Government Considers Sale of Shares in Caribbean Union Bank
The Cabinet has spoken to a potential investor who expressed keen interest in acquiring the Government’s shares in the Caribbean Union Bank (CUB).
During the meeting, the investor outlined an ambitious vision aimed at revitalizing CUB’s operations, stating his confidence in attracting substantial capital to facilitate this modernization process.
He envisions transforming CUB into a high-performing bank that stands out in the Caribbean region, positioning it as a leading technology-driven financial institution.
The investor highlighted plans to establish several correspondent banking relationships with prominent financial institutions in the capitals of developed countries, which would enhance CUB’s operational capacity and global reach.
However, it was noted that for the transfer of ownership to proceed, approval must be secured from the Eastern Caribbean Central Bank, ensuring that all regulatory requirements are met for such a significant financial transition.
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Stone January 16, 2025, 10:37 AM