Why British Virgin Islands has only seven licensed offshore banks ?

[troubled soul]

I read article on Wikipedia about Offshore financial centre.
I come to surprise that "Cayman Islands has 285 licensed banks, the Bahamas has 301. By contrast, the British Virgin Islands only has seven licensed offshore banks."

Why British Virgin Islands has only seven licensed offshore banks ?

Do any body know the reason ?

Thanks

 

[LondonOTC]

The business not as good as the old days. Also it's a smaller and less livable than Cayman

 

[Martin Everson]

The other jurisdictions were easier to obtain a banking license back in the wild west days when everybody and his mama opened a bank and at times just as a status symbol. Only Bank of Asia has been able to obtain a restricted banking license recently in BVI and its not exactly going well for them.