Weeks after initiating winding-up proceedings for the Bank of Asia, the Virgin Islands Deposit Insurance Corporation (VIDIC) is now looking for a new Chief Executive Officer (CEO).
A vacancy notice issued on the government’s website for VIDIC said the new CEO will be expected to provide “strategic leadership, operational management, and administration” of the Corporation. The post is described as “critical in promoting the stability of the financial system through effective oversight of a deposit insurance scheme and management of financial institutions.”
Applicants are required to have at least fifteen years of relevant experience, including senior management roles in the financial sector. “Specific experience in deposit insurance is highly desirable,” VIDIC stated.
The job opening follows reports that former CEO Lisa Violet resigned shortly after VIDIC filed a petition to liquidate the Bank of Asia. A local media outlet reported that she stepped down amid rising tensions linked to political interference.
In the current job notice, VIDIC highlighted that the CEO will be responsible for implementing the Board’s decisions, overseeing day-to-day operations, managing risk, and leading the development of corporate policies and strategies. The CEO must also “provide advice to the Board on technical, financial, and administrative matters” and represent the Corporation in local and international forums.
Other key duties include leading change management, ensuring compliance with relevant frameworks, overseeing human resources, and developing a corporate business plan in conjunction with executive management.
The successful candidate should have extensive knowledge of financial services and banking, strong leadership and policy skills, and the ability to maintain trust and discretion. VIDIC also noted that “a good grasp of the techniques of banking and deposit insurance” and familiarity with international deposit insurance standards are preferred.
Applications for the role must be submitted by 24 July 2025.
There have been widespread controversy surrounding the bank, after government reportedly deposited five million dollars sometime between December 2024 and April 2025 — after the bank’s owners had filed for bankruptcy in January 2025 and their assets were globally frozen due to a legal dispute with a former business partner.
Premier and Minister of Finance Dr Natalio Wheatley has since sanctioned an internal audit on the matter. However, Opposition Leader Myron Walwyn formally wrote to Governor Daniel Pruce to, among other things, ascertain whether the government did its due diligence in assessing potential risks to public funds before depositing the five million dollars into the failing Bank of Asia. He argued that any probe must be conducted independently and not under the direction of the Premier.
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