It's the latest development in a controversy over Rahman's acquisition of 659,588 shares worth $14.5 million at the state company's Initial Public Offering last year.
Rahaman made a profit of more than $12 million on the sale of 634,588 shares of his block of shares on January 14. In addition he received $718,950.92 as dividends on the initial purchase of shares.
A reliable source told JYOTI Rahman allegedly used a loophole in the system to buy the shares after the union representing the bank's workers advised employees not to buy any shares.
The bank confirmed that Rahaman demitted office, effective immediately according to a report in the Trinidad Express.
The paper quoted a memo sent on behalf of Group Chief Executive Officer Larry Nath. "This is to advise that Mr Philip Rahaman has demitted office and is no longer with the First Citizens Group effective 25th march, 2014," the memo signed by executive secretary Elizabeth Millar stated.
The memo thanked stakeholders for their "understanding and support".
It stated further, "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."