First Citizens acquisition of Butterfield Bank (Barbados)
1. Q – Will Butterfield customers need to sign over new mandates on becoming part of the First Citizens group?
A – Not at this time. There will be no immediate changes to customer mandates and accounts will continue to be governed by the terms and conditions under which they were opened.
2. Q – What will happen to the Butterfield branch network? Are there plans for expansion, or reduction?
A – While we will be looking to expand our branch network outside of the St Michael and Christ Church areas we recognise that this will not be immediately possible. We will however explore all possibilities to make this expansion happen in the shortest possible time.
3. Q – Are there any new products or services that will be introduced locally?
A – We pride ourselves on our diversified portfolio of products and services. It is our intention to introduce some of these locally to enhance and supplement the existing range of products in Butterfield as well as the market. In addition the full suite of products available at our sister company, First Citizens Investment Services, will become available to you on a referral basis.
4. Q – Will the transaction affect the terms and conditions of any existing loans, term deposits or other accounts I have with Butterfield?
A – The terms and conditions of all of your accounts will continue to be honoured by First Citizens during the life of the account.
5. Q – Will my bank account numbers change?
A – Not at this time. While your account number will remain the same in the short term, the Butterfield banking system will be converted to First Citizens’ system by late 2013. You will receive additional information on this throughout the conversion process.
6. Q – Will I need new cheques, debit or credit cards?
A – New debit and credit cards will be issued to replace the existing Butterfield cards. Additional information and instructions will be provided closer to the change-out dates. . All new cheques will be issued as First Citizens cheques. You may use your existing Butterfield cheques until the supply is exhausted but our desire is that you exchange your current supply for the new First Citizens cheques. You will be refunded stamp duties on all unused stock.
7. Q – Will access to the existing online banking system and its bill payment functionality remain?
A – Yes, your account access and system functionality will remain the same until conversion of the Butterfield banking system to the First Citizen Banking system in late 2013
8. Q – Will my account fees and charges or minimum balance requirements change as a result of this transaction?
A – Not at this time. While there are no immediate plans to change account fees and charges or minimum balance requirements, we will however continue to carry out an annual assessment in those areas to ensure they fairly represent our operating overheads.
9. Q – Do I have to inform my employers about any changes for direct deposit purposes?
A – Not at this time. All account particulars will remain the same until conversion of the Butterfield banking system to the First Citizen Banking system in late 2013
10. Q – Will customer service contact details such as telephone and emails change?
A – All existing telephone numbers will remain in place and you may continue to use them as you have in the past. The email suffix @bb.butterfieldgroup.com will be replaced by @firstcitizensbb.com so your emails should now be sent email@example.com.
11. Q – Will I now be able to exchange Trinidadian cash and monetary instruments for Barbados equivalent or credit to my account?
A – We will continue to sell managers cheques/bankers drafts in Trinidadian currency but will not be accepting the currency for deposit to accounts or in exchange for Barbados cash at the bank counters.
About First Citizens
1. Who is First Citizens?
a. First Citizens Bank ltd. is one of the largest and safest financial services groups in the Caribbean with 25 branches throughout Trinidad and Tobago, operations in 3 Caribbean countries and a presence in Central America
b. First Citizens was formed on September 13th 1993, as a result of a merger of three indigenous Banks, namely; National Commercial Bank (NCB), Workers Bank (1989) and Trinidad Co-operative Bank (TCB).
2. Who owns First Citizens Bank Ltd.?
a. The Bank is wholly owned by the Government of Trinidad and Tobago.
b. The Government has decided to sell a portion of its shareholding through an IPO.
3. Which companies make up the First Citizens Group?
a. The First Citizens Group consists of:
- First Citizens Bank (Trinidad)
- First Citizens Asset Management (Trinidad)
- First Citizens Trustee Services (Trinidad)
- First Citizens Securities Trading (Trinidad)
- First Citizens (St. Lucia)
- First Citizens Financial Services (St. Lucia)
- First Citizens Investment Services (Trinidad)
- First Citizens Brokerage and Advisory Services (Trinidad)
- First Citizens Investment Services (Barbados)
- First Citizens Bank (Trinidad)
b. The Head Office of the Group is located at the First Citizens Corporate Centre – #9 Queen’s Park East, Port of Spain, Trinidad.
4. How safe is First Citizens?
a. Recognized as the Safest Bank in the Caribbean in 2010 and 2011 by Global Finance magazine.
b. First Citizens is the highest rated indigenous bank in the English-speaking Caribbean with an “Investment Grade” rating of Baa1 from Moody’s and BBB+ from Standard & Poor’s
c. First Citizens is well capitalized with Capital Adequacy ratio of 57.6% (regulators require a minimum of 8%)
5. What are some of the key milestones and achievements of the Group?
- Highest rated Indigenous Bank in the English Speaking Caribbean. (Baa1 from Moody’s and BBB+ from Standard & Poor’s)
- In 2004, became the third largest Bank in Trinidad and Tobago
- Recognized as the Safest Bank in the Caribbean in 2010 and 2011 by Global Finance.
- Only bank in Trinidad & Tobago to receive 3 Bank of the Year Awards in one year (2009)
- Consistent double digit growth in profit margins for the last fourteen (14) years
6. What are some things that First Citizens is known for?
- First bank in the English speaking Caribbean to introduce internet banking
- 2004 – First local bank to issue $US Bond. Moody’s Ba1 bond rating pierces T&T sovereign ceiling
- 2010 – First to introduce mobile banking
7. What is the culture of First Citizens?
The Group focuses around innovation, customer service and national pride. It is defined as:
- Local Roots
- World-Class Innovation
- Memorable Customer Experiences
This is what guides the culture of the Group. Additionally, in all spheres, the company’s tagline, “We put you first” is at the forefront.
8. Is First Citizens a good corporate citizen?
a. The Group recognizes that its success is ultimately linked to the success of the regions/communities in which it operates.
b. The Group is committed to being a socially responsible organization and invests in the areas of Sports, Youth Development/Education, Culture/Community.
c. In Barbados the Group has been involved in the following events:
- Crop Over
- “Leading Ladies” business information conference
9. How strong is First Citizens?
a. First Citizens has an asset size of almost US $5 Billion and Shareholder’s equity of over US $800 Million, making it one of the largest and best capitalized banks in the region