Trinidad and Tobago's Newsday"In a bid to avert a financial crisis and prevent a run on CL Financial institutions, British American Insurance will also be taken over by Government. CL’s banking subsidiary, Clico Investment Bank (CIB) and its money management arm, Caribbean Money Market Brokers (CMMB), will now be run by First Citizens. The move will see the banking licence of CIB being revoked.
At a press conference at the Central Bank in Port-of-Spain, Central Bank Governor Ewart Williams along with CL chairman Lawrence Duprey, sought to allay fears of Clico depositors, saying their funds are safe and the bank had moved in time to prevent an economic fallout."
At a press conference at the Central Bank in Port-of-Spain, Central Bank Governor Ewart Williams along with CL chairman Lawrence Duprey, sought to allay fears of Clico depositors, saying their funds are safe and the bank had moved in time to prevent an economic fallout."
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