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Talks had with ‘several banks’ to open VG branch, Banco looks promising

Government has been having talks with “several” financial institutions to open a branch on Virgin Gorda, Premier Dr Orlando Smith has claimed.

He made the statement on Friday, August 31 — Scotiabank’s final day on the sister island, which is now without a banking facility.

According to Premier Smith, Banco Popular seems to be the furthest along in preparations to set up shop on Virgin Gorda, and is expected to make an announcement on the matter ‘very soon’.

“I expect Banco Popular to make an application to the Financial Services Commission for the establishment of a branch,” he said.

“We want to ensure both residents and business owners know that my government is working diligently on a solution to the current situation.”

Scotia’s closure raised great concern among the sister island community whose residents now have to ferry to Tortola to fulfil their banking needs.

That bank’s closure comes a few short months after CIBC First Caribbean also fled the sister island.

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8 Comments

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  1. Me says:

    Thanks to Banco Popular for potentially filling this void! I pray they don’t set up in the Marina and teach those vultures a lesson!

    • Rubber Duck says:

      Maybe the government should be facilitating on line payments, bank transfers, ATMs and the other 20 year old enhancements to modern life, rather than trying to persuade a horse and carriage factory to open. Hello.

  2. Woww says:

    Government ain’t helping do a damn thing!!

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  3. yes says:

    I think VG should get their own local bank. Bank of Virgin Gorda and grow as the community grow. Instead of depending on these foreign banks. just my opinion. Hmm new business venture while creating jobs for the locals

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  4. oh yeah boy says:

    This time if you all get a bank up there again use it instead of coming to Tortola to do the same thing that is available up there.No business can be expected to remain open indefinite and no one uses their services. You can’t have it both ways.

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    • Really says:

      So many persons over the years tries to open accounts there and were refused. Some were major businesses. Also the process to open an account was lengthy it sometimes took months while other banks were a week or two and this is with all the correct documentation provided. There was seldom a day you went to the bank and it wasn’t full

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