V.I. Banking Board to Convene

The Virgin Islands Banking Board will convene. A primary item on the agenda will be Oriental Bank’s acquisition of the Bank of Nova Scotia’s U.S. Virgin Islands operations and its request for a permit to organize a bank in the territory. Officials from Oriental Bank will be in attendance. The permit application and review are the first of a multi-step process that is required before the bank can do business in the territory. Additional agenda items will include the state of the Economic Development Authority’s Economic Development Bank.