Road Town, Tortola - Premier and Minister of Finance Honourable Ralph T. O’Neal, OBE has hailed the opening of the Scotiabank branch on Virgin Gorda as a sign of confidence in the local economy.
Speaking at the official opening of the branch on Tuesday afternoon, Premier O’Neal said, “The opening of this branch here today is an indication that the bank has confidence in the Virgin Islands.” He added, “If they did not have confidence in the country, they would have never opened this branch here.”
Honourable O’Neal described it as a “very important day in our lives and in the history of the island,” adding, “I want to thank the officials of Scotiabank very much. We appreciate you and we thank you for making this bold step.”
The Premier, who is also the Ninth District Representative, encouraged the bank officials to get to know the community in which they operate and he cited opportunities for potential growth in business with the growing number of developments on the island.
“The indications are that there will be movement in the Territory and I am sure that Scotiabank will participate in it,” he said. Honourable O’Neal expressed the hope that Scotiabank will meet the demands of the business people and the visitors and give the kind of service that is needed.”
The Premier also revealed that the Government plans to approach Scotiabank to secure a loan for developing the Virgin Gorda Airport. “We must get the airport running and operating in a properly regulated manner,” he told the audience.
In her opening remarks, Managing Director of Scotiabank Ms. Joycelyn Murraine said the bank has never wavered in its promise to customers in the Virgin Islands. “To our Virgin Gorda customers, you are indeed unique and loyal and we want to thank you for your patronage over the years.”
She added, “Today represents our full commitment and engagement with Virgin Gorda. Be assured that in the coming months we will continue to build on our strength of being one of the top ten safest banks in the world.”
Scotiabank’s Senior Vice President, International Banking, Caribbean Region, Mr. Pasquale (Pat) Minicucci who paid a courtesy call on the Premier, prior to the opening ceremony, expressed his delight to be part of the opening of the VG branch and noted that it has been a long time in coming.
“We are committed to the countries that we live and work in, not just to provide banking services and as a for profit organization to make money, but we are also very committed to giving back to the communities, that is one of our core values, something that we believe in deeply,” Mr. Minicucci told the audience.
He stated too that, “the global economic crisis has had its toll on the Caribbean, with those dependent on tourism being impacted in many ways. Scotiabank in the Caribbean has weathered the storm very well and I am particularly delighted to see how the Virgin Islands have weathered this global tempest which has left many casualties in its wake, through high unemployment and government deficits.”
Referring to Scotiabank’s top ten rating, Mr. Minicucci said “We have one of the soundest, strongest financial statements and balance sheets in the entire world. We continue to earn substantial profits, even last year Scotiabank made over $3.2 billion in profits.” He attributed this to the bank’s culture of prudent risk management, working closely with the communities it operates in and taking good care of employees.
Scotiabank has been operational in the BVI for 43 years. Tuesday’s ceremony included the presentation of an award to the bank’s longest customer on Virgin Gorda Mr. Angelito George. The ceremony was attended by several members of the House of Assembly.
British Virgin Islands News