ST JOHN’S, Antigua – The Eastern Caribbean Amalgamated Bank will open its doors Monday, replacing the operations at fallen financier Allen Stanford’s Bank of Antigua, Caribbean360.com reported Friday.
The change comes more than a year and a half after the Eastern Caribbean Central Bank stepped in and took over control at BOA and set up a management company to oversee the creation of the new institution.
ECAB said in a statement that it was issued with a banking license to conduct banking activities in Antigua and Barbuda and also obtained the necessary regulatory approvals “to purchase and assume certain assets and liabilities of Bank of Antigua Ltd.”
The institution is owned by the government of Antigua and Barbuda and five of the largest Eastern Caribbean banks.
In February 2009, Stanford and other executives of his Stanford Financial Group were indicted on charges they masterminded a $7.2 Ponzi scheme on certificate of deposit investors with Antiqua-based Stanford International Bank Ltd. His financial empire crumbled under the weight of a U.S. Securities and Exchange Commission investigation.
NEMS Daily Journal