- Occidental Bank (Barbados) Ltd. was incorporated on May 16th, 1991, under Union Bank (Barbados) Ltd., with its primary domicile on the Island of Barbados. Its shareholder was Banco Unión Colombiano, incorporated on December 14th, 1976, with its leading domicile at Santa Fe de Bogotá.
- Banco Unión Colombiano started as a branch of the Royal Bank of Canada, and after 50 years, it became a mixed bank as Banco Royal Colombiano. In 1988, Colombian investors bought their participation from foreign partners and adopted the name of Banco Unión Colombiano.
- On October 2nd, 2006, Banco de Occidente bought Banco Union Colombiano and its subsidiary Union Bank (Barbados) Ltd.
- On February 22nd, 2008, the Banco de Occidente subsidiary changed its legal name from Union Bank (Barbados) Ltd. to Occidental Bank (Barbados) Ltd.