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Economy and Banking Sector of the British Virgin Islands

Major Banks of the British Virgin Islands

#1: Banco Popular de Puerto Rico

Established more than 100 years ago, Banco Popular de Puerto Rico provides banking and financial services to private individuals and legal entities in Puerto Rico, the United States, and the British Virgin Islands. In the British Virgin Islands Banco Popular de Puerto Rico provides retail and business banking, fiduciary services to local and international customers.

Although there is no deposit guarantee scheme in the British Virgin Islands, the Government of the British Virgin Islands acknowledged the need to offer some level of security to depositors. In May 2016, the Virgin Islands Deposit Insurance Act 2016 (VIDIC Act) providing necessary framework was published. The implementation of the deposit insurance system is designed to protect at least savings of domestic depositors in the Territory: in the case of Banco Popular de Puerto Rico failure its depositors will not get any compensation.

#2: FirstBank Puerto Rico

Established in 1984 as First Federal Savings and Loans Association, FirstBank Puerto Rico provides banking and financial services to private individuals and legal entities in Puerto Rico, the United States, and the British Virgin Islands. In the British Virgin Islands FirstBank Puerto Rico provides retail banking, business banking and insurance products to domestic customers.

Although there is no deposit guarantee scheme in the British Virgin Islands, the Government of the British Virgin Islands acknowledged the need to offer some level of security to depositors. In May 2016, the Virgin Islands Deposit Insurance Act 2016 (VIDIC Act) providing necessary framework was published. The implementation of the deposit insurance system is designed to protect at least savings of domestic depositors in the Territory: in the case of FirstBank Puerto Rico failure its depositors will not get any compensation.

#3: FirstCaribbean International Bank (Cayman) Limited

CIBC FirstCaribbean is a major Caribbean bank offering a full range of financial services in retail and corporate banking, wealth management, treasury sales and trading, and investment banking.

Services
retail and corporate banking
investment banking
private banking
credit solutions
private wealth management
portfolio management
fund administration
Clients
managed banks
trust companies
high net worth individuals

Although there is no deposit guarantee scheme in the British Virgin Islands, the Government of the British Virgin Islands acknowledged the need to offer some level of security to depositors. In May 2016, the Virgin Islands Deposit Insurance Act 2016 (VIDIC Act) providing necessary framework was published. The implementation of the deposit insurance system is designed to protect at least savings of domestic depositors in the Territory: in the case of FirstCaribbean International Bank (Cayman) Limited failure its depositors will not get any compensation.

#4: Scotiabank (British Virgin Islands) Limited

The Bank of Nova Scotia (Scotiabank) is Canada’s international bank and one of the leading financial services providers in North America, Latin America, the Caribbean and Central America. In Canada and internationally Scotiabank provides a wide range of retail, private, corporate banking and wealth management products and services. Global banking and markets of Scotiabank provides corporate, government and institutional clients in Canada and in select international countries with corporate banking, investment banking and capital markets solutions.

Although there is no deposit guarantee scheme in the British Virgin Islands, the Government of the British Virgin Islands acknowledged the need to offer some level of security to depositors. In May 2016, the Virgin Islands Deposit Insurance Act 2016 (VIDIC Act) providing necessary framework was published. The implementation of the deposit insurance system is designed to protect at least savings of domestic depositors in the Territory: in the case of Scotiabank (British Virgin Islands) Limited failure its depositors will not get any compensation.

See Also