Another bank has expressed interest in operating on Virgin Gorda – this as Scotiabank prepares to discontinue its operations on the sister island.
Similar to the National Bank of the Virgin Islands, Banco Popular is currently exploring the possibility of opening a branch on Virgin Gorda.
Representative for the Ninth District, where Virgin Gorda is located, Hubert O’Neal made the announcement in parliament on Tuesday.
He said he is working closely with the bank to make their vision of a Virgin Gorda branch a reality.
“Just like the other banks, they have a lot of customers in Virgin Gorda and they are very much interested in doing that. In fact, as I speak, they are looking at space where they can set up their services,” O’Neal said.
“Banco is well aware of the difficulties that the other banks had … so they are taking the cautious approach,” he underscored.
As for National Bank, O’Neal responded to naysayers who have said the financial institution’s services are too limited to be entirely beneficial to Virgin Gorda.
O’Neal said the National Bank is planning to offer additional services consistent with regular banks.
“We have to realize that our National Bank is a growing enterprise. I know they have certain limitations, right now they don’t have ATM services, they don’t have correspondent banking to do wire transfers and that sort of thing but it is a business developing.”
“I am not just talking off the top of my head. I have had discussions with the bank and with the chairman of the board and these are the things that the bank is working on.”
“It will, at some point in the future, provide all the services necessary to do business on Virgin Gorda,” O’Neal said. He told the House of Assembly the National Bank plans to introduce these additional services incrementally.
Sister Islands Coordinator Vincent Wheatley recently said, though the National Bank has good intentions, their presence on Virgin Gorda would be virtually useless.
Copyright 2021 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.