Banco Popular explores opening Virgin Gorda branch
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.
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