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Republic Bank (BVI) Ltd joins Virgin Islands Deposit Insurance Corporation

Republic Bank (BVI) Limited has announced its official recognition as a member of the Virgin Islands Deposit Insurance Corporation (VIDIC). Photo: VINO/File
Ms Marion A. Blyden, Managing Director of Republic Bank (BVI), said joining VIDIC is not just about compliance; 'it's about our ongoing commitment to our customers and the broader community'. Photo: Provided/File
Ms Marion A. Blyden, Managing Director of Republic Bank (BVI), said joining VIDIC is not just about compliance; 'it's about our ongoing commitment to our customers and the broader community'. Photo: Provided/File
The office of the Virgin Islands Deposit Insurance Corporation (VIDIC) was officially opened on Wednesday, December 11, 2024. Right is Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7). Left is Ms Lisa Ann Violet, Chief Executive Officer (CEO) of VIDIC. Photo: GIS
The office of the Virgin Islands Deposit Insurance Corporation (VIDIC) was officially opened on Wednesday, December 11, 2024. Right is Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7). Left is Ms Lisa Ann Violet, Chief Executive Officer (CEO) of VIDIC. Photo: GIS
ROAD TOWN, Tortola, VI- Republic Bank (BVI) Limited has announced its official recognition as a member of the Virgin Islands Deposit Insurance Corporation (VIDIC).

This significant milestone, according to the bank in a press release today, April 3, 2025, underscores Republic Bank's commitment to enhancing financial security, protecting its customers, and reinforcing the stability of the banking sector in the British Virgin Islands.

On March 27, 2025, at a ceremony held at Republic Bank's headquarters, the bank was presented with its official VIDIC Membership Certificate by CEO Lisa Ann Violet of VIDIC.

The event, according to the press release, also marked the installation of the VIDIC Decal, symbolising the Bank's dedication to upholding the highest standards of financial integrity and customer trust.

VIDIC, established by the Ministry of Finance, plays a crucial role in ensuring the financial security of depositors by providing deposit protection, promoting financial stability, and offering public education.

'Not just about compliance'

As a member of VIDIC, Republic Bank joins a network of local financial institutions committed to maintaining the integrity, security, and strength of the financial system in the territory.

Ms Marion A. Blyden, Managing Director of Republic Bank (BVI), stated, "Joining VIDIC is not just about compliance; it's about our ongoing commitment to our customers and the broader community. We are dedicated to maintaining the highest level of trust and confidence among our valued customers."

VIDIC

The Virgin Islands Deposit Insurance Act, 2016 (the Act) was passed in the House of Assembly on April 19, 2016, was amended, and came into force on March 7, 2023.

In January 2024, the establishment of the VIDIC was officially announced by the government in a press release. Its formation was described as a “crucial step toward[s] enhancing financial security for depositors within the Territory”.

7 Responses to “Republic Bank (BVI) Ltd joins Virgin Islands Deposit Insurance Corporation ”

  • Comment (03/04/2025, 16:34) Like (18) Dislike (0) Reply
    This bank's ATM machines are often out of service throughout the territory, and when they are functioning, the screens are dirty and hard to read. There is a notable concern about using the ATM at Fish Bay, as it is not uncommon for cards to be lost during transactions. Furthermore, as a long-time customer, securing a loan from this bank appears to be quite improbable. The loan department seems to be severely understaffed, as callbacks are infrequent, and one must visit in person for updates. I received an email confirming the approval of my loan application, but after numerous unanswered calls, I visited the office only to find that the loan officer was on vacation. When he returned, I was informed that I could not receive the loan that had been stated as approved in the email. Reaching customer service by phone is often a frustrating experience, as it can be difficult to connect, and the assistance provided at the bank's customer service is slow. In summary, a half-star rating would be overly generous.
    • It's time to make a Change! (04/04/2025, 12:07) Like (0) Dislike (0) Reply
      At the Republic Bank located in Road Town, I frequently deal with the problem of ATM rejecting my issued card. However, I have no such difficulties when using my Republic Bank card at ATMs of other financial institutions.
  • Socrates (03/04/2025, 16:41) Like (7) Dislike (1) Reply
    What is the maximum coverage of an account by The VIDIC? What is the funding source for the VIDIC? Is government the backstop for VIDIC? Is the VIDIC a statutory body? Under what umbrella is it locate? How much working capital did government provide, if any, to VI DIC ?
  • The watchdog (03/04/2025, 17:35) Like (3) Dislike (0) Reply
    The gaster bank
  • Republic Bank (03/04/2025, 18:24) Like (9) Dislike (0) Reply
    Your ATM machine in VG is the worse machine in NATO it musty dirty it don't give recipe and cards are often taken and it so hard to then have to take a ferry to tortola to get it back is shameful Republic Bank need to step up it services to a Standard it claiming it has
  • Worst bank (03/04/2025, 19:30) Like (6) Dislike (0) Reply
    I often label this bank as the worst bank in the bvi / Caribbean. Ghetto republic bank is what I call it. This bank just ain’t it! I was forced to switch and might I add I am very happy with my current bank. I can call and speak to someone and after building good credit I finally got a credit card increase. Republic bank is run by Caribbean people and sadly it shows. No insight of how a real bank is run and customer service is the worse I’ve ever seen. I thank God I never have to deal with them and I pray I never have to ever again. To call and speak to someone I can at the local branch . I can honestly say it has never happened for me. Get your sh** together.
    • @ Worst bank (04/04/2025, 09:18) Like (2) Dislike (0) Reply
      What bank have you moved too? I need to switch as well... truly a Ghetto bank!


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