First Citizens shares jump 45% on ‘very good news’ First Citizens Bank Limited, a leading financial institution in Trinidad and Tobago, saw its shares jump by 45% on the Trinidad and Tobago Stock Exchange (TTSE) on Monday, following the announcement of ‘very good news’. The bank’s shares closed at $45.00 on Monday, up from $31.00 on Friday, after the bank announced that it had received approval from the Central Bank of Trinidad and Tobago to acquire the operations of Scotiabank in Trinidad and Tobago. The acquisition, which is expected to be completed by the end of the year, will see First Citizens Bank Limited acquire Scotiabank’s retail and commercial banking operations in Trinidad and Tobago, as well as its insurance operations. The acquisition is expected to significantly increase First Citizens Bank Limited’s market share in Trinidad and Tobago, and will also strengthen its position in the Caribbean region. Commenting on the announcement, First Citizens Bank Limited’s CEO, Karen Darbasie, said: “This is a very exciting development for First Citizens Bank Limited. The acquisition of Scotiabank’s operations in Trinidad and Tobago will significantly increase our market share and strengthen our position in the Caribbean region. We are very pleased to have received approval from the Central Bank of Trinidad and Tobago, and we look forward to completing the acquisition by the end of the year.” The acquisition is also expected to have a positive impact on the Trinidad and Tobago economy, as it will create new jobs and increase competition in the banking sector. The news of the acquisition has been welcomed by investors, who have been looking for opportunities to invest in the Trinidad and Tobago market. The TTSE has seen a surge in trading activity since the announcement, with many investors looking to buy First Citizens Bank Limited shares. Overall, the acquisition of Scotiabank’s operations in Trinidad and Tobago is a significant development for First Citizens Bank Limited, and is expected to have a positive impact on the bank, the Trinidad and Tobago economy, and the wider Caribbean region.