Government To Assume Majority Shares In Caribbean Union Bank On Thursday

Another historic move by the government of Antigua and Barbuda will take place later this morning…(FRI)

It is when the transfer of the majority ownership shares in the Caribbean Union Bank (CUB) will take place, with a signing ceremony.

Prime Minister and Minister of Finance, the Hon. Gaston Browne, and other officials of Government will at 10:00 a.m., join with bank’s other shareholders to consummate the purchase.

Information Minister, the Hon Melford Nicholas, explains just how significant this undertaking will be.

With government recently having to step in to rescue another financial institution, the information minister told journalists the government’s move regarding the CUB is a shrewd pre-emptive step.

Minister Nicholas underscores that rather than having to do a bailout, this measure can be deemed an investment.