PM Browne Concerned Over Possible Unlawful Sale Of CIBC Antigua Branch

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Prime Minister Gaston Browne (file photo).

Prime Minister Gaston Browne is seeking answers about the possible sale of CIBC First Caribbean Antigua branch without the appropriate approvals.

“I received this article today by wattsup, but I don’t know if is true. The officials at CIBC Antigua seem to be unaware and are unable to confirm or deny. Could someone who knows, confirm if FCIB could be contemptuously, seeking to sell the branch in Antigua without the appropriate approvals and without notice ?” said Browne.

The article that Browne is refering to says that the Gilinski Group led by Jaine Galinski remains active in terms of purchases in terms of the financial sector. The holding company with presence in several markets will now expand its field of operation as it will acquire the First Caribbean International Bank that has a presence in 16 Caribbean countries.

According to the article, details of the acquisition are expected to emerge next week.

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12 COMMENTS

  1. FCIB is unlike Scotia in that FCIB is is one company incorporated in Barbados that owns all FCIB branches. Sell the shares of the Barbados company and all branches go with it. No need for any vesting order. Scotia branches in the Caribbean are different in that they are all branches of the Scotia Bank Canada Company and so the only way to sell the local Scotia branches is through vesting orders. Of course, Gaston will try to convince the ECCB Monetary Council not to allow the FCIB Antigua sale to go through, but unlike with Scotia, the ECCB cannot approve the sale of FCIB leaving out Antigua as it is a sale of one company that owns all of FCIB. So, it is a sale of all or none. Very different from Scotia where it was possible to sell each island Scotia branch separately. Sorry Gaston, but your leverage is gone on this one with FCIB.

  2. Notes From A Native Son Of The Rock! “Oh Gad!” – Joanne Hillhouse! Where is Mi Gud Fren, The Haitian Hero! This mere voice warned of the Buccaneers’ Coming! Clutch The Pearls!

    Why do some revel in delight! It will be interesting to see how the English Speaking Caribbean respond to this the second richest Colombian Billionaire Privateer!

    “The national bourgeoisie discovers its historical mission as intermediary. As we have seen, its vocation is not to transform the nation but prosaically serve as a conveyor belt for capitalism, forced to camouflage itself behind the mask of neocolonialism. The national bourgeoisie, with no misgivings and with great pride, revels in the role of agent in its dealings with the Western bourgeoisie. This lucrative role, this function as small-time racketeer, this narrow-mindedness and lack of ambition are symptomatic of the incapacity of the national bourgeoisie to fulfil its historic role as bourgeoisie. The dynamic, pioneering aspect, the inventive, discoverer-of-new-worlds aspect common to every national bourgeoisie is here lamentably absent. At the core of the national bourgeoisie of the colonial countries a hedonistic mentality prevails—because on a psychological level it identifies with the Western bourgeoisie from which it has slurped every lesson. It mimics the Western bourgeoisie in its negative and decadent aspects without having accomplished the initial phases of exploration and invention that are the assets of this Western bourgeoisie whatever the circumstances. In its early days the national bourgeoisie of the colonial countries identifies with the last stages of the Western bourgeoisie. Don’t believe it is taking short cuts. In fact it starts at the end. It is already senile, having experienced neither the exuberance nor the brazen determination of youth and adolescence.” ― Frantz Fanon, The Wretched of the Earth!

  3. @ JFII
    Replace the word bourgeoisie with ALP because Fanon pinned them down to the T and I still do not understand why he is not required reading in our secondary schools.

    The British and Canadians are fleeing our financial sector likes rats off a sinking ship and the Trinis and Colombians are taking over. What next Lawd.

    • Notes From A Native Son Of The Rock! “Only the massive commitment by men and women to judicious and productive tasks gives form and substance to this – political, economic, socio-cultural, technological, legal and ecological – consciousness.” ― Frantz Fanon, The Wretched of the Earth!

      Why not encourage your compatriots to be like the Trinis and Colombians!

  4. Most of these owners of banks knows that digital currency is going to be mainstream very soon and banks in the present form are not needed, so most of them are selling out before it is too late.

  5. The Colombians are coming.The Colombians are coming.They are coming to purchase CIBC/First Caribbean Assets in the Caribbean and beyond.Who is going to stop the Colombians,this time.Those Colombians are not Republic Bank of Trinidad.They would grease your palm.They would give to charities and behave like nice guys.Until they do not get what they want.Then their other sides would rise to the surface.Cannot wait to see how this game is played out.This is not your Caribbean Brothers from Republic Bank of Trinidad.

    • Well said………….Columbians are very smiley smiley and cool people but DO NOT, DO NOT, I repeat, DO NOT cross dem!!!
      #WatchingNWaiting

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