First Citizens today disclosed that its chief risk officer (CRO), Philip Rahaman had demitted office, effective immediately. The announcement came after questions were raised over Rahaman's acquisition of shares during the bank's initial public offering last year.
In a memo sent on behalf of Group Chief Executive Officer Larry Nath, First Citizens stakeholders were told "This is to advise that Mr Philip Rahaman has demitted office and is no longer with the First Citizens Group effective 25th march, 2014.
As an interim measure, areas which fall within the Office of the CRO will be dealt with as follows:-
*Market Risk will report into the Chief Financial Officer, Mr Shiva Manraj.
*Operational Risk will report to the Group Chief Internal Auditor, Mr Anthony St Clair and
*Credit Risk will report to the Group Chief Executive Officer.
On behalf of the Board, Management and myself, I wish to thank you for your understanding and support.
Please remember that the First Citizens Group has earned one of the highest credit ratings regionally and serves over 300,000 customers and employees. We remain one of the strongest financial institutions in the region and we will continue on our path....
As usual, my office remains accessible to answer questions staff may have.
The memo was signed by executive secretary Elizabeth Millar.