{"id":256481,"date":"2025-11-02T12:44:48","date_gmt":"2025-11-02T16:44:48","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=256481"},"modified":"2025-11-02T13:05:12","modified_gmt":"2025-11-02T17:05:12","slug":"pm-confirms-plans-to-sell-caribbean-union-bank-to-major-foreign-investor","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/pm-confirms-plans-to-sell-caribbean-union-bank-to-major-foreign-investor\/","title":{"rendered":"PM Confirms Plans to Sell Caribbean Union Bank to Major Foreign Investor"},"content":{"rendered":"
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PM Confirms Plans to Sell Caribbean Union Bank to Major Foreign Investor<\/strong><\/h3>\n\n\n\n

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Prime Minister Gaston Browne<\/a> has confirmed that his government is in talks with a major foreign banking group to sell <\/a>its majority stake in Caribbean Union Bank <\/a>(CUB)<\/strong>.<\/p>

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Browne made the announcement on Saturday<\/strong> during his weekly radio programme, The Browne and Browne Show<\/strong>, where he discussed the country\u2019s economic performance and the government\u2019s ongoing investment initiatives<\/a><\/em>.<\/p>

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The Prime Minister said the government, which owns about 80 percent of CUB\u2019s shares<\/strong>, is seeking a partner capable of recapitalizing and expanding the bank\u2019s operations.<\/p>\n\n\n\n

\u201cWe bought Caribbean Union Bank\u201480 percent of the shares\u2014probably about six years ago,\u201d Browne said. <\/p>

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\u201cWhen it was held by private individuals, some of the most sophisticated persons in the society, it never turned one dollar in profit. <\/p>\n\n\n\n

It made losses after losses. Again, we invested in it, and the bank is actually making profits, but it\u2019s a relatively small bank. So we\u2019re seeking to sell it.\u201d<\/p>

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He added that the administration is negotiating with a foreign banking group<\/strong> that manages several billion dollars in assets.<\/p>

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\u201cOn the basis that this deal goes through, they will be in a position to recapitalize the bank and to probably put in at least one hundred million U.S. dollars in capital into it, which will then scale it up significantly,\u201d Browne said.<\/p>\n\n\n\n

The Prime Minister explained that the planned sale aligns with the government\u2019s strategy to strengthen the local financial sector and modernize banking services through technological advancement.<\/p>\n\n\n\n

\u201cThe banks have to lead that charge,\u201d he said. <\/p>\n\n\n\n

\u201cPeople are doing seamless transactions now using their phones and transfers. If they don\u2019t reform and put the necessary systems in place using cutting-edge technology, they may find themselves in trouble.\u201d<\/p>\n\n\n\n

Browne said the government\u2019s goal is to position CUB as a modern, efficient, and well-capitalized institution that contributes to national development and greater access to financial services.<\/p>\n\n\n\n

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CLICK HERE TO JOIN OUR WHAT\u2019S APP GROUP PM Confirms Plans to Sell Caribbean Union Bank to Major Foreign Investor CLICK HERE TO JOIN OUR WHAT\u2019S APP GROUP Prime Minister Gaston Browne has confirmed that his government is in talks with a major foreign banking group to sell its majority stake in Caribbean Union Bank […]<\/p>\n","protected":false},"author":3,"featured_media":256487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-256481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nPM Browne to Sell Caribbean Union Bank Stake - Antigua News Room<\/title>\n<meta name=\"description\" content=\"Prime Minister Browne confirms plans to sell Caribbean Union Bank. 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