Prime Minister Gaston Browne of Antigua and Barbuda has escalated his administration’s campaign to transform the ownership structure of Eastern Caribbean Amalgamated Bank (ECAB). The government is pushing for the conversion of preference shares into ordinary shares, a strategic move designed to facilitate wider public ownership among Antiguans and Barbudans.
In a direct appeal to the financial institution’s leadership, Browne accused ECAB’s directors and shareholders of systematically obstructing this policy initiative. “You have been frustrating this policy initiative of our government,” stated Browne, emphasizing that the conversion would enable the subsequent divestment of shares to local citizens.
The core objective behind this persistent effort is to democratize ownership within key economic enterprises. The administration believes that broadening local participation in major institutions like ECAB will create more direct economic benefits for citizens and foster greater financial inclusion.
Despite prolonged discussions spanning several months, the initiative has encountered significant resistance from the bank’s current leadership and shareholder base. The Prime Minister indicated that this opposition has stalled progress, necessitating continued engagement between government officials and bank representatives to break the deadlock.
This initiative aligns with Browne’s previously stated economic philosophy that expanding domestic equity participation is fundamental to building sustainable national wealth. The government views local ownership stakes in critical financial institutions as a cornerstone for long-term economic resilience and community empowerment.