Prime Minister Gaston Browne didn’t hold back on Saturday when he called out local banks for what he sees as their laid-back attitude. Speaking on his weekly radio show on Pointe FM, Browne bluntly told bankers to get off their butts”and actively engage with customers instead of sitting in their offices waiting for business to come to them.
“Bankers need to stop acting like they’re too important. They should be out there talking to people, finding out how they can help, and making it easier for folks to get mortgages or loans,” he said, clearly frustrated with the current approach.
The Prime Minister noted that banks in Antigua and Barbuda saw their assets grow by over $500 million this year, but much of that money is being parked overseas in securities instead of being reinvested locally.
“Sure, they might be earning 3% on those investments now, but what happens when U.S. interest rates drop to 1% next year? Why not offer mortgages at 6% or 7% and help people here at home?” he questioned.
Browne called on banks, particularly those in which the government has a stake, like ACB Caribbean and EAB, to step up their game. He said they should be more proactive, whether it’s offering mortgages, supporting small businesses, or exploring other ways to boost the economy.
“I used to work in a bank, and I’d pick up the phone and call people to see if they needed loans. That’s how it’s done. But these days, they’re too busy going to cocktail parties and playing important,” Browne quipped.
The PM didn’t mince words about the potential consequences of inefficiency, especially at banks where the government holds shares.
“If they keep dragging their feet, we might have to privatize some of these institutions. A lot of them won’t have jobs if it comes to that,” he warned.
Browne also stressed the importance of banks making the most of stable economic times to build up their reserves. He pointed to the collapse of ABI Bank as an example of what happens when institutions fail to prepare for economic downturns.
“When times are good, they need to maximize their profits. If they don’t, they’ll be crying for bailouts when things get tough,” he said.
The Prime Minister urged banks to take their role in driving economic growth seriously. Whether it’s making loans more accessible, helping entrepreneurs, or simply being more customer-focused, he made it clear that he expects more from the banking sector.
“It’s time for the banks to start acting like they’re part of the solution, not just sitting back collecting fees,” Browne concluded.
The message was clear: for Antigua and Barbuda’s economy to thrive, its bankers need to roll up their sleeves and get to work.
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Not a fan of Gaston Browne, but I damn well agree in this instance. Light dem tail pon fire
“If they keep dragging their feet, we might have to privatize some of these institutions. A lot of them won’t have jobs if it comes to that,” he warned.
Herein lies the rub. Things “brown”. There is no money. That is why he has started to cuss the banks. He’s ready to move on them
I addition to PMs wored:
The banks bureaucracy is out of control! It shouldn’t take two months to open a bank account. It should take two days, or less.
Agreed!!
PM Browne should take the beam out of his own eye first and stop worrying about what banks are doing. Revamp and revamp your Inland Revenue Department with people who want to work; get rid of every engineer at Public Works and APUA Water. It is obvious, even to Dr. Aubrey Webson, that they do not have a clue what they are doing. Get rid of 80% of your Permanent Secretaries, who do no management of their human resources. Staff are on their phones or just generally chatting and playing, while the public is treated to poor and rude service. And I can go on and on. But in short, the service and output of the services at government and statutory corporations first, then chat about others.⅖
PM, kindly look into the operations of some banks. PLEASE.
It is real sad that the government cannot demand from the banks that they play a more crucial role in the economic activities of our country and by large our currency union. It should not be right that our money is being send overseas mainly to the USA to earn gains on investments while our economy is in dying need of capital. Here it is the Prime Minister prevented the Republic Bank from taking our dollars to Trinidad, only for our own bankers to take them to UNCLE SAM. Banks are the key players in our economy. They have over 2 billion dollars in savings and what do they do with it. They refuse to take risk and provide more people with mortgages, they refuse to give starting businesses loan with atrtractive terms such as thise terms the Chinese Banks give our government. Even if they would give a start up business a moratorium of two years, it would go a long way for such a business to get their business rooted. Everyone knows it takes at least five years for a business to get over the hump. After five years we can look at your retained earnings and see if you are strong enough to have weather the storms. Many of our bankers are very arrogant. They see themselves as Kings and Queens not realizing is just a job they have. And they here to serve us the clients. Appreciate our business. I hope someone other than the PM can get them to move from their derriere. Go and meet with customers. Bring buisiness to the bank. Hold business luncheons with your high networth clients. Go play some golf with them. Or take them out on a yacht. Alfa Nero is perhaps still here for rent for a day. I use to do all of this when I was a Financial Advisor. You got paid commision on your portfolio. That is how Stanford brought in billions to his bank. The producers went out all over South America and brought in the dollars.