Updated July 28, 2023
Overview of Banks in British Virgin Islands
British Virgin Island is the dependent territory of the United Kingdom, one of the Caribbean’s stable regions. The banking sector of British Virgin Islands is tiny, and it’s not a financial hub or destination for investors. The economy of the British Virgin Islands is one of the most stable in the Caribbean, and it enjoys one of the highest GDP per capita income in the entire region. The offshore banking started in 1980 in the British Virgin Islands due to the interest of foreign businesses registering with the British Virgin Islands to incorporate.
British Virgin Islands Financial Services Commission is an autonomous regulatory authority in the British Virgin Islands responsible for regulating, supervising, and inspecting all financial services in and from within the BVI. FSC also monitors all banking activities. It was very complex to set up banks in the offshore territory, so only a few banks could be present on the British Virgin Islands. FSC ensures that all banks have adhered to domestic laws and regulatory standards. BVI Take extra care that the banking sector is not associated with any illegal activities like money laundering and drug trade.
Top 10 Banks in the British Virgin Islands
Here is a list of the top 10 Banks in the British Virgin Islands, which are as follows:
1. National Bank Of Virgin Islands
It is one of the top commercial banks in the British Virgin of Islands founded in the year 1974, and it was established with the name Development Bank of the virgin island limited. The government of the British Virgin Islands owns a bank. Banks offer services like Saving accounts, certificates of Deposit, loans, retail, and businesses’ banking products, etc. Banks offer higher rates on certificates of Deposit for a term of 24 Months, and this rate is higher in the Virgin of Islands. Bank provides loans to Farmers and fishermen, and as Bank changed from a development to a commercial bank, its approach also changed in 2007.
2. VP Bank (BVI) Ltd
VP Bank Ltd was established in 1995 in BVI and is a wholly owned subsidiary of VP Group. The bank offers a range of private banking services to individuals, intermediaries, and asset managers. The group’s total assets are CHF 12.4 Billion, and the net income is CHF 54.7 Million. Bank employs around 800 people, and it is situated in Tortola. The main focus of the bank is on assets management and private banking. VP Group is also present in six other locations worldwide, and its shares are listed on six Swiss exchanges. Financially it is rated as A by Standard and Poor’s rating agency.
3. FirstBank VI
FirstBank VI, situated in Tortola, was founded in 1984; the bank offers services like retail banking, business banking, and insurance products and services. Bank also provides financial services in Puerto Rico, the United States, and local customers of the British Virgin Islands. Bank as a group serving more than 65 years, and it strengthens its franchise in all three regions. Bank provides service to private individuals and legal entities around all 3 locations. In 2008, the bank purchased the virgin island community bank and became the leading financial institution and the largest number of branches in the region.
4. Scotiabank (The British Virgin Islands) Ltd
Scotiabank is an international bank operating in the British Virgin of Islands in 1967. Today Bank operates a thorough network of 2 branches and 8 ATMs in the British Virgin Islands and offers a complete range of retail and commercial banking services. Retail banking continues to expand its activity, reflecting the economic growth of the country and mostly centered on the tourist industry. Total Assets with the bank as a group is 998 Billion dollars, and net income was 9.1 Billion dollars during 2018. In the British Virgin Islands, banks contribute to the Sports Initiative, Fighting against HIV/AIDS, and educating art and culture.
5. First Caribbean International Bank (Cayman) Limited
This bank is a major commercial top bank in the British Virgin of Islands which was founded in 2001, just 18 years ago. Today bank operates through 1 head branch, 8 Instant Tellers, and international banking centers in the British Virgin of Islands and employs around 3092 people. The first Caribbean international bank offers corporate banking, retail banking, wealth management, credit cards, investment banking, treasury sales, and trading services. Bank reported a net income of 101 Million dollars in 2018, 142 Million in 2017. Bank operates through 57 branches, 22 banking centers, and seven offices in the Caribbean region in 16 regional markets.
6. Banco Popular de Puerto Rico
Banco Popular de Puerto Rico is one of the oldest and largest banks in the British Virgin Islands at Tortola. The bank focuses on Retail Banking, Corporate Banking, and Offshore Banking. Banks offer services like Deposits, online payments, mortgages, loans for businesses, investment banking, insurance services, broker-dealers, etc., to private individuals and legal entities. Bank also provides Private Bankers service to its customers. Bank operates a thorough network of one head branch and 22 ATMs in the British Virgin of Islands. Besides British Virgin of Islands, it operates in Puerto Rico, The Dominican Republic, and the United States Mainland.
7. Bank Of Asia (BVI) Ltd
Bank of Asia (BVI) is the first digital bank in the British Virgin of Islands and it got its first license in March 2017 from BVI FSC. The bank focuses on delivering cost-effective, efficient, and user-friendly financial solutions, and it also offers services in a highly innovative manner. In 2019, the bank expects to introduce Debit Cards and lending services to its customers. Bank of Asia and its subsidiary employ approximately 70 Staff in Asia and the BVI, with a customer service center in Manila providing 24/7 service. The East Asia Financial Holding is the subsidiary of Bank of Asia Ltd.
8. CITCO Group Limited (Citco Trust Corporation Limited)
In 1948, the CITCO group established itself to meet the needs of multinational and private clients after the Second World War. Today Citco Group provides custodian services in the British Virgin of Islands and a broad range of financial services to its clients. Citco group has 1 trillion US dollars in Assets under management and has 60 offices worldwide, employing around 6,200 people. The group holds an Authorized custodian licensed in the British Virgin of Islands.
9. Amicorp BVI Limited
Amicorp BVI holds an authorized custodian licensed in the British Virgin of Islands since 1998, providing all group products and services. Group also provides liquidation services, Company Administration, Trust formation and trustee services, Mutual fund formation, etc. Its headquarters is in Tortola in the British Virgin of Islands. Amicorp group has a global team of 900+ Specialist who contributes their talents.
10. Trident Trust Company (BVI) Limited
Trident, founded in 1986, is registered as an authorized custodian licensed in the British Virgin Islands and recognized as one of BVI’s oldest and largest trust companies. More than 90 people Work in trust and provide corporate, fiduciary, and fund administration services. It also offers assets-based financing, long-term project financing, portfolio investment, and trading. It is a subsidiary of Trident Trust Group, and its headquarters is in Tortola.
This has been a guide to Banks in the British Virgin Islands. Here we have discussed the top 10 Banks in the British Virgin Islands with their financial structure. You may also look at the following articles to learn more –