Following the closure of the Scotia Bank branch on Virgin Gorda effective September 1, 2018, Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE today announced that discussions have been ongoing with several institutions to provide an alternate banking solution for the residents and visitors on the sister island.

Premier Smith further disclosed that the banking institution Banco Popular has responded very positively and is in the process of doing their due diligence.

The Minister of Finance said, “My 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. As such, I expect Banco Popular to make an application to the Financial Services Commission for the establishment of a branch.”

He explained that the bank is making preparations in this regard and that he expects the institution to make an announcement very soon.

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