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.
Dear Customers,
Firstly, we would like to express our gratitude for your patience and understanding as we continue to wait for the receiver and correspondent bank to complete their process and for the bank liquidation to finally commence. Here are the updates about the migration & liquidation process that we have collected in the last few weeks.
According to the receiver’s latest update, the correspondent bank still cannot provide us with a final date as to when the bank liquidation will officially begin. Please rest assured that we are continually following up and closely monitoring the situation, and that we will keep you informed of any developments as soon as they are available.
The migration to Qenta will take place at the same time as the bank liquidation, and as such we are still waiting for confirmation on the final date for when this will officially commence. In the meantime, we are preparing exciting news and developments on the registration, onboarding, and product offerings to come, so please stay tuned!
We would like to remind all clients to download your historical statements. Here is a short guide on how to generate statements from your eBanking.
It is important to do so as soon as possible to ensure that you have access to all the financial information that you need. If you require assistance with generating your statements, please do not hesitate to create a case in the Support Center for assistance.
Once again, we would like to thank you for your patience and understanding during this time. And as always, if there’s any question, please feel free to reach out to our Client Services team at [email protected].
Sincerely,
Euro Pacific Bank.
Dear Customers,
We would like to take this opportunity to express our appreciation for your continued support and patience as we are awaiting news from the correspondent bank and the receiver. We also acknowledge that many clients have sent in their inquiries lately, so we would like to provide you with some clarity regarding the status of the liquidation and migration, as well as Qenta and its services.
To address the frequently asked questions we have received, we have compiled the following information:
If you have further questions about Qenta & its services, please send your inquiries to [email protected]. For inquiries about the liquidation, please email [email protected] as always. Thank you for your continued trust and partnership.
Sincerely,
Euro Pacific Bank.
Dear Customers,
We regret to inform you that our eBanking platform is currently experiencing technical difficulties and is temporarily unavailable. Our team is working diligently to resolve the issue as soon as possible.
We apologize for any inconvenience this may cause and want to assure you that your account information and funds are safe and secure. In the meantime, please direct any urgent banking needs to our client service at [email protected].
We will keep you updated on the status of the platform and will notify you as soon as the system returns to normal. Thank you for your understanding and patience.
Sincerely,
Euro Pacific Bank.
Dear Customers,
We would like to provide an update regarding the EPB Liquidation and release of customer deposits. As reported by the Receiver on Jan 23, 2023, the correspondent bank has indicated that their process to allow liquidation of EPB assets to conclude would be delayed further until March 2023.
We understand that this news may cause concern, and we want to assure you that we are closely monitoring the situation and staying in touch with the Receiver. We will also continue to provide updates as things change and/or reminders to keep you informed accordingly.
Please note that until the correspondent bank concludes their internal process, Qenta is not able to conduct the migration of opt-in accounts, and outgoing wire requests can not be processed for opt-out clients. We apologize for any inconvenience this may cause and thank you for your continued patience and understanding.
If you have any questions, please do not hesitate to reach out to us at [email protected] or if you need to escalate, you can email [email protected].
Sincerely,
Euro Pacific Bank.
In an effort to continually update you about the liquidation & migration process, we have created the following comprehensive Frequently Asked Questions list that is composed of the most essential questions & answers regarding the liquidation of Euro Pacific Bank & migration to Qenta for your reviews.
Sincerely,
Euro Pacific Bank.
Yes. Euro Pacific Bank (“EPB”) was a full reserve bank, all assets previously held by the bank are there and to be honoured whether you choose to migrate to Qenta or opt out of the migration post completion of the liquidation process.
EPB’s OCIF-appointed receiver and custodian institution must work through their process before any funds can be released. This includes opt-out clients as well as those transferring to Qenta.
The opt-out deadline ended November 30th, 2022, however the liquidation process will be completed when all requirements in the Liquidation plan have been met. This includes transfer of client funds back to clients which will occur when the OCIF-appointed receiver and correspondent bank has completed their process. All wires will be sent out as soon as their process is complete, however an exact time or date is currently not available.
The deadline for opt-out requests was November 30th, 2022. Please note however that EPB can continue to accept opt out requests for clients who missed the deadline. Please go into eBanking and enter the outgoing wire transfer request.
Qenta will not be maintaining EPB’s Mutual Funds offerings. As of November 30th, all Mutual Fund holdings are in the process of being liquidated and the exact value of your shares credited accordingly to your account in cash. The liquidation will be done in accordance with the mutual fund agreements.
