Imminent Shake Up at CUB

With the Government assuming a 78% stake following a recent injection of $30 million into the Caribbean Union Bank word is out that major changes are coming to the financial institution.

This, after Prime Minister Gaston Browne, who also the country’s Finance Minister said that a new general manager along with the composition of the board of directors.

“There will be some fundamental changes in the management of the bank. We’re now looking for a new general manager and we’re hoping that person will be an Antiguan but i have to admit that we’re having some difficulties in recruiting someone with the appropriate skills. The composition of the board will be fundamentally different…I don’t think that more than 2 of the same directors will survive out of the 9, so there will be at least 7 new board members,” he said.

The Prime Minister said that one of the issues plaguing the bank was its small size which will be addressed through an aggressive drive to attract more customers.

In Parliament on Tuesday, he said that they are confident that CUB will become one of the strongest domestic banks within the region which could lead to a takeover of other banks in the country.

” I’m confident that the CUB going forward based on the increased capitalization will become one of the strongest bank within Antigua and Barbuda’s Domestic banks and certainly within the region. In fact, we are positioning CUB probably to take over other banks here in Antigua and Barbuda and within the region,” he added.

The Prime Minister noted that the fortunes of CUB will see a turn-around shortly.

Meantime, CUB Board Chairman, Ambassador Brian Stuart- Young has responded to suggestion that the government take-over was done as a means of assisting him.

He said has never been a major shareholder in the bank’s operations.

” Whilst this bank began about 11 years ago and I was one of the founders, I was never a majority stakeholder in the bank. Furthermore, in my own personal capacity, I did not participate in the bank really since 2007 and gong forward it has been run by a board and persons that have not take any advice from me so I have been divorced from that bank,” he said.

 

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