Which local bank holds the most deposits?

Although some people hold the view that local banks are unfair and oppressive, new statistics show that financial institutions hold significant investments for residents.

The seven local banks recently presented information to the House of Assembly. This data shows they hold millions in deposits made by residents. Financial Services Minister Lorna Smith presented the figures that the banks shared at the end of the first quarter of 2023 (up to March 30).

The figures show that VP Bank held the most in deposits for the reported period — with a total deposit of over $500 million. FirstCaribbean placed second with more than $476 million in deposits while Republic Bank came in at third with more than $435 million in deposits for the reported period.

For the period in question, Banco Popular reported the fourth largest deposits — over $412 million. National Bank came in at fifth with more than $220 million while First Bank placed sixth with more than $216 million.

The Bank of Asia reported the least amount of local deposits — some $50 million. Local banks continue to be heavily criticised by some residents who say more needs to be done to regulate the institutions and prevent them from applying draconian rules in their dealings with residents.

To date, nothing concrete has been done to address the concerns residents say they have. Still, other residents say they continue to do business with local banks despite the concerns they have, as they have no other means to do financial services business in the community.