CHASE CLOSES AND FIRSTBANK OPENS TO THE PUBLIC

A new financial institution officially opened its doors to the public of the BVI Tuesday.

The 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.

The 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 entertainment.

FirstBank 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 mortgages.

FirstBank 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.

Senior 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.