Banks in British Virgin Islands | Guide to Top 7 Banks in British Virgin Islands

Updated on March 19, 2024
Article bySayantan Mukhopadhyay
Edited bySayantan Mukhopadhyay
Reviewed byDheeraj Vaidya, CFA, FRM

What Are The Banks In British Virgin Islands?

Even if the British Virgin Islands is a dependent territory of the United Kingdom, still, it is one of the most stable regions in the Caribbean. If we compare the per capita GDP of this island, we would see that it has the highest per capita GDP in the entire region.

Banks in the British Virgin Islands

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Since setting up banks in the offshore territory is very complex, there are only a few Since setting up banks in the offshore territory is very complex, only a few banks could build their presence in the British Virgin Islands. One needs to handle these things sagaciously, e.g., bilateral lending, structured finance, acquisition & property finance, debt restructuringRestructuringRestructuring is defined as actions an organization takes when facing difficulties due to wrong management decisions or changes in demographic conditions. Therefore, tries to align its business with the current profitable trend by a) restructuring its finances by debt issuance/closures, issuance of new equities, selling assets, or b) organizational restructuring, which includes shifting locations, layoffs, etc.read more, etc.

Banks In British Virgin Islands Explained

The British Virgin Islands is a place where there are offices of several good banks, both international and domestic. This is because the place is famous for its high status as an offshore financial centre. Therefore, it attracts many investors and companies operating globally in the financial market. For this reason the banking industry of the territory plays a very important role in developing anuy form of national and international transactions as well as financial services.

Plus, there are no banks’ ratings situated in the British Virgin Islands since it is a dependent territory. But the list of banks in British virgin islands are well-capitalized, and they have sufficient liquiditySufficient LiquidityLiquidity is the ease of converting assets or securities into cash.read more to serve the local customers. This is leading to its development as a financial hub serving local and global customers.

However, the landscape of the banking sector is changing continuously. It is necessary to remain updated about the same. The best source of banking and finance related information about the place is the website of Financial Service Commission (FSC).

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Structure

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.

The list of banks in British virgin islands include only six commercial banks that operate in the British Virgin Islands. Another bank exists in the islands, but it was declared restricted as of 2012.

Since 1980, offshore banking has come 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.

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Top Bank

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

#1. National Bank of Virgin Islands:

It is one of the most significant commercial top banks in the British Virgin Islands. This bank was established in 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 2007, the banks changed their name from the Development Bank of the Virgin Islands to National Bank of Virgin Islands. As the bank changed its focus from being a development bank to a commercial bank, the bank’s approach also changed after the year 2007. This bank is fully owned by the Government of the British Virgin Islands. It provides loans to fishers and local farmers. It is a full-service commercial bank offering business and retail banking products and services to local customers.

#2. FirstCaribbean International Bank (Cayman) Ltd.:

It is another major commercial top bank in the British Virgin Islands. This bank is the subsidiary of FirstCaribbean International Bank Limited. It was established in the year 2001, just 16 years ago. The head-quarter of this bank is based in Georgetown. The bank has employed around 2700 people, who are quite huge compared to other banks in the British Virgin Islands. At the end of the year 2020, the total assets acquired by this bank were US $18.79 billion. In the same year, the net profit of this bank was around US $102.3 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.

#3. VP Bank (the British Virgin Islands) Ltd.:

It is also another prominent commercial top bank in the British Virgin Islands. Comparatively, this bank is a bit old; it was established in 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 2020, the total assets acquired by this bank were US $13.5 billion. In the same year, the net profit of this bank was around US $41.6 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 around the world – in Switzerland, Singapore, Luxembourg, Russia, the British Virgin Islands, and Hong Kong. The focus of this bank is on asset managementAsset 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.

It is one of the oldest banks of 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 and the customers of Puerto Rico and the United States. The type of customers they serve are financial institutions, legal entities, and private individuals. It provides business banking retail bankingRetail 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 2020, the total assets acquired by this bank were US $65.9 billion. In the same year, the net profit of this bank was around US $506.6 million.

#5. 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 bankingPrivate BankingPrivate banking refers to a type of banking and financial service offered by certain banks only to high-net-worth individuals (HNWIs). Clients opting for this service are individually assigned a financial representative who personally takes care of their banking needs.read more, and wealth management services (5). At the end of the year 2016, 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.

#6. 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 locatThis bank in the British Virgin Islands was founded in 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 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 2020, the total assets acquired by this bank were US $118.50 billion. In the same year, the net profit of this bank was around US $102.07 million.

#7. East Asia Financial Holding (BVI) Ltd.:

East Asia Financial Holding (BVI) Ltd. acts as the Bank of East Asia Ltd subsidiary. It was established in the year 2008, around nine years ago. East Asia Financial Holding (BVI) is the result of acquiring ATC Trustees Limited and Caribbean Corporate Services Limited in the year 2009.

We hope you liked this guide to Banks In British Virgin Islands. We explain the structure of the banks along with some top banks in the region. If you are looking forward to making a career in Banking, then you can check out some of the awesome resources –