The Caribbean Union Bank (CUB) has turned a profit of $1 million, more than three years after the government injected $30 million in equity in the financial institution, commanding 80 per cent of the shares in the Bank.
Last Wednesday, top management at the CUB were invited to Cabinet to report on the financial health of the bank, after which the Cabinet claimed that its monetary contribution had caused the bank to become stable and profitable.
“We’re happy to say that over the last financial year, not only has the Bank rolled back into the game and all of its vital performance indicators have improved, but they have been able to boast an operational profit, though minimal, of approximately $1 million,” said Minister for Information, Broadcasting, and Telecommunications and Information technology, Melford Nicholas.
Minister Nicholas said the government will continue to encourage entrepreneurs to become stakeholder in local banks, just as it did in the Caribbean Union Bank.
The government had initially wanted to merge the CUB and the Eastern Caribbean Amalgamated Bank (ECAB) but realized that ECAB would not be able to stand on its own.
It then decided that it would eventually sell government shares in the Caribbean Union Bank (CUB), to the public.
Currently, the CUB is offering 6 per cent mortgages to those customers who wish to purchase homes from National Housing and is also putting in place a plan to finance the purchase of lands, to be sold by the government, at a highly subsidized price.
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