Morean mum on FCB/UTC merger

Following the business community’s wariness of the proposed merger of the Unit Trust Corportation (UTC) and First Citizens Bank (FCB), persons directly involved in the matter kept tight-lipped to the media yesterday. Only the Opposition ventured their views on Prime Minister Patrick Manning’s recent suggestion. Legal adviser to the Government, Attorney-General Glenda Morean declined to comment on whether such a merger would be legal. She told Sunday Newsday: “I’d prefer not to comment on it until I have a definite position on it.” Asked about the outcry following the proposal of the merger by Prime Minister Patrick Manning, she replied: “The Prime Minister may have made certain statements and arising out of that people have gone ahead (ie responded).”

The UTC’s CEO Clarry Benn declined to respond to Sunday Newsday’s queries, saying: “I will not make any comment on that, for obvious reasons.” In contrast to this silence, Opposition MP for Princes Town attorney-at-law Subhas Panday expressed his personal disapproval of the proposed merger. Panday said: “It will create confusion, distrust and uncertainty in the UTC. The FCB has had a history in their accounting system and in their credibility. Personal accounts are being made public without their owners’ knowledge. There has not been that problem with the UTC. You will be bringing down theUTC’s credibility. There might be a drain on the UTC.” He wondered if Manning’s announcement had been a political ruse to divert public attention to people’s savings, distracting it away from the crime situation.