There will be no automatic installation of a Trinidad and Tobago national to head a commercial bank just bought by one of that country’s leading financial institutions.
First Citizen Bank’s Deputy CEO, Corporate Administration, Sharon Christopher said there would be an extensive recruitment exercise across the Caribbean before a new boss was chosen for First Citizens Bank (Barbados) Limited.
That bank is the former Butterfield Bank (Barbados) Limited, which First Citizens purchased from Bermuda’s Butterfield Bank for $90 million, deal recently approved by regulators here and in the twin island republic.
First Citizen Deputy CEO, Corporate Administration, Sharon Christopher, told Barbados TODAY the Barbados subsidiary’s current interim CEO, Glyne Harrison would be in charge until a CEO was appointed.
“Right now we have an interim CEO because our processes require that all positions have to be advertised. So the position will be advertised shortly… throughout the region and people will apply for it, including the acting CEO I have no doubt will also apply for it,” Christopher explained.
“That person will report into Trinidad, just like in Butterfield before where they reported to Bermuda. They will run the operation in Barbados but because they are subsidiary of the parent company in Trinidad they will report and all the business heads will report directly to them.
“The heads, like human resources and so on will report into Trinidad, so you will have the head of HR in Trinidad will have responsibility for the head of HR here, but the CEO here will deal with that person on the day to day things. The change is that what use to be done before in Bermuda will now be done in Trinidad,” she noted. (SC)