OFG Bancorp announced the Virgin Islands Banking Board has approved the first regulatory step related to the acquisition by OFG’s Oriental Bank of Scotiabank’s US Virgin Island operations.
The permit authorizes Oriental to organize a bank in the Territory. To assume Scotiabank’s operations and start serving customers in the USVI, Oriental will also need a license and approval from the Board and approvals from federal and Puerto Rico regulators.
“The Board was pleased with Oriental Bank’s presentation and its overall positive view of the economic impact its presence will have in the Territory,” said Lt. Governor Tregenza A. Roach, Chairman of the Virgin Islands Banking Board.
“We appreciate the consideration the Board gave our application and the assistance of the Division of Banking, Insurance and Financial Regulation in the application process,” said Dr. Ganesh Kumar, Senior Executive Vice President of OFG Bancorp.
“We look forward to a long and beneficial relationship as we have had for more than 50 years in Puerto Rico,” Dr. Kumar said.
