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Appointment of Larry Howai as Minister of Finance

The Chairman and the Board of Directors of First Citizens are pleased to advise that the Prime Minister of Trinidad and Tobago, the Honourable Kamla Persad-Bissessar has announced the appointment of Mr. Larry Howai, Group CEO of First Citizens as Minister of Finance in the Government of the Republic of Trinidad and Tobago.

Mr. Howai has decided to be of service to the country and to the Government of the Republic of Trinidad and Tobago by taking up this national assignment as Minister of Finance.

Mr. Howai started his banking career 32 years ago with the National Commercial Bank (NCB) and then moved to Workers’ Bank (1989) Ltd. When NCB, Workers’ Bank (1989) Ltd and the Trinidad Cooperative Bank merged, Mr. Howai joined the First Citizens family as part of the management team. He became CEO of the First Citizens Group in 1997.

He is the Chairman of the National Gas Company of Trinidad and Tobago Limited and the National Energy Corporation of Trinidad and Tobago Limited, Vice President of the Bankers Association of Trinidad and Tobago and Chairman of the e-Business Roundtable.

For almost two decades Mr. Howai has led the Bank successfully through investment in revolutionary technology, tighter prudential credit policies, improved customer service, the development of a performance-oriented culture and talented leaders. He has always ensured that contributing to the development of the people of Trinidad and Tobago remains as much at the core of First Citizens’ philosophy as the organisations from which the Group evolved.

Recently Mr. Howai has led the charge in the signing of the agreement to acquire Butterfield Bank (Barbados) Limited. The acquisition represents the continuation of the Group’s expansion throughout the region

For many years, Mr. Howai has been of service to the people of Trinidad and Tobago in various capacities such as director of the United Way of Trinidad and Tobago, Habitat for Humanity as well as serving on the Finance and General Purposes Committee of the University of the West Indies. He has also held directorships on the boards of several major companies in Trinidad and Tobago, including the Trinidad and Tobago Unit Trust Corporation, the Home Mortgage Bank, the Power Generation Company of Trinidad and Tobago and the Environmental Management Authority. In 2003 Mr. Howai was named most admired CEO in Trinidad and Tobago and is also a former President of the Bankers’ Association of Trinidad & Tobago.

The Board is pleased with the significant achievements for the First Citizens Group with assets of almost US$ 5billion and equity of over $800 million and reaffirms the Company’s commitment to regional growth and expansion underpinned by its significant track record of being one of the safest, soundness and most stable Banks in the region.

 

Succession Plan
The position of Group CEO will be advertised and until it is filled the Board has taken the decision to appoint Mr. Larry Nath, Deputy Chief Executive Officer to act in the position. The Board considered the matter and felt that since Mr. Nath has significant experience in banking operations at executive and senior management levels for more than a decade, he will be more suitable to act in the position.

Mr. Nath joined First Citizens as Deputy Chief Executive Officer – Banking Operations in June 2011 and currently serves on the Board of St. Lucia Electricity Services Co. Ltd as well as other Boards of several subsidiaries within the First Citizens Group

The acting Group CEO recognizes that there is a tremendous legacy to follow, but he is confident of the support of the Board of Directors, the Deputy CEO-Corporate Administration, the Executive and Management Teams and staff. He is fully committed to building on the solid foundation created by Mr. Howai to ensure that the First Citizens Group remains strong, steadfast and stable.

The Board is confident that the Executive Team, Management and Staff of First Citizens will continue to strongly serve its customers, investors and all stakeholders and thus carry on the legacy of strength and stability engendered by Mr. Howai.

 


 

Nyree Alfonso
Chairperson – First Citizens Group

 

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