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First Citizens Bank


The Country's first indigenous bank (locally grown, ... PDL/ Total Loans. 11.6. 8.7. 2.7. 2.5. 2.2. 1.6. 1.2. 0.9. 0.7. 0. 5. 10. 15. 1999. 2000. 2001. 2002 ... – PowerPoint PPT presentation

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Title: First Citizens Bank

First Citizens Bank A Success Story
Presented by Sharon L Christopher Deputy Chief
Executive Officer, First Citizens Bank Ltd At
CAIB 34th Annual Conference Guyana November
13th, 2007

Trinidad Co-operative Bank (The Penny Bank)
  • The Countrys first indigenous bank (locally
    grown, locally funded and locally owned)
  • Incorporated in 1914 as a savings institution
    to inculcate in the people the virtue of
    thriftand to provide a quick, easy, safe means
    for children and poor people to save small sums
    and put by for the coming of a rainy day
  • At that time the other Banks were exclusively
    the bank of upper classes and the large sugar

The Penny Bank (contd)
  • Pioneered the provision of low cost housing in
  • 1976 Bank obtained a license under the Banking
    Act, to operate as a commercial bank

The National Commercial Bank (NCB)
  • Unveiled on July 01, 1970, 4 months after the
    Black Power uprising exploded in Port-of-Spain.
  • Prime Minister Williams mandated the bank to
    grow to fly the flag of nationalism it is our
    aim, our duty to convert this into a vibrant
    financial giant geared to the development needs
    of the country, of the existing business
    community, of the prospective investor,
    industrialist, farmer or trader. Here is your
    opportunity. Seize it with both hands

National Commercial Bank (contd)
Philip Rochford
  • When the National Commercial Bank was
    established, there was no history of local
    persons owning, controlling and managing
    significant local resources. I accepted the
    challenge to establish the Bank and prove that
    persons born, bred and educated in Trinidad and
    Tobago were capable of managing their own affairs

National Commercial Bank (contd)
A series of firsts
  • The promotion of the concept of relationship
    banking. Rochford the conservative banking of
    yesterday had to be replaced by the aggressive
    banker of today
  • Rochford introduced a policy that anyone working
    in the bank from a clerk upwards had to have a
    minimum of 5 OLevels including Mathematics and
    English. The old mode of hiring on the basis of
    class and colour had to be replaced by a
  • Rochford introduced a policy of taking into
    account a wifes earnings when assessing the
    qualifying income of mortgage applicants

National Commercial Bank (contd)
A series of firsts contd
  • First bank to offer life insurance on loans
  • First bank to introduce equal pay for work of
    equal value
  • Introduced the Platform System
  • Introduced the first local VISA Gold Credit Card

Rochford 1991 (21st Anniversary of the Bank)
  • The Bank has unquestionably been a pioneer in
    promoting self determination in our people.
    However, bad habits and old perceptions die hard.
    Too many people still believe that national is
    synonymous with being substandard. Unfortunately,
    some of our own staff members have been
    influenced by this perception. Some believe that
    only foreign and international things are good.

Workers Bank of Trinidad and Tobago - 1970
  • SWWTU proposed the establishment of some avenue
    for investing, because some of its members had
    received substantial severance payments
  • Banks set up by the Act of Parliament had the
    main aim of assisting in the economic welfare of
    workers, trade unions and staff associations, by
    providing banking facilities especially designed
    to encourage thrift and the prudent utilization
    of savings.
  • Bank not GOTT owned. Over 66 of shares held by
    trade unions.

Workers Bank - Achievements
  • Advanced electronic data processing unit
  • 1979 Introduced the first ATM Mary Anne
  • 1983 Varinstall Mortgages part of a
    deliberate strategy to help low and middle income
    families own their own homes
  • Only financial institution to invest exclusively
    in local art

Workers Bank (1989) Limited
  • April 1989 Workers Bank of Trinidad and Tobago
    was closed by the Central Bank
  • May 22 WB (1989) Ltd, a new company was opened
    for business. The new Company was to have been
    named First Citizens, however, the GOTT felt that
    the name Workers Bank still garnered goodwill
    from the public

Workers Bank (1989) Limited - Achievements
  • Technology
  • 1995 Major achievement the purchase of the
    Profile system which remains the core of the
    Banks information systems
  • Profile (modular and flexible) allows First
    Citizens to be First in Technology. Profile
    introduced to Trinidad and Tobago, the online,
    real time service

First Citizens Bank Birth
  • Established 1993
  • Acquired assets and liabilities of NCB,TCB and
    Workers Bank
  • As at September 30 1994
  • 3.47 billion Assets
  • 1,300 employees
  • 557 Million in non-performing loans

Consolidation 1993 to 1996
  • Staff
  • Premises
  • Systems
  • Policies and Procedures

To become the most competitive financial group
in Trinidad and Tobago with a well established
international presence.
Our aim is to build a highly profitable
financial services franchise renowned for
innovativeness, service excellence and sound
corporate governance. We shall achieve our aim by
focusing on continuous improvement of systems and
products, building a strong base of knowledge
workers and creating strategic partnerships in
key sectors that add value to our franchise.
Organizational Transformation 1997 onwards
  • Building the product portfolio MIDAS (now
    eFirst), Credit Cards (First International Credit
    Card), Debit / POS acquiring and Telebanking
  • Deepening the Human Resource competence 360
    degree assessments

