ABI Bank Ltd ceases business in Antigua and Barbuda

The ABI Bank Ltd has ceased to carry on banking business in Antigua and Barbuda, effective immediately.

The announcement was made by the Eastern Caribbean Central Bank (ECCB).

According to a release from the ECCB, the Government of Antigua and Barbuda and the Eastern Caribbean Amalgamated Bank Ltd (ECAB) have reached an agreement to transfer most of the operations of the ABI Bank to the ECAB.{{more}} The Eastern Caribbean Amalgamated Bank Ltd was licensed to conduct banking business in Antigua and Barbuda on 11 August 2010. The Bank is owned by a consortium of five regional banks and the Government of Antigua and Barbuda.

As a result of the agreement between the Government of Antigua and Barbuda and the ECAB, deposits held at the ABI Bank, up to $500,000 per person, have been transferred to the ECAB. Account holders will be able to conduct their normal banking business at the premises of the ABI Bank Ltd from November 30, 2015. To facilitate normal transactions, customers can continue to use their ABI Bank cheques, as well as the ATM, credit and debit cards, until advised otherwise.

To meet the objective of full protection of the depositors, agreed to by the ECCB’s Monetary Council, the portion of a person’s deposits in excess of $500,000 has been transferred to a Depositor Protection Trust (DPT). The DPT will manage these amounts and pay them out over time.

The Central Bank wishes to assure depositors that all measures are being taken to safeguard their interests and to maintain the stability of the financial system of Antigua and Barbuda.