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FCB Head Offic, Queen’s Park East, Port-of-Spain.

On the day that First Citizens launched its Additional Public Offering (APO) it revealed to the market that it was seeking to borrow close to $1.2 billion from IDB Invest or up to US $175 million.

In a notice to the Trinidad and Tobago Stock Exchange (TTSE), the bank said its Board of Directors had on Monday approved the transaction with a tenor of seven years.

First Citizens said the money will be used for three things.

(1) To grow its low and middle income household mortgage portfolio

(2) Implement its digital transformation and investment in digital and electronic products and services

(3) Expand its lending capabilities to the Small and Medium enterprise sector.

According to First Citizens it also entered an agreement with IDB Invest for technical advisory service for the development of a comprehensive sustainable finance strategy to fund Environmental Social and Governance Initiatives.