The Financial Services Regulatory Commission (FSRC) has appointed an Official Administrator to oversee operations at the Global Bank of Commerce Limited under Section 104 of the International Banking Act, 2016 (No. 6 of 16 as amended).
According to a notice issued on November 12, the appointment became effective on November 10, 2025. The appointed Official Administrator, whose signature appears on the letter, stated that they have assumed “all of the duties and powers previously vested and discharged by the directors of the Bank.”
The administrator has been tasked with exercising, performing, and discharging all statutory powers, duties, and liabilities of the institution in accordance with the law for a limited period.
The purpose of the appointment, the letter explained, is to review the position of the bank and present a comprehensive report on its financial condition to the FSRC. Despite the appointment, the bank “will continue to operate as normal,” it said.
Customers, creditors, and other stakeholders will be contacted to discuss the status of obligations to and from the bank, and to confirm that all arrangements remain in place.
The letter was issued under the Global Bank of Commerce letterhead and signed by the Official Administrator, designated “without personal liability.”
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Another financial institution under stress… makes you wonder about the overall health of the banking sector.
Kudos to AntiguaNewsRoom for staying on top of this story. Public deserves to know what’s happening
After Stanford, we should’ve learned our lesson. Transparency and oversight must come first
pure mismanagement…that is all that is all that is all
That’s a big blow to confidence in the banking sector. Hoping depositors are protected.
The country needs stronger regulations and enforcement. Reputation is everything in finance
Administration doesn’t always mean liquidation, but it’s hard to see a path back for this bank given all the legal baggage. Grant Thornton has a tough job ahead.
Finally. This should have happened years ago. The red flags were there for everyone to see, but the FSRC kept looking the other way. Now depositors are left to wonder if they’ll ever see their money again.
Some people still can’t access their money ; administration won’t fix the stress they’ve been through
Lol lol
@Apex. Look d way me laugh out after ur comment. Murdah!!!!
And so what if you all were the first to report it. Do you get a medal for that? Chups
How could the FSRC keep renewing their license year after year knowing the bank was in trouble
ANR please keep up with the times. That building USED to be Global Bank of Commerce. It’s a credit union now. The goodnpeople therre should sue for using the picture.
Clearly the bank has had it share of trouble for quite some time. It is rather surprising that it has taken the FSRC this long to act. This issue with the bank, it’s CEO and Jack Stroll had been red flagged for quite sometime having been in the courts practically every 3 months. I wonder if Jack Stroll would ever get his money. That is why an independent banking regulator is necessary. Government sits in both owner and regulators position and that is so wrong and illegal. Another Bank bites the dust.
And ain’t a damn thing’s gonna happen to the crooks who are responsible for taking this institution demise. Bankers are the biggest scammers and the bank is the largest Ponzi scheme.
A Gaston a the finance minister and prime minister so how can the FSRC do anything when Gaston control and pay them salary? This is what you call a STATE CAPTURE, I have been saying it all along until now Gaston is throwing individual under the bus saying there is captured individual in treasury and other government department.
There are no REGULATIONS in place by the EASTERN CARIBBEAN CENTRAL BANK and the GOVERNMENT OF ANTIGUA to protect the consumers deposit in the COMMERCIAL BANKS,INSURANCE COMPANIES and the CREDIT UNIONS.
Reference to GLOBAL BANK OF COMMERCE LIMITED under ADMINISTRATION it would take years to get back your money.You better believe the CRONIES, FRIENDS and FAMILIES were allowed to withdraw their money and then they put the company into ADMINISTRATION robbing poor people of their hard earn money.
NOTE:It is over 15 years CLICO/BAICO is under administration awaiting a ruling from the ANTIGUA AND BARBUDA HIGH COURT. Policyholders are suffering unable to meet their daily needs and dying prematurely due to NCDs (non communicable diseases) unable to meet their MEDICAL EXPENSES.
It is over 5 years LIAT (1974)LTD is under administration awaiting a ruling from the ANTIGUA AND BARBUDA HIGH COURT IF LIAT is SOLVENT or INSOLVENT.ANTIGUA and BARBUDA high court JUDGES are being MANIPULATED by G.B.
Anyone who invests money in a country where the TAXES are low and SUPERVISION and REGULATIONS by the EASTERN CARIBBEAN CENTRAL BANK, FINANCIAL SERVICES REGULATORY COMMISSION (FSRC) and the ANTIGUA GOVERNMENT are NON EXISTENT should suffer the CONSEQUENCES when the commercial banks,credit unions.insurance companies and the country itself cease to be VIABLE.
NOTE:The recent ruling in the case brought against TRINIDAD and TOBAGO government by the policyholders of BAICO,the CARIBBEAN COURT OF JUSTICE judgment highlights the failure of CARICOM to put in place a framework to protect and provide equal treatment for all consumers across the Common Market.
The court observe that despite the provision contained in the revised Treaty of Chaguramas (RTC) for Member States to promote the interests of consumers in the COMMUNITY by appropriate measures,no specific measures existed which were enforceable against TRINIDAD and TOBAGO.Therefore the EASTERN CARIBBEAN CENTRAL BANK and the Government of Antigua are CULPALABLE in paying the CLICO/BAICO policyholders in ANTIGUA also GLOBAL BANK of COMMERCE LIMITED their money.
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