CLOSES AND FIRSTBANK OPENS TO THE PUBLIC
new financial institution officially opened its doors to the public
of the BVI Tuesday.
new bank, FirstBank of Puerto Rico, officially bought the Virgin
Islands and Barbados branches of Chase Bank effective Friday October
11th. Chase Bank pulled out of Puerto Rico about three or four years
ago, out of Venezuela, Panama and St. Maarten some years before
and had been looking for a buyer for the Virgin Islands. Chase had
been operating in the BVI for over 30 years.
bank was closed Monday, a US holiday and as workers finalized preparations
for the changeover. Customers were greeted at the door Tuesday morning
and presented with small tokens. There was also finger food and
already has branches in St. Thomas and St. Croix. “FirstBank is
a very powerful regional bank that prides itself on customer service,”
Manager of FirstBank Tortola Rahamat Hosein told The Island Sun
newspaper. He said they plan to do extended business in the BVI
by improving on those services previously provided, such as residential
mortgages, auto loans, instalment credit type products and introducing
more products, such as Internet banking and commercial real estate
has over $9 billion in assets and is the second largest bank in
Puerto RicoMr. Hosein said FirstBank boasts a cutting edge computer
system and staff have spent the last few weeks being trained in
its use. Employees from the Puerto Rico branch are spending some
time here ensuring that the process works well.
officials of the bank were in the territory for the changeover,
including Executive Vice President Fernando Battle from Puerto Rico
and Cassam Pancham, Regional Manager for St. Thomas.
A cocktail event is planned for October 24th at The Moorings where
some customers will get the opportunity to officially meet senior
management and staff of the new bank.
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