BVI News

At long last, banking back on VG! Premier gives ‘99% guarantee’ services will expand to 5 days

Government and Banco Popular officials are photographed at the bank’s new location to mark its return to Virgin Gorda on November 6, 2019. (Photo from Andrew Fahie’s Facebook)

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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20 Comments

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  1. Mmm says:

    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.

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  2. vip heckler says:

    If that good lady didn’t mention dr.Smith’s name we would’ve never known who started the whole thing

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  3. BIG QUESTION says:

    WHY HE DIDN’T SUBSIDIZE OUR OWNED NATIONAL BANK AND SEND A BRANCH UP THERE ???

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  4. FACTS says:

    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.

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  5. NDP Supporter says:

    I give the government credit for getting this done.

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  6. VG YOUTH says:

    This is real good news.

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  7. true says:

    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!

  8. Native says:

    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….

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    • Blah says:

      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.

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      • Huh says:

        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….

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        • Anonymous says:

          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.

  9. @big question says:

    National bank is a ignorant bank leave it where it is. VG good now.

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  10. FACTS says:

    The Chairman of the National Bank needs to go.

  11. Spot on says:

    Premier you have done well.

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