Dear Opt-out Customers,
We wish to inform you that the Receiver, appointed by OCIF (Office of the Commissioner of Financial Institutions of Puerto Rico), has published a new progress report that outlines the latest status of the liquidation process.
To access the comprehensive report, click on the following link.
Sincerely,
Euro Pacific Bank.
We would like to inform you that Qenta continues working with the OCIF-appointed Receiver of EPB to facilitate the bank’s liquidation and the migration of opt-in customers to the Qenta platform. The original liquidation plan has been revised in response to evolving circumstances, but Qenta continues to cooperate in full and to swiftly facilitate all necessary information to the Receiver’s staff.
The Receiver has issued an updated progress report that can be consulted in the following link.
Please also note that the Receiver has set up of a separate communication website and customer portal for the EPB liquidation. The URL link to access this website is: https://epbprliquidation.com. This portal is meant to assist in providing accurate information on the process and to allow the exchange of documents and information related to the liquidation, and constitutes the best way to contact the Receiver’s Office.
Despite the launch of this additional portal, key updates regarding the liquidation and the migration will continue to be posted on this website as soon as they become available. We thank you very much for your continued patience throughout this process.
Sincerely,
Euro Pacific Bank.
We provide an update on the liquidation of Euro Pacific Intl. Bank, Inc. (the “Bank”) and Qenta’s migration process.
We have been advised that the Receiver has submitted a final version of the liquidation plan to Puerto Rico Office of the Commissioner of Financial Institutions (OCIF) and awaits formal feedback in order to initiate the process. The Receiver continues to work with all stakeholders to prepare for the liquidation of the Bank and for the eventual distribution of funds to opt-out clients.
Additionally, as stated in the Receiver’s update posted via the Bank’s website on July 17, 2023, we understand the Receiver has set up a separate communication website and customers portal. This portal should assist in providing accurate information on the process as well as allow for the exchange of documents and information related to the liquidation. Details of this portal should be available from the Receiver’s Office.
In parallel, Qenta continues with its own preparation for the migration of opt-in clients pending formal confirmation from the Receiver and OCIF that the liquidation and migration can commence. Further details on the final migration timeline and process will be shared by the Qenta Client Services team once confirmed.
The Bank’s core banking system and e-banking channel ceased to operate on August 23, 2023. As required by OCIF and applicable law, data extracts of all client records have been taken and securely stored. All information required by the Receiver’s Office to facilitate the liquidation and meet his legal obligations has been shared in a secure and structured manner. This comprised a large set of carefully structured data.
Qenta’s team remains excited to have the opportunity to welcome opt-in clients to its eco system and will share more about its services and offerings once we receive the go ahead to commence the migration.
Should you have any comments or questions, please feel free to reach out to our Client Services team at [email protected] and we will be very happy to provide assistance. We also recommend you reach out directly to the Receiver’s Office to utilise the customer communication portal established by that Office for the Bank liquidation.
Sincerely,
Euro Pacific Bank.
As the migration date draws near, we want to provide a status update.
Once the following two items are completed Qenta will start its migration process with prior notice to clients:
An additional update will be provided as more information on the above becomes available.
The onboarding process to Qenta will begin once the migration date is established and communicated in advance.
An invite to download the Qenta App, along with easy step-by-step onboarding instructions, will be provided by Qenta to all opt-in clients as we approach the migration date. Once you have completed the onboarding process your assets will be converted to Responsible Gold, and you will be able to view your balance or sell your gold at any time from within the app.
If you do not download the app, or Qenta does not hear from you during the migration process, rest assured that all relevant assets will be safely transferred into the Qenta ecosystem, and that Qenta will be providing monthly statements to you and other clients who have not completed their app registration until either the onboarding process has been completed or a decision is made to liquidate the account.
If you wish to purchase additional gold, this can be facilitated as well.
Please be aware that the migration requires funds to be in a single currency. Therefore, all foreign currency will be converted to USD prior to beginning the migration. A currency conversion statement showing transaction details will be provided to all clients as soon as this conversion has been completed. An account balance confirmation statement will also be provided to all opt-in clients prior to migration.
As Qenta will discontinue the offering of the mutual fund products previously offered by EPB, all existing mutual fund holdings will be liquidated to USD prior to the migration. All proceeds from this liquidation will be consolidated with each opt-in customer’s existing cash balances and included in your account statement prior to migration. You will also receive a mutual fund liquidation statement once the liquidation of these holdings has occurred showing the details of the corresponding transaction.
EPB clients who currently hold precious metals accounts will have their gold safely brought into the Qenta ecosystem. Once onboarded into the Qenta App, you will be able to view, access, and generate statements for your holdings at any time via said app. Qenta will also issue you an account balance confirmation statement prior to migration which will include confirmation of your gold holdings. Statements of your account will continue to be provided to you monthly until the onboarding into the Qenta App has been completed.
Please note, however, that silver holdings would need to be converted to either gold or USD prior to migration. Our Client Services team will be in contact with all clients who maintain silver holdings very shortly to provide further information on these two options.
Additional information for all the items mentioned in this update will be provided by the Qenta team closer to the migration date. However, should you have any questions, please feel free to reach out to our Client Services team at [email protected] and we will be very happy to provide all needed assistance.
We sincerely thank all EPB clients for your patience throughout this period.
Sincerely,
Euro Pacific Bank.
We are pleased to inform you that the Receiver, who is appointed by OCIF (Office of the Commissioner of Financial Institutions of Puerto Rico), has prepared an additional official progress report detailing the liquidation process up to this point.
