Published: September 8, 2022

Dear valued customer,

On behalf of Qenta Inc., welcome to our family. We know this has been a difficult time and look forward to a brighter future together. In this letter, we want to share who we are, why we are excited for you to join us, and invite you to our Virtual Customer Townhall on Wednesday September 14, 2022, at 8am Eastern Standard Time to directly answer any questions you may have.

After September 29, 2022, remaining customer assets will be held by Qenta subsidiaries but you will have full and ongoing access to your deposits, precious metals holdings, mutual funds and brokerage accounts. Qenta is not a bank; however, it has subsidiaries that are licensed by the Dubai Multi Commodities Centre, which allows Qenta to trade precious metals for its clients. Qenta will facilitate payments in multiple currencies, and over the next year upgrade its card offering.

To ease the transition, a number of your former bank’s staff will also be joining our team.

About Qenta

Qenta is a global financial technology firm headquartered in Houston, Texas, with a vision to lead the world to a frictionless and democratized ecosystem. Towards this end, we offer to our customers savings products such as Responsible Gold, wallets, payment solutions for merchants, and commodities hedging and financing products. We operate in 17 countries around the world with a team of over ~200 people.

Our group Chairman and CEO, Brent de Jong, started working with banks in 1997 to provide financing and restructuring advice globally while at J.P. Morgan. He has since achieved a solid track record of building teams and transforming businesses with the core principle of customer satisfaction.

Our Managing Director, Mariame McIntosh, has worked in the financial services industry for two decades and, prior to joining Qenta, was the CEO of a commercial bank for over 6 years. Her success at the bank was driven by a relentless focus on customer experience.

Our Mission

Qenta is a purpose-driven business with a committed, experienced team and it is our hope that you can get to know more of our team members in the coming months.
We also hope that you will give us the chance to serve you as we believe the benefits of joining the Qenta family are:

1. Safe and secure custody of your assets;
2. Access to innovative digital products to meet your needs;
3. Our commitment to the highest environmental, social and governance (ESG) standards.

For more information about the company, please visit our website at www.qenta.com.

Qenta 1st Virtual Customer Townhall

We look forward to meeting you during our first global Virtual Customer Townhall where you will be able to share thoughts and feedback, as well as ask any clarifying questions directly to the senior leadership team at Qenta.

Time: Sep 14, 2022 08:00 AM Eastern Time (US and Canada)
Hosted by: Brent de Jong, Chairman and CEO; and Mariame McIntosh, Managing Director of Qenta Inc.
Join Zoom Meeting: https://zoom.us/j/92905617682?pwd=a0FNY1dHaGZUM1VOK1o5VkdwOHR1dz09
Meeting ID: 929 0561 7682
Passcode: UXs9jh

Click here to add the event to your calendar:

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If Qenta is not meeting your needs, you can transfer your funds to another organization at any time and through the usual means.

Sincerely,

Brent De Jong
Chairman & CEO, Qenta Inc.

Mariame McIntosh
Managing Director, Qenta Inc.

Published: September 2, 2022

As stated in the official Notice of Liquidation on Monday, August 29th, Euro Pacific Bank was required to proceed with its liquidation and allow clients to request withdrawals inside their eBanking. We also disclosed the existence of a financial services company interested in continuing to serve any clients that remain.

Today, we would like to provide an update on both topics.

Operational Delays

Euro Pacific Bank began allowing clients to submit transfer requests in their eBanking on Monday, August 29th. Unfortunately, those transfer requests are currently being held by our correspondent bank, who has requested written confirmation from the bank’s government-appointed receiver that we are authorized to proceed with your wire transfer(s).

However, the receiver will not provide our correspondent bank with that written confirmation until the Puerto Rico financial regulator (OCIF) authorizes him to. In other words, our correspondent bank will not process any of our wire transfer requests until OCIF provides authorization.

We understand this situation may be frustrating for some of you, especially after patiently waiting. However, the bank is in receivership and has been under the control of OCIF, so transactions can take much longer to process than it did before.

As stated in our Monday notice, clients can still request transactions and they will be processed as soon as we’re allowed to. Thanks for your continued patience through this process and we will continue to update you on this step.

Brokerage Accounts

Similarly, if you currently have a Euro Pacific Trader brokerage account and are awaiting the transfer of your positions to your new Interactive Brokers account, we have also been asked to get written authorization from our receiver before any of our transfer requests can be processed.

Account Migration

As you may recall in our Notice of Liquidation, a financial services company has made an offer to continue serving our customers, which includes bank deposits, precious metals, mutual funds, and brokerage accounts. Understandably, an important part of your consideration to be migrated to this new institution is who they are and what they do.

We have received authorization to disclose the company’s details, so you can expect to receive a welcome letter from this company within a few days. A copy of their welcome letter will be published here on our website. They also plan to conduct a “Virtual Customer Townhall” within the next two weeks to introduce their senior leadership team and answer your questions.

