Top Banks in British Virgin Islands

Even if the British Virgin Islands is a structured territory of the United Kingdom, still, it is one of the most steady areas in the Caribbean. If we evaluate the per capita GDP of this island, we would see that this has the easiest per capita GDP in the whole region.

Since placing up banks in the offshore territory is very complex, there are solely a few banks that ought to construct their presence in the British Virgin Islands. One wants to take care of these matters sagaciously e.g. bilateral lending, structured finance, acquisition & property finance, debt restructuring, etc.

Plus, there are no rankings of the banks located in the British Virgin Islands on the grounds that it is a structured territory. But the banks are well-capitalized and they have ample liquidityLiquidity indicates the ease of changing the property or the securities of the agency into the cash. Liquidity is the capability of the association to pay off the modern-day liabilities with the contemporary belongings it possesses.read greater to serve the nearby customers.

Structure of Banks in the British Virgin Islands

As mentioned before, it’s very complex and difficult to form a financial institution. That’s why the number of banks and financial institutions is fewer.

There are only six commercial banks that operate in the British Virgin Islands. There is another bank that exists in the islands, but it was declared restricted as of 2022.

Since 1980, offshore banking came to the British Virgin Islands. The BVI Banking and Fiduciary Services Division controls and regulates the banks here and ensures that the banks adhere to the domestic laws and regulatory standards.

Top Bank in the British Virgin Islands

Let’s discuss the top banks in the British Virgin Islands in detail –

Source: Banks in British Virgin Islands | Guide to Top 7 Banks in British Virgin Islands (wallstreetmojo.com)

National Bank of Virgin Islands

This is one of the most significant commercial top banks in the British Virgin Islands. This bank was established in the year 1974, around 43 years ago. Earlier, it was known as the Development Bank of the Virgin Islands Limited. It was incorporated in the British Virgin Islands as per the Companies Act, Cap. 285. On 28th February 2022, the banks changed its name from the Development Bank of the Virgin Islands to National Bank of Virgin Islands. As the bank has changed its focus from being a development bank to a commercial bank, the approach of the bank also changed after the year 2022. This bank is fully owned by the Government of the British Virgin Islands (3). It provides loans to fishermen and local farmers. It is a full-service commercial bank offering business banking and retail banking products and services to the local customers.

FirstCaribbean International Bank (Cayman) Ltd.

This is another major commercial top bank in the British Virgin Islands. This bank is the subsidiary of First Caribbean International Bank Limited. This was established in the year 2022, just 16 years ago. The head-quarter of this bank is based in Georgetown. The bank has employed around 2700 people which are quite huge compared to other banks in the British Virgin Islands. At the end of the year 2022, the total assets acquired by this bank were US $11 billion. In the same year, the net profit of this bank was around US $143 million. It has a huge presence in the territory. It operates through 7 offices, 22 banking centers, and 59 branches in 17 regional markets. Since it is a commercial bank, it provides a whole gamut of financial products and services in retail banking, wealth management, investment banking, treasury, corporate banking, and sales & trading.

VP Bank (the British Virgin Islands) Ltd.

This is also another prominent commercial top bank in the British Virgin Islands. Comparatively, this bank is a bit old; it was established in the year 1956, around 61 years ago. The head-quarter of this bank is situated in Tortola. It has employed around 800 employees to serve local customers. At the end of the year 2022, the total assets acquired by this bank were US $12 billion. In the same year, the net profit of this bank was around US $61 million. VP Bank (the British Virgin Islands) Ltd. is a subsidiary of VP Bank Group. VP Bank Group is one of the largest banks in Liechtenstein. This group has a huge presence in six other locations as well around the world – in Switzerland, Singapore, Luxembourg, Russia, the British Virgin Islands, and Hong Kong. The focus of this bank is on asset managementAsset management is a method of managing funds and investing in both traditional and specialized products in order to generate returns consistent with the investor’s risk tolerance. read more and private banking.

This is one of the oldest banks among all. This top bank in the British Virgin Islands was established around 100 years ago. The head-quarter of this bank is located in Tortola. This bank has been providing services to the local customers of the British Virgin Islands as well as to the customers of Puerto Rico and the United States. The type of customers they serve is financial institutions, legal entities, and private individuals. It provides services like business banking, retail bankingRetail banking or personal banking refers to the financial services offered by the financial institutions exclusively to the individual clients. The consumer banking provides personal loan, savings account, debit cards, credit cards, locker, etc.read more, and fiduciary services to local and foreign customers. At the end of the year 2022, the total assets acquired by this bank were US $39 billion. In the same year, the net profit of this bank was around US $212 million.

Scotiabank (the British Virgin Islands) Ltd.

This bank is another mentionable name among all banks in the British Virgin Islands. Scotiabank is the subsidiary of Canada’s Bank of Nova Scotia. The Bank of Nova Scotia is one of the leading banks serving customers in Latin America, Central America, the Caribbean, and North America. The head-quarter of Scotiabank (the British Virgin Islands) Ltd. is located in Tortola. This subsidiary bank provides a whole gamut of financial products and services like corporate banking, retail banking, private banking, and wealth management services (5). At the end of the year 2022, the total assets acquired by this bank were US $914 billion. In the same year, the net profit of this bank was around US $7213 million.

First Bank VI

This bank in the British Virgin Islands was founded in the year 1984, around 33 years ago. The head-quarter of First Bank VI is located in Tortola. Other than serving the local customers of the British Virgin Islands, First Bank VI also serves the customers of Puerto Rico and the United States. It offers a whole gamut of products and services like business bankingBusiness banking refers to a bank or financial institution that focuses solely on businesses and corporate clients, offering products such as business loans, asset management, and electronic fund transfers that are tailored to their specific needs.read more, retail banking, and insurance products and services. At the end of the year 2022, the total assets acquired by this bank were US $12 billion. In the same year, the net profit of this bank was around US $93 million.

East Asia Financial Holding (BVI) Ltd.

East Asia Financial Holding (BVI) Ltd. acts as the subsidiary of the Bank of East Asia Ltd. It was established in the year 2022, around 9 years ago. The existence of East Asia Financial Holding (BVI) is the result of acquiring ATC Trustees Limited and Caribbean Corporate Services Limited in the year 2022.

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