To access the comprehensive report, click on the following link.
If you have any comments or questions, please feel free to reach out to our Client Services team at [email protected] and we will be very happy to provide all needed assistance.
And lastly, we sincerely thank all EPB customers for your immense patience throughout this period.
Sincerely,
Euro Pacific Bank.
Dear Customers,
Following up on the most recent post from June 17, containing the statement from the OCIF-appointed Receiver, we are reaching out again with a status update on the liquidation of Euro Pacific Intl. Bank, Inc. (the “Bank”) and the migration process.
The Receiver in conjunction with key stakeholders is preparing for the imminent liquidation of the Bank. The Receiver will be in contact with the opt-out liquidation clients in short order with additional details on the process, and the ongoing communication plan.
Qenta is pleased with the recent news from OCIF and the Receiver, and is actively making arrangements to start the migration of clients by next month. The two gating items will be:
Further details on the final migration timeline and seamless transition process will be shared by the Qenta Client Services team closer to the migration date, once confirmed.
The core banking system will cease after June 30, 2023. So, if you have not, please download your bank statements accordingly.
For mutual fund holders, kindly note that the latest statements (as of June 2023) will be sent to you in July.
Lastly, Qenta’s team is excited to have the opportunity soon to welcome you to the family and will be sharing more about its services and offerings, including its Qenta app that puts you in control of your assets in a safe and secure manner.
As always, should you have any comments or questions, please feel free to reach out to our Client Services team at [email protected] and we will be very happy to provide all needed assistance.
We sincerely thank all EPB customers for your patience throughout this period and we look forward to a pleasant and long awaited close for everyone involved.
Sincerely,
Euro Pacific Bank.
Dear Customers,
We are pleased to inform you that the Receiver, who is appointed by OCIF (Office of the Commissioner of Financial Institutions of Puerto Rico), has diligently prepared an official progress report detailing the liquidation process up to this point.
To access the comprehensive report, click on the following link.
Sincerely,
Euro Pacific Bank.
Dear Customers,
Following up on our most recent post from May 5, 2023, we are reaching out again with a status update on the liquidation of Euro Pacific Intl. Bank, Inc. (the “Bank”) and the migration process.
Unfortunately, the Receiver has still not provided a date for the commencement of the liquidation of the Bank. The seller, purchaser and other stakeholders continue to follow up conscientiously with the Receiver and, as soon as we have a meaningful update, we will share it with you via the usual communication channels (website, direct email). It was our strong hope and desire that this liquidation process would have started and been completed by now, particularly because of the court order for the Bank’s correspondent bank to unfreeze queued outgoing wires, a key blocker earlier in this process.
For customers migrating to Qenta, that process will commence as soon as there is visibility from the Receiver on when liquidation will occur. The Qenta team has prepared an easy migration process and will provide further updates closer to the migration date.
As always, should you have any comments or questions, please feel free to reach out to our Client Services team at [email protected] and we will be very happy to provide all needed assistance.
Sincerely,
Euro Pacific Bank.
Dear Customers,
Following up on our most recent post from April 20, we would like to provide an update on the status of the liquidation and migration process.
As mentioned in our last update, EPB’s correspondent bank has been ordered to unfreeze the queued wires. This was the primary item preventing the process and the lifting of this order represents a major step forward. We expected that EPB’s correspondent bank would be able to move the funds soon after the lifting of the freeze order, and for the liquidation process to begin before the end of April. Unfortunately, however, the execution of this process by our partners has not been as quickly as we expected.
Please rest assured we are working diligently with EPB’s receiver to find a solution, and as soon as a firm date can be set for the commencement of the liquidation, we will follow up regarding next steps.
For those of you who will be migrating to Qenta, an easy migration process has been prepared for you which will begin around the same time as the liquidation. You will receive further updates on this and other exciting product offerings very soon!
As always, should you have any comments or questions, please feel free to reach out to our Client Services team at [email protected] and we will be very happy to provide all needed assistance.
We would like to thank you deeply for your patience and understanding throughout this process.
Sincerely,
Euro Pacific Bank.
Dear Customers,
After many months of waiting, we are happy to announce that the liquidation of Euro Pacific Bank will officially commence before the end of April as the correspondent bank has been ordered to unfreeze queued wires. Over the next few days, you will be receiving specific information to better guide you through this process.
What this means for you:
If you are an opt-out client, meaning you have queued up an outgoing wire for the full balance of your account and are therefore not migrating to Qenta, EPB’s receiver will begin processing your outgoing first-party transfers before the end of April with the assistance of EPB’s correspondent bank. The EPB Client Services team will assist the receiver as needed, and you can reach this team at anytime at [email protected].
If you are an opt-in client, meaning that you will be participating in the migration to Qenta, your assets will be safely brought into the Qenta ecosystem, and you will receive detailed onboarding and registration instructions in the coming days. The Qenta Client Services team will also be available to provide you with assistance throughout this process.
Please note that EPB’s current banking systems will continue to function as usual until the end of April 2023. As such, kindly take the time to download your statements from within your account for your own recordkeeping purposes. You will also receive confirmation from Qenta and/or the receiver once the migration and/or liquidation has concluded.
Please also be aware that if there has been no movement in your account for a given month, the system does not generate a statement; to resolve this you would just need to generate an older statement from when the last movement in the account occurred.
We would like to thank you for your patience and understanding throughout this process, and will be in further touch.
Sincerely,
Euro Pacific Bank.
|
|