United We Lend

Aug 1, 2006

Local Caribbean banks from the windward side of the basin are banding together to compete in a rapidly changing regional marketplace.

Despite being the first ports of call for many hurricanes, and subject to frequent volcanic activity, the economies of the Eastern Caribbean States have shown a remarkable degree of resilience and stability since banding together 25 years ago. Recently, however, they have wobbled as globalization revealed, for example, the inefficiencies of both the sugar and banana sectors.

Lacking scale to effectively access global markets, the Eastern Caribbean States (ECS) – which lie at the windward side of the basin and consist of Anguilla, Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines – are proposing a closer economic union alongside their broader integration into the Caribbean Single Market and Economy.

For similar reasons, a group of local Caribbean banks...

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