Biggest Banks in British Virgin Islands (Top 7) 2024

Despite the fact that the British Virgin Islands are a territory that is dependent on the United Kingdom, the area is still considered to be one of the safest places in the Caribbean.

If we were to compare the gross domestic product (GDP) of this island to that of any other location in the region, we would discover that it has the highest GDP per person of any location in the region.

Due to the high level of difficulty involved in establishing a bank in an offshore jurisdiction, there are only a select few. The British Virgin Islands are home to a relatively small number of financial institutions.

As such, it is necessary to approach matters such as bilateral lending, structured finance, acquisition and property finance, debt restructuring, and other similar topics with wisdom.

In addition, because it is a dependent territory, the British Virgin Islands do not have any ratings for the banks that are located there.

However, the banks have sufficient capital, and their liquidity levels are adequate to meet the demands of their local clientele.

Organizational Hierarchy of the Banks in British Virgin Islands – BVI Bank Account opening

Creating a new financial institution is a very involved and challenging process, as was previously mentioned. Because of this, there are a significantly lower number of banks and other financial institutions.

In the British Virgin Islands, there are only six commercial banks that are actively doing business.

Although there is another bank in the islands, access to it has been restricted since the year 2012. Since 1980, the British Virgin Islands have been home to a flourishing offshore banking industry.

The BVI Banking and Fiduciary Services Division is in charge of controlling and regulating the banks in this jurisdiction,

As well as ensuring that the financial institutions comply with the applicable domestic laws and regulatory standards.

Biggest Banks in the British Virgin Islands – BVI Bank Account

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

1. National Bank of Virgin Islands:

First and foremost, the National Bank of the Virgin Islands, when it comes to commercial banking, it is at the very top in the British Virgin Islands.

The Development Bank of the Virgin Islands Limited was the original name given to this financial institution when it opened for business in 1974.

In accordance with Section 285 of the Companies Act, it was established as a legal entity in the British Virgin Islands.

The name of the bank was previously the Development Bank of the Virgin Islands; However, on February 28, 2007, it was changed to the National Bank of the Virgin Islands.

After the year 2007, the bank shifted its focus from being a development bank to a commercial bank, which resulted in a change in the bank’s approach.

The government of the British Virgin Islands owns 100 percent of this financial institution (3). It does this by offering loans to local farmers and fishermen.

Customers in the immediate area have access to a comprehensive range of business and retail banking products and services through this full-service commercial bank.

2. FirstCaribbean International Bank (Cayman) Ltd.:

The second largest commercial bank in the British Virgin Islands is called FirstCaribbean International Bank (Cayman) Ltd. This financial institution is a branch of FirstCaribbean International Bank Limited, which is the parent company.

It was first established in the year 2001, so it has only been around for 16 years. This financial institution’s main office can be found in Georgetown.

The bank is quite large in comparison to other financial institutions in the British Virgin Islands, as it has approximately 2700 employees on its payroll.

This bank had accumulated a total of assets worth $18.79 billion in the United States by the end of the year 2020. During the same year, this bank recorded a net profit of approximately $102.3 million US dollars.

It has a significant footprint throughout the area. It conducts business in 17 different regional markets through its 7 offices, 22 banking centers, and 59 branches.

Due to the fact that it is a commercial bank, it offers a comprehensive range of financial products and services, including retail banking, wealth management, investment banking, treasury, corporate banking, and sales and trading.

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

VP Bank (the British Virgin Islands) Ltd is ranked third, another well-known and successful commercial top bank in the British Virgin Islands can be found here.

This bank was established in 1956, which is approximately 61 years ago, making it somewhat of an antique in comparison to other financial institutions.

Tortola serves as the location of this financial institution’s main office. In order to better serve the local community, it has approximately 800 employees.

This bank had a total asset acquisition value of $13.5 billion in United States dollars by the end of the year 2020. During the same year, this bank recorded a net profit of approximately $41.6 million in the United States.

The VP Bank Group includes VP Bank (the British Virgin Islands) Ltd. as one of its subsidiaries. One of the most important financial institutions in Liechtenstein is the VP Bank Group.

This organization also maintains a sizable presence in the countries of Switzerland, Singapore, Luxembourg, Russia, the British Virgin Islands, and Hong Kong.

These six locations are spread all over the world. The management of assets and private banking are the primary focuses of this financial institution.

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4. Banco Popular de Puerto Rico:

It is one of the oldest banks in existence, and its name is the Banco Popular de Puerto Rico.

This esteemed financial institution in the British Virgin Islands has been around for close to a century now.

Tortola serves as the site of this financial institution’s main office. Customers from the United States of America, Puerto Rico, and the British Virgin Islands have been receiving services from this bank.

In addition, this bank also serves local customers in the British Virgin Islands. Customers who fall into these categories are served by them: private individuals, private financial institutions, and legal entities.

Customers both domestic and international can take advantage of its business banking, retail banking, and fiduciary services.

By the end of the year 2020, this bank had accumulated a total of assets worth $65.9 billion in the United States.

During the same year, this bank recorded a net profit of approximately $506.6 million US dollars.

5. Scotiabank (British Virgin Islands) Ltd.:

Fifth spot goes to Scotiabank (the British Virgin Islands) Ltd, the name of this financial institution deserves to be mentioned alongside the others that operate in the British Virgin Islands.

Bank of Nova Scotia, which is headquartered in Canada and operates as one of the most successful financial institutions catering to customers in North America, Latin America, and the Caribbean, has a subsidiary in the United States known as Scotiabank.

Tortola is the location of Scotiabank (the British Virgin Islands) Ltd.’s main office and administrative building.

Corporate banking, retail banking, private banking, and wealth management are just some of the services offered by this bank’s subsidiary (5).

By the end of the year 2016, this bank had accumulated a total of assets worth $914 billion in the United States. During the same year, this bank recorded a net profit of approximately $7213 million in the United States.

6. First Bank BVI:

This financial institution can be found in the British Virgin Islands and was established in the year 1984, making it approximately 33 years old.

Where can you find the headquarters of First Bank VI? This bank in the British Virgin Islands was established in 1984, making its age somewhere in the neighborhood of 33 years. Tortola serves as the location of First Bank VI’s main office and headquarters.

Customers from the United States of America, Puerto Rico, and the British Virgin Islands are all served by First Bank VI, in addition to the local customers of the British Virgin Islands.

It provides a comprehensive range of goods and services, including business banking, retail banking, and various products and services related to insurance.

By the end of the year 2020, this bank had accumulated a total of $118.50 billion worth of assets in the United States. During the same year, this bank recorded a net profit of approximately $102.07 million dollars in the United States.

7. East Asia Financial Holding (BVI) Ltd

East Asia Financial Holding (BVI) Ltd. is a subsidiary of Bank of East Asia Ltd and holds the position of number seven on this list. 2008 marked the beginning of its existence as a separate entity in the world.

The year 2009 saw the acquisition of both ATC Trustees Limited and Caribbean Corporate Services Limited, both of which led to the formation of East Asia Financial Holding (BVI).

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Best Banks in British Virgin Islands – Investment companies in BVI

We hope that this overview of the best banks in the British Virgin Islands was helpful to you. Do not forget to let us know what you think via the comments section below.