Prime Minister Gaston Browne has revealed that the government is in advanced discussions with a prominent foreign banking group to sell its majority stake in Caribbean Union Bank (CUB). The announcement was made during his weekly radio program, *The Browne and Browne Show*, where he highlighted the nation’s economic progress and ongoing investment strategies. The government currently holds approximately 80% of CUB’s shares, acquired six years ago to rescue the bank from consistent losses under private ownership. Since then, CUB has turned profitable, though it remains a relatively small institution. Browne emphasized the need for a strategic partner capable of recapitalizing and expanding the bank’s operations. The potential buyer, a foreign banking group managing billions in assets, is expected to inject at least $100 million into CUB, significantly scaling its capabilities. The Prime Minister underscored that this move aligns with the government’s broader vision to modernize the financial sector and enhance banking services through technological innovation. He stressed the importance of adopting cutting-edge technology to meet evolving consumer demands, such as seamless mobile transactions. The ultimate goal is to transform CUB into a robust, well-capitalized institution that drives national development and improves access to financial services.
PM Confirms Plans to Sell Caribbean Union Bank to Major Foreign Investor