First Citizens Achievements
  • 1998
  • Green Leaf Award from the EMA, for the Citizens
    in Action to Restore the Environment (C.A.R.E.)
  • 2000
  • The first Bank in the entire English-speaking
    Caribbean to launch an Internet Bank
  • 2001
  • Standard and Poors Investment Grade Rating
  • Tyrone Samlalsingh Pinnacle Award from South
    Chamber of Industry Commerce for excellence in
    innovation in information, communications
    technology and e-commerce

First Citizens Achievements
  • 2002
  • Upgrade in Standard and Poors investment grade
    rating outlook
  • Awarded the Bank of the Year 2002 by Latin
  • 2003
  • First in Soundness from The Banker Magazine
  • For the second time - Tyrone Samlalsingh Pinnacle
    Award from South Chamber of Industry Commerce
    for excellence in innovation in information,
    communications technology and e-commerce
  • Upgrade in Standard and Poors rating outlook

First Citizens Achievements
  • 2004
  • First domestic financial institution to issue a
    US 100 Million Bond in the International Market
  • Fourth (4th ) consecutive annual credit ratings
    upgrade by Standard Poors to BBB/stable
    highest rating among the local financial
    institutions from an international credit rating
  • Issued the first SEC approved Energy Fund
  • Became the third largest Bank in Trinidad
    Tobago, moving past Scotiabank

First Citizens Achievements
  • 2005
  • First Citizens again raised US 100 Million Bond
    on the International Market.
  • Moodys Investor Services Inc. upgraded the
    long-term senior unsecured debt issued by First
    Citizens (St.Lucia) to A2. The first time a debt
    issued by a local financial institution has been
    assigned an A rating by an international credit
    rating agency.
  • Awarded Bank of the Year 2005 by the Banker
    Magazine, a subsidiary of the Financial Times

First Citizens Achievements
  • 2006
  • For the third time - Tyrone Samlalsingh Pinnacle
    Award from South Chamber of Industry Commerce
    for Technology and E-Commerce
  • Moodys Investor Services Inc.
  • Upgraded the long-term senior unsecured debt
    issued by First Citizens (St.Lucia) to A1.

Total Group Assets (in TT Billion dollars)
The First Citizens Groups asset base has
continued to grow at an average rate of 16 to
14.7B at August 2007.
Profit Before Tax (in TT Millions of dollars)
The Group has shown a continuous growth in Profit
Before Tax over the last 14 years.
Profit Before Tax (in millions of dollars)
Achievements 2006/2007
  • Fourth consecutive year a dividend of 130.0M was
    paid. Total dividends paid now in excess of
  • Our Strategies for Service Excellence was
    launched under the theme first citizens serving
    First Citizens on March 2007.
  • Received the highest accreditation from the
    International Institute of Internal Auditors

Contd- Achievements 2006/2007
  • Completed the successful conversion to Profile
    Version 6.2.
  • Implemented a comprehensive range of initiatives
    to ensure compliance with OSHA requirements.
  • Best performing Equity Mutual Fund (Immortelle)
    in 2006 Trinidad Business Guardian.

Contd- Achievements 2006/2007
  • First Citizens Safety Officer was awarded the
    Individual of the Year Award at the Inaugural
    OSH Awards by the TT Occupational Safety
    Health Authority
  • 8. Standard and Poors Ratings Services upgraded
    First Citizens Bank counterparty credit and CD
    ratings from BBB/A-2 to BBB/A-2
  • Ratings of the US 100 million bonds from First
    Citizens were also upgraded from BBB to BBB

Total Gross Loans
The Group has shown consistent loan growth over
the last five-year period.
Estimated 2007
Asset Quality Indicators
Loan Quality
PDL/ Total Loans
Non Performing Loans The Group continued to
maintain tight control over asset quality as non
performing loans continue to be less than 2 of
the loan portfolio projected to September 2007

Reserves to PDLs
PDLs to Gross Loans
  • Source Company Financials.
  • July 2007 annualized
  • Year ended in March 2006.

(3) Project to September 2007 (4) Year ended
October 2006 (5) Year ended September 2006
(6) June 2007 annualized (7) Year ended March
2007 (8) April 2007 annualized
The improvement in the profit position is also as
a result of the Group having an efficiency ratio
of 43 as at July 2007 and a projected ratio of
41 as at September 2007 (which is among the best
in the banking sector as a whole).
  • Source Company Financials.
  • Projected September 2007.
  • (1) Budgeted September 2007
  • (2) Quarter ended June 2007
  • (3) Year ended in March 2007
  • (4) Half year ended April 2007.

The First Citizens Group Consists Of
  • First Citizens Bank Limited
  • First Citizens Asset Management Limited
  • First Citizens (St. Lucia) Limited
  • First Citizens Trustee Services Limited
  • First Citizens Securities Trading Limited
  • First Citizens Sports Foundation

Highest Rated Indigenous Bank In the Region
  • First Citizens BBB (Standard Poors)
  • Baa1 (Moodys)
  • RBL BBB (Standard Poors)
  • BBB (Fitch)
  • RBTT BBB - (Fitch)

Thank you