ABI Financial Group

History

The earliest inhabitants of the islands were the Siboney (derived from an Arawak word meaning “stone-people”), whose settlements date back to 2400BC. Christopher Columbus was the first European to sight Antigua on his second voyage in 1493 and he named it after Santa Maria la Antigua, the miracle-working saint of Seville.

The first English settlement was established in 1632. In 1684, with the arrival of Sir Christopher Codrington, the island became a major sugar producing territory. Slavery, established to run the sugar plantations, was abolished in 1834.

Economy

The national economy is dominated by tourism and tourism-related activities that contribute to 67% of the GDP. Over the last few years Antigua has experienced a major boom in the construction industry, which contributes 13% to the nation’s GDP. Through the Free Trade and Processing Zone, the government aggressively courts high-tech, information-based industries, light manufacturing, and import/export companies.

Pharmaceutical and medical supplies, publishing and recording businesses have all been identified as priority industries which find in Antigua ideal conditions for development.  As an attractive jurisdiction for international financial services, this industry is rapidly becoming one of the nation’s major economic drivers.

Government

In 1967, Antigua and Barbuda became an associate state of the Commonwealth and declared independence from Britain in 1981. Her Majesty the Queen remains the head of state, represented by a Governor General. The legal system is based on English Common Law and the Privy Council in London is the highest court of the land.

Financial Services

With the decline and eventual elimination of the sugar industry in the 1970s, Antigua and Barbuda has emerged as a premier tourism and financial services destination, making it one of the most prosperous nations in the Caribbean. The jurisdiction has weathered the storms of the late 1990s which threatened the viability of many international financial centres. Today, Antigua and Barbuda has developed a financial services system which addresses the need to remain dynamic and competitive, while satisfying international regulatory and supervisory best practices. This success is largely due to the island’s first-class telecommunications system, highly literate population and progressive legislation.

Directors and Managers

Chairman

Sir. Eustace Francis, KCN, OD

Secretary

Mr. Marcel Commodore, LLB (Hons)

Board of Directors

Mr. Ashton Jarvis

Mr. Bradley Lewis, GCM OH

Mr. Irving Edwards§         Mr. McAlister Abbott

Mr. Michael Pigott

Senator Sylvia Camacho O’Mard, JD, LEC

Location

Antigua and Barbuda is a twin-island nation located in the Eastern Caribbean, situated 2,145 kms. from Miami, USA.  Antigua is the larger of the two islands, measuring 108 square miles, and is the main population and business centre. It is renowned for its pristine white-sand beaches, one for every day of the year. Antigua Sailing Week, a popular yachting regatta, held in the last week of April and for its international cricket facilities. Antigua has produced the largest number of test cricketers in the West Indies. The sister island of Barbuda covers 62 square miles and is home to one of the largest frigate bird sanctuaries in the world and a stunning 17-mile uninterrupted pink and white sand beach.