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HomeNewsRegional NewsAntigua: PM suggests two indigenous banks should acquire local branch of FCIB

Antigua: PM suggests two indigenous banks should acquire local branch of FCIB

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(Antigua Observer) Prime Minister Gaston Browne is advising the Eastern Caribbean Amalgamated Bank (ECAB) and the Antigua Commercial Bank (ACB) to consider taking over the local branch of CIBC FirstCaribbean International Bank (FCIB) when it goes up for sale here.

This after a Consortium of leading banks in the Eastern Caribbean Currency Union (ECCU) announced last week that it had entered into a definitive agreement to acquire the branches and banking operations of CIBC FirstCaribbean in Dominica, Grenada, St Kitts and Nevis and St Vincent and the Grenadines.

According to a statement, the agreement executed on October 12 is subject to regulatory approval and customary closing conditions.

The twin island state is not on that list, but Browne believes that the sale of the Antigua branch is imminent.

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