Antigua’s Financial Sector Thrives with Key Players: ACB, ECAB, and CUB

Antigua and Barbuda’s financial sector is thriving. Local majority-owned banks command 75 percent ownership of the banking sector and have achieved historic profitability. That’s the word from Prime Minister Gaston Browne who delivered his New Year’s address to the nation via State Media last night.

As this growth continues, retained earnings will swell, he says, “making our banks stronger, with higher dividend yields for shareholders”

But according to the finance minister, this transformation was no accident. 

“It was the result of my administration’s courageous and decisive action, requiring Canadian-owned banks to sell their operations exclusively to local institutions. Today, the Antigua Commercial Bank (ACB), Eastern Caribbean Amalgamated Bank (ECAB), and the state-owned Caribbean Union Bank (CUB) stand as pillars of a thriving financial sector,” he added

Meanwhile, the government has urged these institutions to share the success enabled by the state by offering affordable loans to individuals, businesses, government, and quasi-government entities that are ready to seize the economic opportunities of 2025 and beyond. 

“Whereas, we expect prudence in their lending, we also expect our banks to become more responsive to the developmental funding needs of our people, bringing an end to the ultra-conservative, suboptimal, consumer-driven lending culture, that had taken root in prior years,” PM Browne added 

He said this approach aligns with our broader vision of empowering our people with economic growth opportunities and a supporting financing infrastructure, thereby creating an environment where our people flourish. 

“To whom much is given much is required. Therefore, we expect to see increased levels of social corporate responsibility from our banks, and other profitable businesses, in the form of sponsorship in sports and the creative arts, as well as, donations for worthy causes,” the prime minister added