Euro Pacific Bank

Migration Update: Oct 8, 2022

Published: October 8, 2022

Dear Customers,

The following details are applied to those of you who wish to opt-out of Qenta migration:

Due to a technical issue, some of the recently unblocked accounts did not have the full functionality to request outgoing wires as expected. As such, the opt-out deadline has been extended to Friday, October 14, 2022 for all cash deposit clients.

This means that, should you not want your account to migrate to Qenta, you should request an outgoing wire by no later than October 14th, through eBanking, to another account in the same name (first party wire) or that of the same beneficial owners if you have a corporate account.

If you are encountering any difficulties, please feel free as always to contact our Client Services team through the Support Center or through [email protected].

Summary of Recent Events

  • OCIF suspended Euro Pacific Bank and appointed a receiver (or “trustee”) to manage all bank operations and assets on June 30, 2022
  • Currency conversions, outgoing wire transfer form, precious metals trading, and mutual fund trading re-enabled in eBanking on August 29th
  • OCIF and trustee fully approved Liquidation Plan for Euro Pacific Bank on September 6, 2022
  • Interactive Brokers awaiting further information from receiver to transfer client positions to new brokerage accounts
  • Mutual fund sell orders awaiting approval from Interactive Brokers, its custodian
  • Euro Pacific Bank’s correspondent bank will begin processing transactions in collaboration with the receiver
  • Blocked accounts to be temporarily unblocked by Euro Pacific Bank so customers may provide missing information for accounts to remain active with Qenta or to wire available funds to a destination account in their name and the subsequent closing of the account. Otherwise accounts will remain blocked.
  • Unblocked accounts have full functionality. Opt-out deadline to be extended to Oct 14, 2022 for clients to request outgoing wires.