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Banco Popular explores opening Virgin Gorda branch

Banco Popular explores opening Virgin Gorda branch. Photo: Internet Source
According to that GIS release on Friday evening—hours after Hon Andrew A. Fahie’s statement and Scotia Bank’s official close of business—Premier, Dr the Honourable D. Orlando Smith said, “I expect Banco Popular to make an application to the Financial Services Commission for the establishment of a branch.” Photo: VINO/File
According to that GIS release on Friday evening—hours after Hon Andrew A. Fahie’s statement and Scotia Bank’s official close of business—Premier, Dr the Honourable D. Orlando Smith said, “I expect Banco Popular to make an application to the Financial Services Commission for the establishment of a branch.” Photo: VINO/File
VALLEY, Virgin Gorda, VI - Banco Popular is in the process of conducting its due diligence and feasibility studies into establishing a branch on Virgin Gorda, following the closure of the Scotia Bank, effective today, September 1, 2018.

The financial institution officially closed its doors yesterday, Friday, August 31, 2018, prompting Opposition Leader, the Honourable Andrew A. Fahie (R1), to disclose that he had been meeting with most of the relevant stakeholders, such as the management of select banks as well as to the President of the Banking Association with a view to remedying the situation.

Hours Later

He announced that , “from those meetings, it was clear that only one bank seemed willing to fill the void created in Virgin Gorda…I remain prayerful and hopeful that in the not too distant future that this financial institution—which I will not name at this time—will make this a reality.”  

A few hours later—true to form—the Government Information Service (GIS) released a statement on behalf of the Premier, Dr the Honourable D. Orlando Smith (AL), which disclosed that banking institution Banco Popular, has responded very positively and is in the process of doing their due diligence.

According to that release on Friday evening—hours after Hon Fahie’s statement and Scotia Bank’s official close of business—“I expect Banco Popular to make an application to the Financial Services Commission for the establishment of a branch.”

He said, government understands the importance of the presence of a banking institution to service the personal and commercial banking needs of our people on Virgin Gorda.

According to Premier Smith, he expects the institution to make an announcement very soon.

 “We want to ensure both residents and business owners know that my Government is working diligently on a solution to the current situation,” Premier Smith added.

10 Responses to “Banco Popular explores opening Virgin Gorda branch ”

  • 1 (01/09/2018, 12:16) Like (57) Dislike (26) Reply
    We trust fahie
  • VG (01/09/2018, 13:47) Like (14) Dislike (9) Reply
    DR Smith late for the mail and bertie lost in transit
  • Love for My Country (01/09/2018, 14:26) Like (39) Dislike (51) Reply
    Vino let us keep it real. Despite how some of us feel about the Premier, it is the Government of the day who holds the trump card and certainly the Premier and Minister of Finance has responsibility for approvals of all the necessary things for a bank to open on VG or any of these islands. Let us get the politics out of these things, please!
    • @ Love for My Country (02/09/2018, 11:12) Like (1) Dislike (21) Reply
      I was saying the exact same thing! The premier might be slow in putting out information but has been actively pursuing this issue.
    • To love my country (02/09/2018, 19:03) Like (1) Dislike (0) Reply
      You are legally incorrect. The government of the day doesn't have any legal authority to issue licences to banks, only Financial Services does and they do it independent of government. In addition the Premier said National Bank was going to VG. That turned out to be not true once again.
  • please (01/09/2018, 15:59) Like (13) Dislike (0) Reply
    Please Banco come Vg
  • Interested in VG (01/09/2018, 16:13) Like (7) Dislike (0) Reply
    Seriously speaking, it is the Government's responsibility to ensure that such essential services are provided on Virgin Gorda, so the Government is only doing their job in actively looking into this matter. Hopefully after the Bank's applications are received, priority will be exercised in granting the necessary approvals. Kudos to Banco Popular! I look forward to doing business with you!
    • VG (01/09/2018, 20:49) Like (23) Dislike (2) Reply
      Only after prompting and lots of protest from the VG Community
    • @Interested in VG (02/09/2018, 19:06) Like (2) Dislike (0) Reply
      I totally agree with you except for the fact that government was not doing their job. They knew Scotia was closing from a year now and did nothing to try to address the matter. They only got involved when the people of VG cried out and after the Leader of the Opposition got involved. This government continues to fail we the people.
      • Gumption.Official (03/09/2018, 08:43) Like (2) Dislike (0) Reply
        @intrested VG - As a voter if NDP I must agree with you. They known about and it was after we made noise is when they got involved and come to us yet when they came they came empty handed.


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