Managing Director of Republic Bank BVI, formerly Scotiabank, Marion Blyden said setting up shop on Virgin Gorda is not off the table for the banking institution.
In an interview with BVI News last week, she said Republic Bank intends to ensure that all communities in the BVI have access to its banking facilities in some way or the other.
“How we are going to do that is still being worked out, but that is the intent. So I can’t take it off the table now in terms of the option to provide some sort of banking facility to our sister islands because we want to make sure that everyone has access to banking facilities and we service all our communities,” Blyden said.
“So, it is not off the table in terms of a re-enter [on Virgin Gorda],” she added.
Republic Bank just recently acquired Scotiabank BVI and commenced operations at its sole branch on Tortola.
Scotia’s departure from Virgin Gorda
Back in 2018 before the acquisition, Scotiabank announced that it was closing its Virgin Gorda branch after several years of service to residents of that island.
Scotia noted at the time that the impact of the 2017 hurricanes had a part to play in them closing their sister island branch. Some $3 million was then pumped into its main branch in Road Town to modernise and make it the sole branch in the territory.
The bank’s closure came months after another bank, CIBC First Caribbean closed its Virgin Gorda branch.
Presently, Banco Popular is the sole bank offering services on Virgin Gorda. Banco Popular set up shop on the sister island after negotiations with the present government who has pledged to subsidise the bank’s operational costs on the Virgin Gorda.
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