Eastern Caribbean Amalgamated Bank (ECAB) is being encouraged to purchase Scotiabank assets in Antigua & Barbuda as the government believes that Scotiabank will soon allow a local bank to make a bid for its operation.
Information Minister, Hon. Melford Nicholas, explains the cabinet’s reasoning for urging ECAB to go ahead with the purchase:
“The face of banking regionally and internationally is changing and to the extent that there’s got to be a greater reliance on the viability of our local banking sector ”
“What we are attempting to do here is to increase the equity participation and to ensure that the profits of the operation are retained in country”, he added.
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The government is urging ECAB? But Gaston has said a million times over that his Consortium is ready to buy. Why would the government need to urge ECAB to buy now? Where is the Consortium? Seems to me that the Government Consortium is non-existent and the government is now trying to convince/beg ECAB to buy so that the government can save face and not look like a complete jackass. Gaston killed the Republic deal and now has no Consortium to buy and is pleading with ECAB to bail him out.
ECAB is a consortium: Antigua Commercial Bank
Eastern Caribbean Financial Holding Company Limited
National Bank of Dominica
St. Kitts Nevis Anguilla National Bank
Bank of St. Vincent and the Grenadines
Government of Antigua and Barbuda
Not in a million years could ECAB afford to buy Scotia by itself. Scotia in Antigua is a local banking giant. ECAB would have to bankrupt itself first. Republic Bank had a much better price for Antigua as they were buying 10 or so islands all at once. Buying inECAB would be buying Scotia Antigua alone and so would have to pay fair market value.
By definition a consortium means a group…how does this word being banded around is now becoming equivalent to a one man show! Where are the other banks who were ready to acquire Scotia Bank to have it now resort to a lone prospective suitor being asked to make the purchase? And with all this noise I though the dough was already prepared for baking for the grand take over feast!
ECAB is a consortium: Antigua Commercial Bank
Eastern Caribbean Financial Holding Company Limited
National Bank of Dominica
St. Kitts Nevis Anguilla National Bank
Bank of St. Vincent and the Grenadines
Government of Antigua and Barbuda
Watch this now. Gaston run Republic Bank with he big mouth and now have nobody to buy Scotia Bank. What a ting!
It’s natural toss one fish in the water and there comes shark’s it’s only a matter of time before Scotia bank realize that we are buying and financialy stable and ready….
Any time a T&T company buys any financial institution in Antigua again, my money will be moved if I have any there. Bunch of tricksters.
yup dem TRICKYdadians. Didn’t they try that bullshit with RBTT already?
I am a customer of ECAB.If they were to purchased the assets of Scotia in Antigua.I would become a former customer of ECAB.I do not want any politicians interfering with my financials and decisions making.What has happen to that consortium of Banks? That were supposed to buy the assets in Antigua according to Gaston Browne.Was there really a consortium.Or was it all bull dung.Mouth opened and dung comes out of it.
Your comment seems to be politically driven. You are too smart to think that politicians would control a bank and its investments. Unless they are on the board of directors, which is a conflict of interest. I would hope the people in government in my place of birth are much smarter than that.
Maybe I’m too hopeful for prosperity and looking through rose colored specs. Enlighten me please!
@Adjunct Professor:
I have no political axes to grind.I speak the truth regardless whom it may offend.This Administration used $30 million of the people’s money.They bought the majority shares in Caribbean Union Bank.Then they went and burrowed about $20 million from said Bank to do something at the Port.I do not want them doing the same with any Bank I deposit my cash into.They do not own ECAB.They bought all of the bad assets from ABIB.I am now wondering if that could be one of the reasons among others why the Government is bankrupt,dead broke.Broker than a door nail.
Guy take the time to see who owns ECAB( … Among them is: Government of Antigua and Barbuda)
Why is there so much negativity about the PM WANTING LOCAL BANKS to get first refusal of the assets of NSB? Do some of these bloggers have so much HATRED for the PM that anything he suggests for the progression of our little bit of paradise is met with such disdain? Do they rather have outside companies make millions from our brothers and sisters hard labour only to invest it outside of our bit of paradise? Haven’t any lessons learned from companies within the Caribbean that fleece customers of their investments? Rid yourselves from mental slavery
I am a proud mental slave when it comes to NSB issue!
politics is why. Same reason the UPP opsed uwi campus being here
If the government was consistent and applied the same principle to the Chinese, YIDA, Arabs and the cruise port then we would be ecstatic.
But the govt only seem to have trang for Scotia and our Caricom brothers and sisters and we wonder why?
Questions questions
If local banks wanted first refusal, they should/would have asked for it. This was not the PMs fight.
@Alex:
Are you really joking?When you asked why so much negativity and hatred towards the PM.You reap what you sow.He sow hatred and negativity towards the people on his Radio Station.Now it is coming back to bite him on his behinds.So do not blame the bloggers.Do not be like him.When things go wrong in his Administration.He blames all others not himself.He would throw anyone under the bus.So he comes out smelling sweet like a rose.
So the PM does not want RFH to purchase Scotia’s assets. Claims he prefers local banks to purchase it’s assets but begs ECAB to purchase? But if I am not mistaken ECAB isn’t a local bank either.
What had become of RBTT?
I have a consortium of banks to purchase the assets of Scotia.
3 months later….I have asked a bank that is owned by a consortium to purchase the assets of Scotia!
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