State-owned First Citizens has lived up to investor confidence and has grown to become a leader in this country's financial services industry, said Trade and Industry Minister Stephen Cadiz. "I remember when First Citizens was formed from the merger of three failing institutions. The merger itself was a calculated risk, but it coincided with an approved regulatory framework to protect the interest of citizens," he said.
Cadiz was speaking of the launch of First Citizens' 23rd branch located at One Woodbrook Place, Woobrook, on July 6.
The bank's growth had not escaped the attention of the minister nor did the fact that the four major banks in this country were all profitable. Cadiz said: "T&T has enjoyed a period of economic stability over the past years, in spite of fluctuations in the global economy. T&T is rapidly being elevated to a financial centre for the region. Other Caribbean governments are raising funds in our market. Our people are also able to invest in other islands. "Financial markets around the world are rapidly integrating, a process that is driven by advances in information technology, deregulation of financial markets and the rise of institutional investors willing to invest internationally. T&T is an attractive partner in this process. Over the years, investor confidence has brought substantial capital inflows."
He said records showed that T&Ts economy had strengthened under the People Partnership Government. He said this was possible because of the programme to improve the economic infrastructure, while being able to cultivate business confidence to enable capital growth.