Attorney is new First Citizens Holdings chairman

News Darren Bahaw 8 Minutes Ago

Udecott chairman Shankar Bidaisee. - Photo courtesy Udecott

GOVERNMENT has identified attorney Shankar Bidaisee, the current chairman of the Urban Development Corporation of Trinidad and Tobago, as the new chairman of First Citizens Holdings Ltd.

The names of eight directors were finalised on August 26.

A statement from Finance Minister Davendranath Tancoo on August 27 said the minister "presented instruments of appointment to new members of the Board of Directors of the First Citizens Holdings Ltd."

The release said Bidaisee, along with Prof Sterling Frost (deputy chairman nominee), human resource team leader Crystelle Smith, insurance executive Prakash Dhanrajh, fast-food executive Sandy Roopchand, management executive Jo-Anne Boodoosingh, business executive Javan Lewis and business consultant Nichelle Granderson have been appointed by the finance minister.

Shareholders will have to elect the nominees by September 26 for the First Citizens Group Financial Holdings Ltd, the publicly listed company of First Citizens Holdings.

Frost previously served as deputy Group CEO of the bank and as a director on a subsidiary board.

On August 26, Tancoo said he was unable to disclose the names of the government's nominees, saying he had to communicate with them first.

The First Citizens Group Financial Holdings Ltd, the parent company of First Citizens bank, is among publicly traded companies undergoing board changes following the April 28 general election and change in administration.

The development follows the early exit of Group Chief Executive Officer Karen Darbasie who went on approved vacation on August 21 ahead of her pre-retirement leave. Group deputy CEO Jason Julien, will act as Group CEO in Darbasie's absence and assume the role upon her retirement, according to a notice to the TT Stock Exchange.

This is a developing story and would be updated as new information comes to hand.