Nov. 30, 2010 -- Like a phoenix rising from the ashes, today the Eastern Caribbean Amalgamated Bank (ECAB) rises from the misfortunes of its predecessor, Bank of Antigua.

The story of that misfortune is well-known and does not need to be rehashed here. Suffice it to say that now, more than EC$ 89 million later, ECAB is the newest full service indigenous commercial bank in the Organisation of Eastern Caribbean States. The public in Antigua have been accessing its services at four branches since October 18.

I believe the story of ECAB is one of corporate resilience, national goodwill and exemplary regional collaboration.

The ownership of the bank is unique and is a testimony to the virtue of economic integration and cooperation at the level of the OECS.

Having acquired the assets and liabilities of Bank of Antigua, ECAB is itself owned by five of the largest indigenous banks in the region and the Government of Antigua and Barbuda. The Government of Antigua and Barbuda salutes our shareholding partners�National Bank of Dominica, St. Kitts-Nevis-Anguilla National Bank, Eastern Caribbean Financial Holdings Company Limited, Antigua Commercial Bank and National Commercial Bank (St. Vincent and the Grenadines).

This is truly a regional institution, backed by the tremendous goodwill of the Government and people of Antigua and Barbuda, and supported by the financial expertise and resources of the OECS sub-region.

I am confident that the wide regional participation in the ownership of ECAB has enabled the genes of excellent customer care inherited from Bank of Antigua, to be blended with the knowledge and experience brought to the table by the shareholder banks.

It is important for continuity of excellent bank-client relationships and market confidence, that the same team of professionals well known and respected by the customers, has been retained by ECAB.

My Government is pleased that the Bank of Antigua issue has been resolved, for the most part. Our response and that the Eastern Caribbean Central Bank was in the best interest of depositors and in the best interest of the Eastern Caribbean Currency Union.

I want to place on record my Government's thanks and appreciation to the ECCB for its leadership role in bringing about a timely and lasting resolution to that matter.

As the major shareholder in ECAB, to which Bank of Antigua has transitioned, the Government of Antigua and Barbuda is pleased to have been part of that process of rescue, financial resuscitation and the restoration of faith.

The Government's shareholding in this new institution does not constitute economic expansionism on our part.

Neither is it an embrace of the policy of state capitalism, as practiced elsewhere.

Rather, our involvement is a pragmatic and unequivocal demonstration of our commitment to our people. It is also representative of our faith in our financial institutions.

Our action in this regard too, is a manifestation of our firm resolve to protect and secure the stability of the financial system of our country and to safeguard the financial architecture of the ECCU.

The patience, support and understanding exhibited by depositors across the length and breadth of Antigua and Barbuda, has also been a major stabilising factor for this bank. Both the bank and the Government, I am sure, are grateful to the customers for their continuing support.

The Government's commitment to financial sector stability is resolute and firm. We are also very supportive of the smooth flow of mediation services in banking and finance.

Having said that, it is also true that the Government of Antigua and Barbuda is not interested in owning a bank.

It is therefore the policy position of my Administration that within three years, we will begin to look at divesting most of the Government's shares in ECAB to citizens and corporate entities in Antigua and the wider OECS.

The democratisation of key financial and other institutions, providing the broad mass of the people with an opportunity to own a stake in commanding heights of our national economy, remains a firm commitment of this Government.

I believe a fully recapitalised ECAB, now offers great investor value.

ECAB's stated strategic intent to provide first class customer care, based on the pillar of customer intimacy, represents a firm foundation for the growth, development and success of the bank.

While ECAB has been licensed by the Government of Antigua and Barbuda to provide local banking services, I am aware of its corporate vision to eventually expand to the OECS and wider CARICOM region.

The prevailing global economic climate compels forward-looking corporate entities to embrace strategic product diversification and targeted market expansion as a means of survival and growth.

The advent of the OECS Economic Union and the CARICOM Single Market and Economy are important developments which provide secure platforms and opportunities for this region-wide expansion plan.

I wish the management and staff of ECAB all the very best as they forge forward to build this new institution one day at a time, one customer at a time.

May you have many years of great banking success.

Thank you.