Prime Minister and Finance Minister Gaston Browne has disclosed that two additional offshore banks are expected to be placed into administration shortly, with the possibility of liquidation if their financial challenges are not resolved.

Speaking on the weekly Browne and Browne programme, Browne said one offshore bank, the Global Bank of Commerce is already in administration and that regulators are closely monitoring two others facing similar difficulties.

“If they cannot resolve the difficulties and trade out of administration, then evidently they’ll be placed into liquidation and wound up and struck off the books,” he explained.

Prime Minister Gaston Browne speaking on Pointe TV (screenshot of Pointe FM)

The Prime Minister noted that the total asset base of all offshore banks combined is approximately US$1.5 billion, emphasizing that the sector has already undergone significant contraction and reform in recent years.

He said the government’s objective is to ensure a “pristine” financial services sector, free from regulatory weaknesses or vulnerabilities that could expose the country to reputational risk.

Browne stressed that authorities are taking proactive measures to strengthen supervision and enforcement, particularly within the offshore banking space. He added that Antigua and Barbuda will not allow weak institutions to undermine the jurisdiction’s standing.

The Finance Minister maintained that decisive regulatory action reflects strong leadership and a commitment to safeguarding the integrity of the country’s financial system.