Prime Minister Browne Highlights Significant Growth of ECAB, Asserts Government’s Role in Its Success
Prime Minister Gaston Browne emphasized the substantial growth of the Eastern Caribbean Amalgamated Bank (ECAB), attributing its success to his administration’s policies. CLICK HERE TO JOIN OUR WHATS APP GROUP
The Prime Minister pointed out that the government’s intervention transformed ECAB from a $600 million entity into a billion-dollar institution, marking a pivotal moment in its history.
Prime Minister Browne’s comments came during a discussion about the bank’s financial status and its relationship with its customers and stakeholders.
He expressed frustration with the current management and the chairman of ECAB, criticizing them for what he perceives as a lack of respect towards customers and the significant role his administration played in the bank’s development.
“Our policies are what resulted in the inorganic and exponential growth of ECAB into a US billion-dollar bank,” stated Browne. He stressed that it was his administration’s efforts, particularly the consolidation of assets from ABI Bank and the acquisition of a substantial branch of Scotiabank, that were crucial to ECAB’s current standing.CLICK HERE TO JOIN OUR WHATS APP GROUP
Furthermore, Prime Minister Browne issued a stern warning to the bank’s leadership, emphasizing his position as a major stakeholder representing the people’s interests.
“If you continue to disrespect your customers, you have to meet me because I represent the interest of the people, and I may be the biggest bully when it comes to defending the interests of Antigua and Barbuda,” he declared.
The Prime Minister’s remarks underline the tension between the government and the bank’s management concerning governance and customer relations.
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The viable banking options in Antigua and Barbuda have declined. PM Browne in taking credit for ECAB”s asset basel, growing in large part by Scotiabank merger, must take responsibility for the reduced, extremely poor retail banking options, for the public at large.
When a man has to blow his own trumpet or display the most narcissistic,egotistical sayings on tea shirts; pay dearly for people to disigenously laud him by awarding them with money or position; it is clear that the man is not deserving of it.
When a man reaks of the odor of his own self-importance and power but needs parasites, traitors and flip-floppers to laud him, we have before us a most despicable specimen of a human being.
What he says is far removed from reality, but the verbal diarrhea is incessant.
One day the people of this country of ours will come to understand and realize that weren’t it for this financial savior they would have lost over three hundred millions in deposits they had at ABIB. Even the Central Bank Governor Dwight Veneer called for the bank to be liquidated and the depositors to lose their money. But through the financial engineering he saved everyone’s deposit without them even realizing that they were about to lose it all. And when he decided not to allow Scotia to determine to whom they will sell their bank to, ECAB got a growth that they never in their wildest dream would have reached. And yes the transfer was not and still is not going smooth. But those are teething processes. They will eventually overcome and are set to be the largest bank in the ECCU. The only sad thing is that the majority shareholder is in St. Lucian hands. Had the UPP bought normal shares instead of preferential shares Antigua would have been the largest shareholder. But we have seen their ineptness in LIAT as well. And we lost majority shareholding to Barbados in the end.
And to date what has the board done to grow this bank even bigger. Not a thing.
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