Press Release 12 of 2025 - REGULATORS IN BVI BEGIN PROCESS TO WIND DOWN OPERATIONS OF BANK OF ASIA (BVI) LIMITED

FOR IMMEDIATE RELEASE

REGULATORS IN BRITISH VIRGIN ISLANDS BEGIN PROCESS TO WIND DOWN OPERATIONS OF BANK OF ASIA (BVI) LIMITED

Tortola, British Virgin Islands – 29 May 2025 – Today, the Virgin Islands Deposit Insurance
Corporation (VIDIC) with the cooperation of the British Virgin Islands Financial Services Commission (the Commission) took necessary action to wind down operations of Bank of Asia (BVI) Limited.

The decision is based on established legal and regulatory frameworks to protect depositors and preserve stability in the banking sector in the Territory. These steps demonstrate commitment and conviction to sound and prudent regulation that strengthens the financial services industry in the Territory.

VIDIC CEO Mrs. Lisa Violet offered that: “Our remit is to provide protection for depositors against the loss of insured deposits placed within member institutions (banks), and to promote and contribute to the stability of the financial system in the British Virgin Islands. I am pleased at the level of cooperation we have received thus far from the local staff and senior management of Bank of Asia (BVI) Limited. We will continue to be vigilant and committed to ensuring that consumers using banks in the BVI are protected. We will provide updates on this process as developments warrant.”

Managing Director/CEO of the Commission Mr. Kenneth Baker expressed that: “The banking sector in the BVI remains stable, strong and resilient. We are resolute that today’s action was necessary based on established regulatory requirements. We remain committed to lending maximum support to VIDIC as per our statutory obligations, in addition to ensuring that the financial services sector in the Territory continues to be well regulated and grounded in international best practice in banking and all other regulated activities within the scope of the Commission’s mandate.”

About The Virgin Islands Deposit Insurance Corporation

The Virgin Islands Deposit Insurance Corporation (VIDIC) is an independent statutory body established by the Government of the Virgin Islands in January 2024 pursuant to the Virgin Islands Deposit Insurance Act to promote and contribute to the stability of the financial system in the Virgin Islands by insuring deposits in member institutions, assessing and mitigating risks to the deposit insurance fund; and minimizing the exposure of the insurance fund to loss and effect on the financial system when a member institution fails.

About the British Virgin Islands Financial Services Commission

The December 2001 enactment of the Financial Services Commission Act established the British Virgin Islands Financial Services Commission as an autonomous regulatory authority responsible for the regulation, supervision, and inspection of all financial services in and from within the BVI.

Regulated activities which are considered financial services include: insurance, banking, fiduciary services, trustee business, company management, investment business, financing business and money services, and insolvency services, as well as the registration of companies, limited partnerships and intellectual property.

MEDIA CONTACTS

Natalia Chinnery
Head of Operations & Communications
Virgin Islands Deposit Insurance Corporation
[email protected]

Rhonda Hodge-Smith
Deputy Director, External Relations
BVI Financial Services Commission
[email protected]