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Financial News

Jul 2021 Financial News

First Citizens Bank Limited - Notice of Approval of Corporate Restructuring of First Citizens Group

Jul 01, 2021

This notice is published pursuant to section 64(1)(b) of the Securities Act, Chapter 83:02 of the Revised Laws of the Republic of Trinidad and Tobago. First Citizens Bank Limited ("the Bank") wishes to advise that on Wednesday June 30 2021 the Bank hosted its 24th Annual Meeting of Shareholders via live webcast from the Board Room of First Citizens Corporate Centre, at No 9 Queen's Park East, Port of Spain.

At the 24th Annual Meeting of Shareholders, one item of business was the proposed corporate restructure of the legal entities within the First Citizens Group, which was voted on and approved by Shareholders at that meeting.

This proposed corporate restructure involves the establishment of a New Group Holding Company structure in which the Bank would no longer be the "de facto" holding company for the companies within the First Citizens Group.

A New Group Holding Company will be established and the Bank's shareholders will become shareholders of the New Group Holding Company in the same percentages as they held in the Bank.

Once regulatory approvals have been received and the process has been completed, the New Group Holding Company will be registered with the Trinidad and Tobago Securities and Exchange Commission and listed on the Trinidad and Tobago Stock Exhange. The Bank will become a subsidiary of the New Group Holding Company.

The Bank will continue to engage its stakeholders in the process.

 

Source:
The Trinidad and Tobago Stock Exchange Limited
Thursday 1st July 2021