The National Bank of the Virgin Islands Limited (the “Bank”), formerly known as the Development Bank of the Virgin Islands Limited, is incorporated in the Virgin Islands (UK) under the Companies Act, Cap. 285. It is a company limited by shares organized and existing under the Business Companies Act, 2004. Effective February 28, 2007, the Bank changed its name from the Development Bank of the Virgin Islands Limited to National Bank of the Virgin Islands Limited as a result of the bank’s focus from a development bank to a commercial Bank.
The Bank is wholly owned by the Government of the Virgin Islands (the “Government”). In accordance with Section 3(3) of the Development Bank of the Virgin Islands (Transfer of Assets and Liabilities Act), 2004 the shares of the sole shareholder are held in the name of the Financial Secretary for and on behalf of the Government. The liability of the sole shareholder is limited by shares.