Prime Minister Gaston Browne has renewed pressure on the directors and shareholders of Eastern Caribbean Amalgamated Bank (ECAB) to advance a long-standing government plan to convert preference shares into ordinary shares, a move he says would open the door for broader local ownership.
Browne said the conversion would allow the government to divest those shares to Antiguans and Barbudans, expanding access to equity ownership in a major financial institution and creating additional wealth-building opportunities for citizens.
“And I want to make a plea to the directors and shareholders of ECAB. You have been frustrating this policy initiative of our government in which we are seeking to convert the preference shares into ordinary shares so that we can in turn divest them to Antiguans and Barbudans,” Browne said.
He said the objective is to broaden local participation in key enterprises and ensure that more citizens can benefit directly from ownership stakes in the economy.
The prime minister indicated that the initiative has been under discussion for some time but has not progressed due to resistance from the bank’s leadership and shareholders. He said continued engagement will be necessary to move the process forward and achieve the policy goal of widening share ownership.
Browne has previously argued that expanding local equity participation in major institutions is central to strengthening economic inclusion and building long-term national wealth.