Published: August 29, 2022

Dear Euro Pacific Bank customer,

We write to inform you that, although Euro Pacific Bank is now in liquidation pursuant to a Consent Order for Liquidation and Dissolution of International Financial Entity entered into with the Puerto Rico Office of the Commissioner of Financial Institutions (“OCIF”), we can now provide you with a positive update on an easy path forward.

Account Migration

Since Euro Pacific Bank will be closing its business operations in Puerto Rico permanently and irrevocably, we are in advanced conversations to arrange for the transfer of all customer deposits, cash and physical precious metals, as well as ownership of the bank’s four wholly owned subsidiaries, which includes the broker dealer where many customers maintain linked brokerage accounts, to a global financial services technology company headquartered in the United States with an experienced management team and solid track record.

The four subsidiaries of the bank will be owned directly by that company. The bank’s currency and precious metals deposits will be held by its wholly owned subsidiary operating in Dubai. From your account there you will be able to send and receive third party payments in multiple currencies, including U.S. dollars and utilize a debit card to access your deposits.

Once your funds are transferred, they will be immediately available to spend or withdraw. If the acquiring financial institution does not meet your needs, you can transfer your balance to an alternative financial institution.

Migration Opt Out

If you prefer, you may have your deposits wired to an alternative financial institution of your choosing. To initiate this process, you must log into eBanking and request an outgoing wire transfer to an account with the same beneficial ownership as your Euro Pacific account.

You have thirty (30) days from the date of this notice to complete the outgoing wire request for processing.

Reminders:

• U.S. dollars must be converted to another currency the bank supports to be wired out.
• If you do not want your gold and silver holdings to be under new ownership, you must sell them, as the bank cannot deliver out metal.
• If you do not want your brokerage account to be under new ownership, you must liquidate your holdings, including in the bank’s proprietary mutual funds, and transfer any proceeds to your bank account so those amounts can be included in the wire.

We appreciate the confidence you have placed in us over the years and your continued support of our bank throughout this process. Our customers have always been our priority and you continue to be our priority throughout this liquidation process.

Sincerely,

Euro Pacific Bank Management

Prior to the suspension, Euro Pacific Bank was in the process of being acquired by a larger financial institution. Instead of allowing the sale, regulators placed the bank into receivership. Further, despite multiple offers to buy the bank, regulators have decided that the bank must be liquidated.

As a result, we proposed a plan to allow customers a period to withdraw their funds, or allow their funds to be transferred to another bank outside of Puerto Rico. We have already selected a bank that we think is best positioned to offer excellent services to our customers.

Unfortunately, we are still waiting for approval from the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF), and it’s taking a lot longer than we expected for them to complete this process.

We understand many of you are looking for a clearer timeline. At the same time, we are required to follow the financial regulatory authority’s lead. Thank you for your continued patience and understanding.

Summary:

• The Puerto Rico financial regulator in late-June requested that Euro Pacific Bank pause its operations. In response, we complied by pausing all transactions to review the details of their request. In the meantime, a trustee has been appointed to administer the standard affairs of the bank to assure safekeeping and preservation of funds.
• After the regulatory hearing scheduled on July 14th, Euro Pacific Bank and the Puerto Rico financial regulator entered negotiations for the continuation of bank operations.
• We can confirm that we are now in advanced discussions with the regulator, and we will share with you results as soon as it is permitted.
• As usual, Euro Pacific Bank maintains a full-reserve ratio, meaning we make no loans and keep all client deposits on-demand.

As you may be aware, after the regulatory hearing scheduled on July 14th, Euro Pacific Bank and the Puerto Rico financial regulator entered negotiations for the continuation of bank operations.

We can confirm that we are now in advanced discussions with the regulator, and we will share with you results as soon as it is permitted.

Again, if you are not aware, the Puerto Rico financial regulator recently requested that Euro Pacific Bank pause its operations. In response, we complied by pausing all transactions to review the details of their request. In the meantime, a trustee has been appointed to administer the standard affairs of the bank to assure safekeeping and preservation of funds.

We appreciate your patience through this process, and as usual, Euro Pacific Bank maintains a full-reserve ratio, meaning we make no loans and keep all client deposits on-demand.

The Common Reporting Standard (CRS), calls on countries to obtain information from their financial institutions and exchange that information with other countries automatically on an annual basis. The CRS sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.

Euro Pacific Bank and its subsidiaries have the obligation to comply with the Organization for Economic Co-operation and Development (OECD) Common Reporting Standard (CRS).

To whom is the information reported:

• For accounts held by Euro Pacific Securities, Inc. (Global Trading), the required information will be reported to Financial Services Commission (FSC) of the British Virgin Islands.
• For accounts held by Euro Pacific Intl. Bank Inc., there is no reporting since the United States and Puerto Rico are non-participating jurisdictions.

When will reporting take place and for what timeframe:

• For accounts held by Euro Pacific Securities, Inc. (Global Trading), the information will be reported for the first time in May 2018 for new accounts opened in the period of November 20th to December 30th 2017

For further information on the Common Reporting Standard you may access the OECD informative website at http://www.oecd.org/tax/automatic-exchange/common-reporting-standard