Public now willing to hear about FCB/UTC merger

JUST as Prime Minister Patrick Manning announced that there would be no merger between the Unit Trust Corporation and First Citizens Bank, members of the public at a public forum yesterday on the issue, appeared willing to learn about the proposal.

The forum, organised by Kairi Consultants Ltd, EHS Financial Services and Radio 95.5 FM, was held at Crowne Plaza from 9 am to noon. However, those voicing their views at the forum were not the “ordinary man in the street,” but were affiliated to an organisation or involved in consultancy. Panellists Dr Ralph Henry and Henry Sealy began the forum by outlining their supporting perspectives for the proposal before entertaining questions from the audience. Among those asking questions and offering comments were president of the Public Services Association Jennifer Baptiste-Primus; David Kowlessar of the Caribbean Association of Consultants; Valerie Lashley-Paris, a shareholder who said she was excited at the perspectives presented by Henry and Sealy; Garth Thomas, who described himself as an individual agent for the UTC; Karen Bart-Alexander a “minor shareholder” and Leroi Clarke.

Baptiste, who was accompanied by some of her members, wondered whether exploration of the issue could not have been done at the highest level of the UTC Board and then discussed with unit-holders. She said she had little faith in Government’s ability in the financial arena and felt a sense of unease at the scenario playing out. Baptiste wanted it settled in her mind, as well as for the PSA, whether the forum had the “blessings” of the Government, because she said she had heard that Manning was no longer interested in the merger. Another man who didn’t identify himself wanted to know why the issue entered the public domain in the manner in which it did, while yet another unidentified speaker, wanted to find out if FCB chairman Ken Gordon, who had made the suggestion about the proposal to Manning, would give his perspectives of the issue publicly at a similar forum. Thomas said when the proposal was announced by Manning, a number of his clients called asking “who tell them we could mess with UTC.” Thomas added that among the 40,000 unit-holders at UTC, there were “plenty Tanty Merles” who were not listening to reason, but were operating on ingrained biases and fears. He said a strategy should have been devised to enable people to understand the proposal. Bart-Alexander too said when she heard the idea her initial reaction was one that suggested “something needed fixing.”

Henry, in addressing the matters, said there needed to be transparency in the matter. He explained that the motivation behind the forum was as a result of approaches by a number of people who felt in the interest of the public, such a forum should be held. In relation to offering guarantees to unit-holders about such a merger, Henry said “jump high or low, the UTC was still the best bet, the rates are superior.” In response to whether the forum had Government’s blessings, Henry said “because we are independent we can say what we have to say.” He stressed that the FCB was on “its way up,” although several people felt the bank was not doing well. He further noted that FCB and UTC should be “divested among us and set up in such a way that it is widely held.” However he conceded there was no easy formula. Sealy, in closing the forum, said nothing was wrong with a proposed merger since he said only “good could come out of it because two high performance entities (UTC/FCB) were involved.”