September 15, 2023 : Receiver’s Report on EPIB Liquidation Process update

Esteemed Customers,

As you may already be previously informed, the voluntary liquidation process ordered for Euro Pacific International Bank upon the Joint Consent Order of Liquidation entered on August 9, 2022, should be modified upon a request of Global Financial Services Technology (“GFST”), the assuming entity received in May 2023. In summary, from a total customer account based of 3,595, the GFST assuming entity will transfer 1,702 customers to its ecosystem and 1,893 customers’ accounts (referred to as the “Opt-Out customers”) will then be liquidated through a proceeding supervised by the Office of the Commissioner of Financial Institutions of Puerto Rico. The undersigned Trustee has completed a preliminary draft of his Plan of Liquidation but remains receiving information to complete the customers and claims identification to enable the implementation of this Plan.

Regarding the balances owed to customers under this liquidation, the Trustee has reviewed those transactions detailed in the account statements provided to customers throughout the existence of each account. This work continues as additional documents and information is being received.

The Receiver and the GFST have commenced the liquidation of assets for funding the liquidation transaction. At this time both parties work directly with the correspondent banks that hold said assets to assure that these funds are distributed to each entity and available to commence the distributions to customers.

Please be informed that a separate communication website and customer portal is now accessible, which will allow Opt-Out customers to be informed on the liquidation progress and provide for the exchange of documents and information related to the liquidation.

The URL link to access this website is https://epbprliquidation.com/

All communications with the undersigned shall be received through this website and the email address contained therein. The Receiver has already uploaded most of the bank statements and transaction histories for each Opt-Out customers and through this system look forward to validate the information required to communicate securely with all affected customers.

On a final note, as much as we regret the inconveniences this whole process is causing please bear in mind that the liquidation of an institution like this one is a complex process which requires multiple procedures to comply with the laws and regulations imposed on banking institutions that need to be followed by the Trustee. We will continue working hard in these procedures trying to attain a full liquidation of the “opt-Out” customers as soon as possible.

Wigberto Lugo Mender
Trustee Appointed by The Office of the Commissioner of Financial Institutions, Puerto Rico