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