Caribbean News Now!

About Us Contact Us

Countries/Territories

Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.

Contribute

Submit news and opinion for publication

Subscribe

Click here to receive our daily regional news headlines by email.

Archives

Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin
Instagram



News from the Caribbean:




Back To Today's News

Talks ongoing to amalgamate OECS indigenous banks
Published on February 4, 2017 Email To Friend    Print Version

timothy_antoine6.jpg
Eastern Caribbean Central bank Governor Timothy Antoine

By Ken Richards

BASSETERRE, St Kitts (WINN) -- Eastern Caribbean Central Bank (ECCB) Governor Timothy Antoine is continuing to push for the amalgamation of local banks in the OECS sub-region.

He spoke to the issue recently in Dominica, and again returned to the subject in Anguilla.

Antoine cited two examples of amalgamation in Anguilla and Antigua and Barbuda.

“So we now have 12 national banks, a year ago we had 14. There’s two in Anguilla that came together as one, everybody knows that, what many people don’t know is that in Antigua and Barbuda, not far away, we have ABIB which is now part of ECAB and before that we had Bank of Antigua which is how ECAB was established. So there you see in Antigua and Barbuda there has been amalgamation, ECAB is actually making profit already,” he said.

Antoine said there are ongoing amalgamation talks in some parts of the OECS.

“In St Lucia and St Vincent talks have been going and among some other countries which I won’t name now but which I’m aware, there are also discussions going on about coming together. If you ask the other bank managers many of the indigenous banks they will tell you that it is very important for them to be able to not just only survive but grow and compete with international banks for market share. Now notice, that coming together may mean a smaller number of banks but it does not mean a drop in market share, if they come together well they can not only protect that market share but potentially grow that market share and even buy an international bank in the future, that’s possible, but they are not going to get to do it individually,” he explained.

The ECCB governor indicated that there is amalgamation going on outside of the Caribbean, even among bigger banks.

Republished with permission of West Indies News Network
 
Reads: 26513





Click here to receive daily news headlines from Caribbean News Now!




Back...

Comments:

No comments on this topic yet. Be the first one to submit a comment.

Back...

As a result of our comments feature being overtaken in recent weeks by spammers using fake email addresses, producing a large number of bounced verification emails each day, we have reluctantly decided to suspend the comments section until further notice.

Disclaimer
User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.




Other Headlines:



Regional Sports: