Local Banks Dominate Financial Sector with 75% Ownership

Antigua and Barbuda’s banking sector reached a significant milestone in 2024, with locally majority-owned institutions commanding 75% of the market. Prime Minister Gaston Browne, in his New Year’s address, described the sector’s performance as historic.

“Our local banks achieved profitability at levels never seen before,” Browne stated, crediting decisive actions taken by his administration to ensure greater local control of financial institutions.

The Antigua Commercial Bank (ACB), Eastern Caribbean Amalgamated Bank (ECAB), and the state-owned Caribbean Union Bank (CUB) now serve as pillars of the economy. According to Browne, these banks are positioned to generate higher dividend yields for shareholders as retained earnings grow.

“This transformation was no accident,” he said. “It was the result of courageous and decisive actions that required Canadian-owned banks to sell their domestic operations exclusively to local institutions.”

Browne urged the banks to continue their growth trajectory by offering affordable loans to individuals, businesses, and government entities. He called for an end to what he described as an ultra-conservative lending culture.

“To whom much is given, much is required,” Browne said, encouraging financial institutions to increase their corporate social responsibility, including support for sports, creative arts, and charitable initiatives.

The Prime Minister expressed confidence that the strengthened banking sector would further contribute to the nation’s economic growth and development in 2025 and beyond.

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