Prime Minister Gaston Browne says one or two offshore banks operating in Antigua and Barbuda could be placed under liquidation due to ongoing challenges maintaining correspondent banking relationships.
Speaking on the Browne and Browne Show on Pointe FM, Browne said the affected institutions have struggled to secure or retain correspondent partners abroad — a requirement for processing international transactions — amid tightening global banking regulations.
“One or two offshore banks may end up being placed under liquidation because of corresponding banking issues,” Browne said. “It’s a challenge for some of these small institutions to maintain correspondent relationships.”
He said the government is monitoring the situation closely and will work with the Financial Services Regulatory Commission (FSRC) to protect depositors and ensure that Antigua and Barbuda’s financial system remains compliant with international standards.
Browne emphasized that the challenges are not unique to Antigua and Barbuda, noting that regional offshore sectors continue to feel the effects of “de-risking” policies implemented by larger international banks.
“This is a global issue affecting small financial centers,” Browne said. “We have strong regulations in place, and we’ll continue to safeguard our jurisdiction’s integrity.”
The prime minister added that the country’s domestic banking system remains stable and well-capitalized, with local banks continuing to maintain healthy correspondent relationships and strong liquidity positions.
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This really isn’t Antigua’s fault. The issue comes from how some offshore banks are run, there’s a lack of initiative and almost no proactive business engagement. In Dominica, for example, several offshore banks operate successfully under similar regulations without facing these delays or communication problems. It’s a management and attitude issue, not a jurisdictional one. Platforms like ovza.com (my employer) see this pattern all the time when comparing offshore banking performance across regions, we attempted to deal with these small offshore banks in Antigua before, and they were horrible to communicate with