Whilst providing an assortment of services, the primary focus of the local banking industry revolves around commercial banking with assets and deposits growing substantially in terms of size and range of products available. Over the years, the commercial banks have contributed to the growth and development of individuals and businesses in the BVI by providing various forms of financing for small businesses, mid and large scale projects, as well as mortgages for individual consumers. This has evoked a healthy business environment with all the local banks offering a wide range of products and services on competitive terms.
Though the wider Financial Services sector is more dependent upon various forms of investment banking, limited opportunities have meant that the local banks have not been as active in this segment of the industry. That is not to say that the local banks are not capable, as a number of them do offer these services, but due to the nature of their origins, these types of offerings are handled through the bank’s head offices in their parent countries. Nevertheless, investment banking in the BVI is changing as major development projects are being progressed by private investors and the Government, promoting potential growth in the sector.