Precious metals account holders can liquidate their positions in eBanking and credit the funds to their cash account. The deadline for opting out of the migration was November 30th, 2022, however EPB can continue to accept opt-out requests for clients who missed the deadline.
The brokerage accounts have now become fully disclosed accounts with Interactive Brokers (IB). All funding and withdrawals from these accounts should be handled directly with IB.
EPB’s OCIF-appointed receiver will not be allowing partial opt-out requests. This means that all opt-out first-party outgoing wire requests must be for the full balance of your account. If you currently still maintain a partial outgoing wire this request will need to be cancelled by the bank’s Operations department and the amount for the full wire entered into eBanking.
If you did not request an outgoing first party wire by November 30th for the entirety of your account balance, at the end of the liquidation process your account and assets (deposits, precious metals, brokerage, mutual funds) should be automatically transferred to Qenta.. If you have missed the November 30th deadline, EPB can still accept outgoing wire requests. Kindly note that once the migration is complete and you become Qenta clients, you can still opt-out (i.e. liquidate all existing assets) to a first party account at any time.
All new funds sent to your account after the migration would indeed need to be received for the purpose of purchasing gold, however for existing funds coming over with the migration, Qenta will honour your current portfolio as it stands. Qenta will convert migrated funds to gold as our license requires us to do, however we will assume all the risk on this conversion and your current exposure on migrated funds will remain the same as before and these funds can be liquidated at any time post migration.
The Precious Metals Accounts will move into the Responsible Gold Ecosystem which is backed by physical metal in Switzerland. You will continue to have access to your deposits through a very similar user interface. The process has already started to upgrade all gold holding clients into high quality Responsible Gold which should command a premium over standard LBMA gold which is currently the basis for the gold holdings. A similar solution is being worked on for silver clients. No action will be required from your part to complete the opt-in process.
Qenta is not a bank. Client accounts migrating from EPB will be held by the wholly owned Qenta subsidiary located in Dubai, Responsible Gold Trading Division (RGTD) and the department that will continue to serve you is Responsible Gold Trading Services (RGTS) team.
Qenta’s subsidiary RGTD is a fully licensed precious metals trading company. Please note that as RGTD is not a bank it will not be providing banking services, such as cash deposit accounts and third party transfers. Former EPB clients who migrate to Qenta will have a gold trading account and not a bank account. As mentioned before, all EPB client liabilities coming over as currency and precious metals will be fixed and obligations (ie liquidation requests) will be honoured at any time.
Yes. Anytime after the completion of the migration, you will be able to liquidate your holdings to a first party account of your choosing at any time.
All currencies previously available to EPB clients for first-party incoming and outgoing wire transfers will be available to Qenta clients, including USD.
EPB’s existing relationship with their card provider has been closed and as such EPB nor Qenta maintain any access or visibility to systems related to the previously issued cards. For all inquiries related to existing cards issued by EPB, clients should contact the card provider’s customer service line directly. These details can be found on the back of your card.
The new accounts will be available to all jurisdictions previously served by EPB. Qenta will be maintaining a restricted country list which is very similar to the one already used by EPB.
For the time being, please continue to use the Client Services channels established by EPB, e.g. [email protected], or the internal messaging system within eBanking. If your existing client services ticket has not been responded to, please escalate to [email protected], and we will ensure that it is handled urgently. Once the migration is complete, EPB will release new support and escalation channels for clients, however the previously existing email addresses will continue to be forwarded on to us.
Last updated: 12/20/2022.
Dear Customers,
Thank you for your continued patience. We wanted to let you know that the Receiver appointed by the Puerto Rican government to oversee the liquidation process continues to work with the correspondent bank to process all outgoing wires for opt-out clients as well as the wires for opt-in clients, however, we still do not have a clear indication as to when their process will end. Your frustration is shared and understood.
Until these parties have completed the liquidation process, no one will have access to funds held at the correspondent financial institution – neither the opt-out clients, nor Qenta for the opt-in clients. Unfortunately, the team at Euro Pacific Bank/Qenta do not have any control over the speed of this process between the Receiver and the correspondent bank.
Please rest assured that the moment we receive approval to proceed with the transfers the operations team is standing by ready to complete these actions immediately.
In the meantime, we will also continue to follow up and provide further updates to all customers as soon as they become available.
As always, if any questions please feel free to reach out to us directly at [email protected] or if you need to escalate, you can email [email protected].
Sincerely,
Euro Pacific Bank.
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