{"id":156419,"date":"2022-07-24T19:30:47","date_gmt":"2022-07-24T23:30:47","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=156419"},"modified":"2022-07-25T07:21:39","modified_gmt":"2022-07-25T11:21:39","slug":"pm-browne-says-ecab-directors-are-to-resume-talks-towards-conversion-of-shares","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/pm-browne-says-ecab-directors-are-to-resume-talks-towards-conversion-of-shares\/","title":{"rendered":"PM Browne says ECAB directors are to resume talks towards conversion of shares"},"content":{"rendered":"<div id=\"antig-2436590341\" class=\"antig-ecab antig-entity-placement\"><a href=\"https:\/\/discoverflow.co\/web\/antigua\" aria-label=\"ANU CVP Digital Broadband 1200x400_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1201w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:342\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1201\" height=\"401\"   \/><\/a><\/div><div id=\"antig-1200705234\" class=\"antig-before-content antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/medicalbenefitsscheme\" aria-label=\"ce741a73-c70c-446b-af7f-da2abe2b62bb\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1200\/h:400\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/ce741a73-c70c-446b-af7f-da2abe2b62bb.jpeg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1200\/h:400\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/ce741a73-c70c-446b-af7f-da2abe2b62bb.jpeg 1200w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/ce741a73-c70c-446b-af7f-da2abe2b62bb.jpeg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:341\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/ce741a73-c70c-446b-af7f-da2abe2b62bb.jpeg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/ce741a73-c70c-446b-af7f-da2abe2b62bb.jpeg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1200\" height=\"400\"   \/><\/a><\/div><p><iframe class=\"youtube-vid\" title=\"ECAB HAS AGREED TO RESUME TALKS TO GIVE ANTIGUA GOVERNMENT ITS FAIR SHARE OF THE BANK\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/uTlJDo0wtw8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>Also READ:<\/p><div id=\"antig-3372073710\" class=\"antig-content_5 antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/ablpag\" aria-label=\"ABLP_Red-&#038;-Reddy_Web_1000x250\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1000\/h:250\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/ABLP_Red-Reddy_Web_1000x250.png\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1000\/h:250\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/ABLP_Red-Reddy_Web_1000x250.png 1000w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:75\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/ABLP_Red-Reddy_Web_1000x250.png 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:192\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/ABLP_Red-Reddy_Web_1000x250.png 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1000\" height=\"250\"   \/><\/a><\/div>\n<p>Prime Minister Gaston Browne is again attempting to put public pressure on the directors of the Eastern Caribbean Amalgamated Bank (ECAB) to allow the government to retain ordinary shares in the financial institution.<\/p>\n<p>He said the board had given a commitment to allow the government to increase its shares even while they were trying to acquire Scotiabank Antigua. Browne told Observer, had that commitment not been given, the government would have encouraged the Antigua Commercial Bank (ACB) to buy out the Canadian bank instead.<\/p><div id=\"antig-2984289871\" class=\"antig-content_4 antig-entity-placement\"><a href=\"https:\/\/discoverflow.co\/web\/antigua\" aria-label=\"ANU CVP Digital Broadband 1200x400_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1201w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:342\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1201\" height=\"401\"   \/><\/a><\/div><div id=\"antig-1732010827\" class=\"antig-content_12 antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/ablpag\" aria-label=\"ABLP_Red-&#038;-Reddy_Web_1000x250\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1000\/h:250\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/ABLP_Red-Reddy_Web_1000x250.png\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1000\/h:250\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/ABLP_Red-Reddy_Web_1000x250.png 1000w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:75\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/ABLP_Red-Reddy_Web_1000x250.png 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:192\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/ABLP_Red-Reddy_Web_1000x250.png 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1000\" height=\"250\"   \/><\/a><\/div>\n<p>\u201cThey continue to frustrate the government for years now,\u201d Browne said on a local radio station on the weekend, adding that the directors are \u201cbehaving like they are authorities unto themselves\u201d.<\/p><div id=\"antig-1796393859\" class=\"antig-content antig-entity-placement\"><a href=\"https:\/\/www.antiguabarbudaculinarymonth.com\/\" aria-label=\"culinary\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:843\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:843\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 2560w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:132\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:450\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:337\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 768w, https:\/\/mlavawteztbj.i.optimole.com\/w:1536\/h:675\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 1536w, https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:842\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 2048w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"2560\" height=\"1124\"   \/><\/a><\/div>\n<p>\u201cWe were the ones who gave the bank the opportunity to get scaled up, to get Scotiabank branch, to making ECAB the largest bank on the island and between the management and the directorship they continue to treat the government with contempt,\u201d he asserted.<\/p>\n<p>ECAB is currently one of the largest indigenous banks in Antigua and Barbuda, and the government has 25 percent preferential ownership,\u00a0which gives it first claim on distribution of profits but restricts it to\u00a0voting only on resolutions which directly affect its rights.