Antigua & Barbuda Investment Bank Saved

News Americas, ST. JOHN’S, Antigua, Mon. July 25, 2011: Antigua & Barbuda Investment Bank has been saved from collapse.

Reports indicate that The Eastern Caribbean Central Bank had inadequate liquid assets and could not meet the statutory reserve requirement and had to be taken over.

It was one of the few locally owned banks in Antigua and began operating in 1990 after it acquired the Fidelity Trust Bank and had an asset base of $346.7 million in 2009.

The intervention comes two years after the Central Bank assumed control of the Bank of Antigua, an R. Allen Stanford affiliate.