-passes-away