<\/p><div id=\"antig-997733473\" class=\"antig-content_2 antig-entity-placement\"><a href=\"https:\/\/www.courts.com\/antigua\/\" aria-label=\"500X500 (1)\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:500\/h:500\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/03\/500X500-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:500\/h:500\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/03\/500X500-1.jpg 500w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:300\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/03\/500X500-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:150\/h:150\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/03\/500X500-1.jpg 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" width=\"500\" height=\"500\"   \/><\/a><\/div>\n<p>However, more than three years ago, the administration wrote to the board of directors asking to convert those shares to ordinary shares,\u00a0which would allow the government to claim full voting rights in the decision-making process. In 2021, Browne told Observer that his government intended to sell citizens some of its ownership in the local bank when it converts to ordinary shares.<\/p>\n<p>Together with ACB which owns 15 percent of ECAB, Antiguan and Barbudan shareholders will then account for 40 percent of shares and voting power in the institution thereby increasing domestic ownership.<\/p><div id=\"antig-799022898\" class=\"antig-content_3 antig-entity-placement\"><a href=\"https:\/\/chtamarketplace.com\/\" aria-label=\"Social FaceBook Cover Desk_Mobile\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:711\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/Social-FaceBook-Cover-Desk_Mobile-scaled.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:711\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/Social-FaceBook-Cover-Desk_Mobile-scaled.jpg 2560w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:111\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/Social-FaceBook-Cover-Desk_Mobile-scaled.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:379\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/Social-FaceBook-Cover-Desk_Mobile-scaled.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:285\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/Social-FaceBook-Cover-Desk_Mobile-scaled.jpg 768w, https:\/\/mlavawteztbj.i.optimole.com\/w:1536\/h:569\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/Social-FaceBook-Cover-Desk_Mobile-scaled.jpg 1536w, https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:711\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/Social-FaceBook-Cover-Desk_Mobile-scaled.jpg 2048w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"2560\" height=\"949\"   \/><\/a><\/div>\n<p>\u201cThis is an issue of increasing the Antigua and Barbuda share in the bank and if we felt that there was not the opportunity to increase the Antiguan share then we would have placed those assets into ACB because ACB is owned practically 100 percent by Antiguans and Barbudans,\u201d Browne told Observer.<\/p><div id=\"antig-3341854131\" class=\"antig-content_6 antig-entity-placement\"><a href=\"https:\/\/discoverflow.co\/web\/antigua\" aria-label=\"ANU CVP Digital Broadband 1200x400_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1201w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:342\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1201\" height=\"401\"   \/><\/a><\/div>\n<p>The prime minister, as he did last year after ECAB\u2019s acquisition of Scotiabank, accused the directors of deliberately delaying the conversion.\u00a0He claimed that they were allowing the profits to increase yearly so that the value of their shares can increase which, in turn, would reduce the government\u2019s share value in ECAB.<\/p>\n<p>\u201cI think what they\u2019re trying to do is to increase the retained earnings of the bank so that they can whittle down the shares of the Antigua and Barbuda government,\u201d he said.<\/p>\n<p>The prime minister also lashed out at the Chairman of ECAB\u2019s board, Craig J Walter, an Antiguan and Barbudan citizen who he accused of helping to stymie the conversion process.<\/p>\n<p>Browne said he expected that Antiguan directors would \u201cact with a little more alacrity and push to get these things done expeditiously\u201d.<\/p>\n<p>\u201cYou\u2019ve been given sufficient time and I believe that your actions are deliberate,\u201d he stated.<\/p>\n<p>There are plans to list ECAB on the Eastern Caribbean Stock Exchange, thereby exposing it to a wider selection of investors and financing.<\/p>\n<div id=\"antig-3850037004\" class=\"antig-in-comments_2 antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/@hadeedmotorsltd\" aria-label=\"Hadeed_WEB_Banner_MG-2\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1000\/h:250\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1000\/h:250\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png 1000w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:75\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:192\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1000\" height=\"250\"   \/><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Also READ: Prime Minister Gaston Browne is again attempting to put public pressure on the directors of the Eastern Caribbean Amalgamated Bank (ECAB) to allow the government to retain ordinary shares in the financial institution. He said the board had given a commitment to allow the government to increase its shares even while they were [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":156012,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-156419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PM Browne says ECAB directors are to resume talks towards conversion of shares - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/pm-browne-says-ecab-directors-are-to-resume-talks-towards-conversion-of-shares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PM Browne says ECAB directors are to resume talks towards conversion of shares\" \/>\n<meta property=\"og:description\" content=\"Also READ: Prime Minister Gaston Browne is again attempting to put public pressure on the directors of the Eastern Caribbean Amalgamated Bank (ECAB) to allow the government to retain ordinary shares in the financial institution. 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