Prime Minister and Finance Minister Gaston Browne has said that two additional offshore banks in Antigua and Barbuda are likely to be placed into administration, with liquidation possible if their financial difficulties are not resolved.
Speaking on his weekly Browne and Browne programme, Mr Browne confirmed that the Global Bank of Commerce is already in administration and that regulators are closely monitoring two other institutions facing similar challenges.
He said banks that fail to trade out of administration would be wound up and struck off the books.
The Prime Minister noted that the combined asset base of all offshore banks is approximately US$1.5bn, adding that the sector has already undergone significant contraction and reform in recent years.
Mr Browne said the government’s aim is to maintain a strong and credible financial services sector, warning that weak institutions would not be allowed to pose reputational risks to the country.
He added that authorities are strengthening regulatory oversight and enforcement to safeguard the integrity of Antigua and Barbuda’s financial system.
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Did you say the Global Bank of Commerce?
One the PM is associated with? Failed? With all his financial mastery? I thought only banks that UPP is accused of propping up could fail?
No wonder the investor couldn’t get his money out; What a travesty. The PM lacks financial acumen and doesn’t know what he is doing. When he appointed Dwayne George that cemented my opinion of him and the hypocrite from St Mary’s South.