British Virgin Islands Regulators Move to Wind Down Bank of Asia (BVI) Limited

Regulators in the British Virgin Islands (BVI) have begun the process to wind down operations of Bank of Asia (BVI) Limited, officials announced on Thursday. The Virgin Islands Deposit Insurance Corporation (VIDIC), in collaboration with the British Virgin Islands Financial Services Commission (the Commission), stated that the decision was taken to protect depositors and ensure stability in the Territory’s banking sector.

“Our remit is to provide protection for depositors against the loss of insured deposits placed within member institutions,” said VIDIC CEO Mrs. Lisa Violet. “We are committed to ensuring that consumers using banks in the BVI are protected. We will provide updates on this process as developments warrant.”

The Commission, the regulatory authority established under the Financial Services Commission Act of 2001, emphasized the need for the action. “The banking sector in the BVI remains stable, strong, and resilient,” said Managing Director/CEO Mr. Kenneth Baker. “We remain committed to lending maximum support to VIDIC as per our statutory obligations.”

The move to wind down Bank of Asia (BVI) Limited follows the guidelines and legal framework set by the Virgin Islands Deposit Insurance Act, which was passed in January 2024. The Act established VIDIC as an independent statutory body tasked with protecting depositors and strengthening the financial system in the Territory.

The British Virgin Islands Financial Services Commission oversees a wide range of financial activities in the Territory, including banking, insurance, fiduciary services, investment business, and the registration of companies and intellectual property. The Commission’s role is to ensure that financial services are well-regulated, transparent, and aligned with international best practices.