FOR IMMEDIATE RELEASE
Wednesday, May 21, 2003
Contact: Gloria Biske, 774-2991
BANKING BOARD APPROVES BRANCH OFFICES FOR SCOTIA BANK AND FIRSTBANK
OF PUERTO RICO
Lieutenant Governor Vargrave Richards announced that the Virgin Islands
Banking Board met today on St. Thomas and approved Scotia Bank's relocation
of its branch on St. John, and FirstBank of Puerto Rico's request to
open a new branch at Grand Galleria, St. Thomas.
Richards, Chairman of the Virgin Islands Banking Board, said that he
welcomed Scotia Bank's presence on St. John, and improved banking services
to that island. Richards said the Board encouraged FirstBank of Puerto
Rico's increased presence in the Territory. V. I. Banking Board members
include Winston Bennett, Ernesto Gutierrez, Desmond Maynard, Esq., Pablo
O'Neil, Bernice Turnbull, and the Lieutenant Governor.
Richards said that the Banking Board, under his direction, will monitor
the banking activities in the Territory to ensure that proper banking
practices are followed by the banks under its review. He has also directed
the Board to engage the banks to find ways to provide home loans on
St. Croix.
