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Karen Darbasie, retired First Citizens Group CEO. - File photo by Angelo MarcelleKaren Darbasie, CEO of First Citizens Group for almost ten years, has officially retired.
First Citizens Group confirmed her resignation in a legal notice shared on the TT Stock Exchange’s website on October 28.
“In furtherance of the group’s legal notice dated August 27, 2025, we hereby advise that Ms Karen Darbasie has retired as group CEO with effect from October 21, 2025,” the notice said.
Darbasie was appointed group CEO in April 2015, succeeding Larry Nath. She was the first woman to hold the position in First Citizens.
She was also appointed president of the Bankers Association of TT (BATT).
On August 21, Darbasie went on approved vacation leave. An all-staff memorandum by then group chairman Anthony Smart said she would retire effective October 21.
Newsday reported that Darbasie had submitted her resignation to corporation sole, Minister of Finance Davendranath Tancoo but the letter confirmed that she did not.
She went on approved vacation on August 21, ahead of pre-retirement leave. Group deputy CEO Jason Julien took up the role of acting group CEO in Darbasie’s absence.
On August 22 Tancoo hinted at concerns over the bank’s operations and later appointed a new board to First Citizens Holdings – the majority shareholder in First Citizens Group.
On October 7, a day before a special general meeting was to be held to elect a board and CEO for the First Citizens Group, the rest of the board of directors resigned.
The vote on October 8 installed a new board led by chairman Shankar Bidaisee with Jason Julien still acting as CEO. Bidaisee is Udecott chairman and chairman of First Citizens Holdings Ltd.
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