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PM Confirms Plans to Sell Caribbean Union Bank to Major Foreign Investor
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Prime Minister Gaston Browne has confirmed that his government is in talks with a major foreign banking group to sell its majority stake in Caribbean Union Bank (CUB).
Browne made the announcement on Saturday during his weekly radio programme, The Browne and Browne Show, where he discussed the country’s economic performance and the government’s ongoing investment initiatives.
The Prime Minister said the government, which owns about 80 percent of CUB’s shares, is seeking a partner capable of recapitalizing and expanding the bank’s operations.
“We bought Caribbean Union Bank—80 percent of the shares—probably about six years ago,” Browne said.
“When it was held by private individuals, some of the most sophisticated persons in the society, it never turned one dollar in profit.
It made losses after losses. Again, we invested in it, and the bank is actually making profits, but it’s a relatively small bank. So we’re seeking to sell it.”
He added that the administration is negotiating with a foreign banking group that manages several billion dollars in assets.
“On the basis that this deal goes through, they will be in a position to recapitalize the bank and to probably put in at least one hundred million U.S. dollars in capital into it, which will then scale it up significantly,” Browne said.
The Prime Minister explained that the planned sale aligns with the government’s strategy to strengthen the local financial sector and modernize banking services through technological advancement.
“The banks have to lead that charge,” he said.
“People are doing seamless transactions now using their phones and transfers. If they don’t reform and put the necessary systems in place using cutting-edge technology, they may find themselves in trouble.”
Browne said the government’s goal is to position CUB as a modern, efficient, and well-capitalized institution that contributes to national development and greater access to financial services.
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Another dumb deal awaits you while the so called smart people are afraid to speak up.
Well wha’d you know
Scotia being sold to republic was a no
People be like asot, take your money & run
Why was taxpayer’s money put into a failing bank
You can sell all you want an investigation is all that is needed . Financial experts will track you down.
Have any financial accounts been published for CUB. Why buy a loss making bank in first place. Something not right here folks. Don’t think you are being told the full story here !
To every bank Gaston interfered with just leaved us with monopoly banking and bad service no choice, the banks just charge us for all sort a dream up ideas, if republic bank had taken over Scotia then more choices, but by the way since Gaston comes to power banks been running leave ANTIGUA I wonder why? Because Scotia and royal bank exist across other Caribbean island.
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