Here are the best asset and wealth management banks in the British Virgin Islands.
I will compare some of the options available locally, alongside more portable, online, and international options like what we offer.
It makes sense to have a portable option as an expat, as opposed to a localized one, and that is something we specialize in.
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Even though the British Virgin Islands is a dependent territory of the United Kingdom, it is one of the most stable territories in the Caribbean. When we compare the per capita GDP of this island, we can see that it has the greatest per capita GDP in the whole area.
Only a few banks could establish themselves in the British Virgin Islands due to the difficulty of doing so in an offshore country.
Bilateral financing, structured finance, acquisition and property finance, debt restructuring, and so on are all things that need to be handled wisely.
Furthermore, because it is a dependent territory, there are no bank ratings in the British Virgin Islands. However, the banks are adequately financed and liquid to service local consumers.
Banks in the British Virgin Islands
As of 2012, the British Virgin Islands had six commercial banks and one restricted bank. In the worldwide offshore financial services business, the island is a key participant. In the 1980s, foreign enterprises from all over the world were drawn to the BVI because of the low cost of incorporation and the anonymity provided by the island’s regulatory legislation.
As a dependent territory of the United Kingdom, the British Virgin Islands do not have a credit rating. As a result, banks in the British Virgin Islands have adequate liquidity and are well-capitalized.
As previously said, establishing a financial institution is a complex and tough task in the British Virgin Islands. As a result, there are fewer banks and financial institutions.
There are just six commercial banks in the British Virgin Islands. Another bank exists on the islands, although it has been designated limited since 2012.
Offshore banking has arrived in the British Virgin Islands since 1980. The BVI Banking and Fiduciary Services Division manages and regulates the banks in the territory, ensuring that they comply with international regulatory standards, domestic laws, and best business practices.
List of Best Asset and Wealth Management Banks in the British Virgin Islands
- CIBC FirstCaribbean International Bank (Cayman) Ltd
- VP Bank (the British Virgin Islands) Ltd.
- Scotiabank (the British Virgin Islands) Ltd.
Best Asset and Wealth Management Banks in the British Virgin Islands
1. CIBC FirstCaribbean International Bank (Cayman) Ltd
FirstCaribbean International Bank (Cayman) Ltd is It is another significant commercial top bank in the British Virgin Islands. It is a subsidiary of FirstCaribbean International Bank Limited. It was founded in 2001, barely 16 years ago. This bank’s headquarters are located in Georgetown.
The bank employs around 2700 employees, which is fairly large in comparison to other banks in the British Virgin Islands. FirstCaribbean International Bank (Cayman) Ltd has acquired total assets of US $18.79 billion by the end of 2020. This bank’s net profit in the same year was around US $102.3 million. It has a significant presence in the territory.
In 17 regional markets, it has seven offices, 22 banking centers, and 59 branches. As a commercial bank, it offers a wide range of financial services and products in wealth management, retail banking, corporate banking, investment banking, and treasury, sales and trading, among other services.
Net income: USD 143 million (2016)
Total assets: USD 11.0 billion (2016)
2. VP Bank (the British Virgin Islands) Ltd.
VP Bank (the British Virgin Islands) Ltd. is also a well-known commercial bank in the British Virgin Islands. This bank is relatively old, having been founded in 1956, almost 61 years ago. This bank’s headquarter is located in Tortola. The bank group employs roughly 800 people to serve local clients.
This bank’s total assets were worth $13.5 billion by the end of 2020. This bank’s net profit was around $41.6 million in the same year.
The British Virgin Islands-based VP Bank (the British Virgin Islands) Ltd. is a subsidiary of the VP Bank Group. VP Bank Group is one of Liechtenstein’s major banks. This organization has a strong presence in six countries including Luxembourg, Switzerland, Hong Kong, Singapore, Russia, and the British Virgin Islands, in addition to its headquarters in the Principality of Liechtenstein. This bank focuses on asset management and private banking.
Net income: USD 41.6 million (2020)
Total assets: USD 13.5 billion (2020)
3. Scotiabank (the British Virgin Islands) Ltd.
Scotiabank (the British Virgin Islands) Ltd. is another notable name among the British Virgin Islands’ banks. Scotiabank is a subsidiary of the Bank of Nova Scotia of Canada. The Bank of Nova Scotia is a major financial institution that serves consumers throughout Central America, Latin America, the Caribbean, and North America. Scotiabank (the British Virgin Islands) Ltd.’s headquarters are on Tortola.
This subsidiary bank offers a wide range of financial goods and services, including wealth management services, private banking, corporate banking, and retail banking. The total assets of Scotiabank (the British Virgin Islands) Ltd. at the end of 2016 were $914 billion USD. This bank’s net profit was roughly $7213 million in the same year.
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