Banco Popular is estimated to commence operations on Virgin Gorda within four weeks of selecting a location on the island.
Ninth District Representative Hubert O’Neal said the bank gave him that assurance recently.
He also said the bank has already begun its search for a space to open its first-ever sister island branch.
“I had the privilege of touring several possible sites with Dr the Honourable D Orlando Smith, Premier; and Honourable Archibald Christian, the Junior Minister of Tourism; Miss Oran Bowry, Senior Vice-President and Division Manager of Banco Popular (Virgin Islands region) along with her team on Tuesday, September 11,” O’Neal said.
“I wish to thank the Banco Popular organisation for their long, stellar service to the British Virgin Islands and for taking the decision to establish a branch on Virgin Gorda. I also sincerely thank the Premier for his tireless efforts in encouraging Banco Popular to make this vital move as we rebuild the economy of these Virgin Islands,” added O’Neal in a media release on Friday.
Banco was invited to open a branch on the Virgin Gorda after two other financial institutions – Scotiabank and CIBC First Caribbean bank fled sister island.
Their closure raised great concern among the island’s community whose residents now have to ferry to Tortola to fulfil their banking needs.
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