First Citizens to Hire M&A Advisor

Trinidad & Tobago-based First Citizens Bank expects to hire an M&A advisor by the end of May, CEO Larry Howai says. “We sent out requests for proposals a few weeks ago,” he notes. He says there is no certainty that the bank will actually acquire another financial institution, but that it is seeking opportunities. “We would focus on investment grade countries in the Caribbean, but we could look outside of the region too. We could even consider Central America if the right opportunity came along,” he says. Howai says the bank would consider paying between 1-1.5x book value. This is not the first time First Citizens would consider acquiring another bank. Howai says that just before the global financial crisis, the bank worked with Deutsche and BNP Paribas, but that plans were scrapped when the crisis hit.