At long last, banking back on VG! Premier gives ‘99% guarantee’ services will expand to 5 days
At long last, banking services have officially returned to Virgin Gorda and Premier Andrew Fahie has said he is extremely confident the new Banco Popular branch that opened on the island this week will be operating on a five-day-per-week basis shortly.
The bank is currently opened three days a week — Mondays, Wednesdays and Fridays from 9 am to 4 pm but Premier Fahie said those days will soon expand as a result of the projected economic activity which is likely to occur soon.
“We recognised that there is tremendous economic potential right here on Virgin Gorda in the future with so many businesses coming on stream. Already approved Little Dix, already approved Biras Creek, Bitter End and many other areas coming back on stream,” said Premier Fahie at the bank’s official opening ceremony on the sister island on Wednesday, November 6.
“I can guarantee 99.9% that the economy of Virgin Gorda will lift and rise and flourish so great that the three days in Banco Popular will turn into five days,” added Fahie who is also Minister of Finance.
Opening of bank to bring relief to residents
Premier Fahie said the opening of the bank on Virgin Gorda was of high priority for his government when he took office in late February. With no banking services available on the island since Scotiabank’s departure in 2018, he said this new joint-venture with Banco, will bring relief to both residents and business owners on the sister island.
“Business owners on Virgin Gorda felt a heavy sense of insecurity, having to keep large sums of monies home, thereby posing a threat to themselves and their families. With the opening of the bank today on Virgin Gorda, this feeling of insecurity and concern will be significantly reduced,” the Premier added.
Banco’s commitment
Meanwhile, Senior Vice President and Division Manager for Banco Popular Virgin Islands Region, Oran Roebuck, said that the expansion of services to Virgin Gorda reaffirmed the bank’s commitment to the BVI.
“Establishing a presence in Virgin Gorda to provide financial services for residents and visitors alike have been a long-standing goal of Popular and today we are so proud to see the goal come to fruition,” she stated.
Services to be offered
Among the services that will now be present on the island are a 24-hour walk-up ATM which will also possess their new easy deposit feature, and access to a commercial night depository.
“At this facility, our clients will also access consumer and commercial loan products, business banking services and have access to our mortgage staff,” Roebuck added.
The branch consists of a six-member staff inclusive of four Virgin Gorda residents.
Five-year partnership
In May, Premier Fahie had disclosed that his government was entering into a five-year partnership with Banco Popular by subsidising some of their operations. He said the subsidy will not exceed $70,000 annually.
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I’m just glad that the Banco rep acknowledged that Dr Smith was the one to start the negotiations for this relationship. Cause leave it up to Andrew it would have never been said. Happy for VG. Banco is awesome.
But Andrew said it though.
Say what you want but the fact is Fahie recognized Orlando efforts in the past and the most important fact is that Fahie and his government got the deal done. That’s the bottom line.
If that good lady didn’t mention dr.Smith’s name we would’ve never known who started the whole thing
WHY HE DIDN’T SUBSIDIZE OUR OWNED NATIONAL BANK AND SEND A BRANCH UP THERE ???
Oh please. Try leave that lame duck national bank alone. This bank does not help the common man anymore. The board of the bank needs firing. The chairman talks down to people and have no confidence in his people of the BVI.
AMEN TO THAT.
Because they are a f**king WASTE OF TIME!!!!!! They have only recently raised from the dead and started offering real bank services.
BVI National bank is a waste a damn time. It only good for advertisement.
Orlando knew about this bank dilemma on VG for over a year and did not get a new deal sealed so whether you like Fahie or not you have to give the man & his team credit for sealing the deal for the people for VG.
I give the government credit for getting this done.
This is real good news.
If they open Tues/Thur they can take all of Anegada business due to Anegada Express running so a day at the bankerly takes 1/2 day instead of all day. I hope they do but at least VG has a bank again, its all good!
Yes we may rejoice Vg has a bank but when the reality kick in and we realize that banking is a business but yet our government was force to subsidize why? Can’t to hear more about this Banco deal in the HoA…My thing is government should not be subsidizing no bank to offer services to people who you are using there money to transact business and gain large profits….
A bank is necessary for VG people even if government has to invest as well. There are many businesses on the Island. Keeping the money in their business or going home with it isn’t safe. Catching the ferry to transport the money isn’t safe, convenient and is costly. Getting paid on VG and then catching the ferry to change a check has the same problems as well. Running out of cash on the island is a big problem. This is very necessary.
Isn’t it the same way the bank will be transporting their monies? And wouldn’t it cost the bank even more for security to transport money from Tortola to VG or VG to Tortola? Then guess what the next talk is oh the bank has extend now to a full week to accomadate Anegadians on Tuesdays and Thursdays like really, why they didn’t start off with mon,Tues,fri or non,thurs,fri, but guess what just how Mr.Fahie trying to look political mileage the bank president will pop your wheel.. Since Mr.Premier is so great how comes you negotiate without thinking about anegada? Substitute the Wednesday for Tuesday or Thursday….
Idiot Anegada’s population is way smaller than VG and would make no sense to have a bank. The bank’s money is insured. Private citizens money is not insured.
National bank is a ignorant bank leave it where it is. VG good now.
The Chairman of the National Bank needs to go.
Premier you have done well.