BVI News

Republic Bank officially takes over!

Republic Bank sets up shop in Road Town. (BVI News photo)

Republic Bank has completed its acquisition of Scotiabank BVI and commenced operations at its branch in Road Town this morning, June 2.

Signs that the Trinidadian company’s operations have started was evidenced by the queue of customers outside of the building on Tuesday.

Scotiabank’s signature red colour that previously accented the building that housed its operations locally, has also now been replaced by Republic Bank’s trademark blue — another visible sign of the takeover.

As for other changes associated with the sale, Scotia customers who previously used its online banking service must now do so through the Republic Bank website using their same login and password. A similar principle applies to mobile banking users, who must now download Republic Bank’s mobile app to access that service.

Scotiabank employees, in the meantime, will remain with the business under Republic Bank’s ownership.

Republic Financial Holdings Ltd — the parent company — had reportedly purchased Scotiabank BVI for $120 million.

BVI News will bring more about the acquisition in subsequent publications.

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15 Comments

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  1. Hmmm says:

    And who in the BVI owns 51% of this bank. Isn’t it so that any business that wants a license has to be majority owned by a Belonger. How about some real reporting and find out and disclose the real information. People want to know who is involved. Their money is at risk.

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    • Biz Owner says:

      Not true. I am an expat and have a business license all on my own in BVI. I don’t have a Belonger partner, but I do hire and support Belongers.

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    • Sam says:

      @hmmmm people to darn maty. You did research who all was involved with Socia? Banco? 1st bank? 1st Caribbean? National bank? No! You did. You’ll strive off news off other people’s business…… either you bank with them or save under your mattress…

    • reality says:

      Its funny you didn’t ask that question when a white owned “Scotiabank” was in business….hmmmmm. We always looking to pull down our own kind, we hate to see our own kind being successful……such envy!!!

  2. INTERESTING says:

    I thought “island people” bruk.

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  3. The General says:

    Is Republic Bank subject to the 7% down islander tax?

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  4. Haha says:

    Trini indian and them trini serian nah bruk…Ask trinis about the 1%…

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  5. Uncertain times says:

    with all these banks changing owners. Is my money safe with this Bank?

    • @Uncertain says:

      Nope. Unless you put your money in a US bank or Popular there is no insurance. They can leave town with all your money. Lmfao

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      • Political Intelligence says:

        Republic bank is a US bank bank based in Kentucky.

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        • No says:

          You are wrong. The republic bank in Kentucky has no connection to the bank here. The republic bank here and other places in the caribbean have headquarters in Trinidad.

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    • Answer says:

      Need to have insurance on your money if the bank is not a USA bank. Under FDIC funds in US banks are insured up to $250,000 per account.

  6. Reality Check says:

    FDIC only insures accounts which are physically located in the US and its dependents. Banco and First bank accounts located here are not insured.

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