Banks in the British Virgin Islands – Overview
Banks in the British Virgin Islands consist of six commercial banks and one restricted bank, as of 2012. The island is a major player in the global offshore financial services industry. Offshore banking came to the BVI in the 1980s, as the affordability of incorporation and the confidentiality offered by the island’s regulatory laws attracted foreign businesses from around the world.
The BVI Banking and Fiduciary Services Division ensures that banks comply with domestic laws, international regulatory standards, and established best business practices.
There is no credit rating for the British Virgin Islands as it is a dependent territory of the United Kingdom. Banks in the British Virgin Islands, as such, maintain sufficient levels of liquidity and are well-capitalized.
For anyone considering a career in banking in the British Virgin Islands, this list of the top banks in the British Virgin Islands is a helpful guide on where to start. To learn more, see our lists of financial institutions.
The Top Banks in British Virgin Island are:
CIBC FirstCaribbean International Bank (Cayman) Ltd
Founded in 2001, FirstCaribbean International Bank (Cayman) Ltd operates as a subsidiary of FirstCaribbean International Bank Ltd. Based in Georgetown, the bank employs around 2,900 staff. It provides a full range of financial services in retail and corporate banking, wealth management, treasury sales and trading, and investment banking.
The bank operates 59 branches, 22 banking centers, and seven offices in 17 regional markets. In February 2021, GNB Financial Group Limited’s proposed acquisition of a majority stake in FirstCaribbean International Bank Limited will not proceed as the transaction did not receive approval from FirstCaribbean’s regulators.
Net income: USD 143 million (2016)
Total assets: USD 11.0 billion (2016)
National Bank of the Virgin Islands Ltd
Headquartered in Tortola, the National Bank of the Virgin Islands was established in 1974. The bank was created to provide loans to local farmers and fishermen. It operates as a full-service commercial bank, providing retail and business banking products and services to domestic customers.
VP Bank (BVI) Ltd
Founded in 1995, VP Bank Ltd specializes in asset management services for private individuals and intermediaries. Headquartered in Tortola, the bank group employs around 800 individuals.
VP Bank Group is one of the largest banks in the Liechtenstein financial center. In addition to its headquarters in the Principality of Liechtenstein, the group is present in six other locations, such as Switzerland, Luxembourg, Singapore, Hong Kong, Russia, and the British Virgin Islands. VP Bank (BVI) Ltd is a subsidiary of VP Bank.
Net income: USD 41.6 million (2020)
Total assets: USD 13.5 billion (2020)
Scotiabank (British Virgin Islands) Ltd
Scotiabank (British Virgin Islands) Ltd operates as a subsidiary of The Bank of Nova Scotia International Ltd. The Bank of Nova Scotia (Scotiabank) is Canada’s international bank and one of the leading financial and banking services providers in North America, Latin America, the Caribbean, and Central America.
As of 2016, the bank’s total assets were US$914 billion and net profit was US$7,213 million.
Banco Popular de Puerto Rico
Banco Popular de Puerto Rico provides banking and financial services to private individuals and legal entities in Puerto Rico, the United States, and the British Virgin Islands. In the British Virgin Islands, the bank offers retail and business banking, and fiduciary services to local and international customers.
Net income: USD 506.6 million (2020)
Total assets: USD 65.9 billion (2020)
First Bank VI
First Bank VI was established in 1984 and is headquartered in Tortola. The bank provides financial services to private individuals and legal entities in Puerto Rico, the United States, and the British Virgin Islands. In the BVI, FirstBank Puerto Rico offers retail banking, business banking, and insurance products to local customers.
Net income: USD 102.3 million (2020)
Total assets: USD 18.79 billion (2020)
The Bank of East Asia (BVI) Ltd
The Bank of East Asia (BVI) Ltd operates as a subsidiary of East Asia Financial Holding. It was formed in 2008 after acquiring Caribbean Corporate Services Limited. The bank also purchased ATC Trustees Limited in 2009.
Careers in Investment Banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map:
For banking careers, you will have a significant edge over the competition with our financial modeling courses.
This has been CFI’s guide to the top banks in the British Virgin Islands. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: