Published: October 14, 2022

Dear Customers,

Thank you for attending our Townhall on October 12th and for your engagement. As promised, we will have a follow-up Townhall on Monday, October 17, from 9-10am EST (US & Canada) given that we ran out of time on October 12. See meeting details below.

• Meeting ID: 984 2068 7642
• Passcode: 054496
• Zoom Meeting: Link

Other key reminders:

1. For opt-out clients: The deadline to opt-out has been extended from today until October 22, 2022. For emphasis, this means that customers who do not wish their accounts to be transferred to Qenta, must request an outgoing wire through eBanking to another account in the same name (first party wire) or that of the same beneficial owners in the case of corporate accounts, by no later than October 22, 2022.
2. As mentioned before, the delay in the processing of outgoing wires continues until the Receiver and correspondent banking institutions complete their process. This situation is out of our control, but we will continue to monitor the situation and keep you updated.
3. Please feel free to reach out to our Client Services team through the Support Center in eBanking or through [email protected], and they will continue to provide all assistance for any issues you may have.

Thank you very much, and we look forward to hearing from you on Monday.

Best Regards,

Qenta Team.

Published: October 10, 2022

Dear Customers,

We apologize that some of you were not able to access the Zoom meeting for the Townhall planned for October 10, 2022 due to technical issues. We have scheduled another meeting to take place on October 12, 2022 from 9-10am EST. The meeting access details are:

• Zoom meeting link: https://zoom.us/j/99180943645
• Meeting ID: 991 8094 3645

For any questions, please reach out to us directly on [email protected]

Sincerely,

Qenta Team.

Published: October 8, 2022

Dear Customers,

The following details are applied to those of you who wish to opt-out of Qenta migration:

Due to a technical issue, some of the recently unblocked accounts did not have the full functionality to request outgoing wires as expected. As such, the opt-out deadline has been extended to Friday, October 14, 2022 for all cash deposit clients.

This means that, should you not want your account to migrate to Qenta, you should request an outgoing wire by no later than October 14th, through eBanking, to another account in the same name (first party wire) or that of the same beneficial owners if you have a corporate account.

If you are encountering any difficulties, please feel free as always to contact our Client Services team through the Support Center or through [email protected].

Summary of Recent Events

• OCIF suspended Euro Pacific Bank and appointed a receiver (or “trustee”) to manage all bank operations and assets on June 30, 2022
• Currency conversions, outgoing wire transfer form, precious metals trading, and mutual fund trading re-enabled in eBanking on August 29th
• OCIF and trustee fully approved Liquidation Plan for Euro Pacific Bank on September 6, 2022
• Interactive Brokers awaiting further information from receiver to transfer client positions to new brokerage accounts
• Mutual fund sell orders awaiting approval from Interactive Brokers, its custodian
• Euro Pacific Bank’s correspondent bank will begin processing transactions in collaboration with the receiver
• Blocked accounts to be temporarily unblocked by Euro Pacific Bank so customers may provide missing information for accounts to remain active with Qenta or to wire available funds to a destination account in their name and the subsequent closing of the account. Otherwise accounts will remain blocked.
• Unblocked accounts have full functionality. Opt-out deadline to be extended to Oct 14, 2022 for clients to request outgoing wires.

Published: September 30, 2022

Dear Customers,

Below please find an update on the liquidation status as well as some actions required by you, our customer.

If you opted in to migrate to Qenta

1. Precious Metals Account holdings will be transferred to Qenta’s management on September 30, 2022.
2. Qenta is also in the process of acquiring Euro Pacific Securities’ role as the Fully-Disclosed Broker on all brokerage accounts currently at Interactive Brokers, in order to service all of your brokerage needs.
3. Finally, bank account cash holdings will begin transferring to Qenta’s banking network in October 2022, once the receiver and correspondent bank has completed their review and approval process.
4. As this migration period occurs from today September 30, 2022 through October, there will be more frequent communication via email, this website, and Customer Townhalls to keep you informed.

As a reminder, Qenta is not a bank. Qenta is a financial technology firm whose vision is to lead the world to a frictionless and democratized financial ecosystem, operating three divisions focused on payments, pay-outs, and commodities hedging. As such, Qenta can facilitate first-party wires, as well as to other Qenta clients. While third party wire transfers are not possible today, we are working to bring this service to you in the future.

In addition, one of Qenta’s key retail products is a Responsible Gold savings product that gives customers a title of ownership to gold that can be accessed through a digital wallet for convenience, liquidity and flexibility. Qenta also works with businesses to simplify their complex payment needs via smart contracts.

Feel free to reach out to Qenta at anytime at [email protected]. The Qenta team looks forward to welcoming you to their family.

If you opted out

1. To follow up our previous Migration Opt Out updates, we are happy to announce that some progress has been made on the processing of your pending outgoing wire transfers. Our correspondent bank and the bank’s receiver have come to an agreement to start releasing funds, albeit manually. We appreciate your continued patience as funds are periodically released.
2. The Migration Opt Out deadline has now been postponed to October 7, 2022. What this means to you is that if you do not want your funds migrated to Qenta Inc., all outgoing wire transfer requests should be made no later than October 7th inside eBanking, to another account in the same name (first party), or beneficial owner’s name if you hold a corporate account.
3. If you are considering opting in, please note that even after the metals and cash are migrated to Qenta, customers can request at any time for funds to be sent to an account in his or her name at another institution via eBanking.

Summary of Recent Events

• OCIF suspended Euro Pacific Bank and appointed a receiver (or “trustee”) to manage all bank operations and assets on June 30, 2022
• Currency conversions, outgoing wire transfer form, precious metals trading, and mutual fund trading re-enabled in eBanking on August 29th
• OCIF and trustee fully approved Liquidation Plan for Euro Pacific Bank on September 6, 2022
• Interactive Brokers awaiting further information from receiver to transfer client positions to new brokerage accounts
• Mutual fund sell orders awaiting approval from Interactive Brokers, its custodian
• Euro Pacific Bank’s correspondent bank will begin processing transactions in collaboration with the receiver
• Blocked accounts to be temporarily unblocked by Euro Pacific Bank so customers may provide missing information for accounts to remain active with Qenta or to wire available funds to a destination account in their name and the subsequent closing of the account. Otherwise accounts will remain blocked.

Published: September 28, 2022

Dear Customers,

This is a follow up to our last update on September 16, 2022. We continue to work with our custodians and stakeholders, including the OCIF-appointed receiver to ensure the liquidation process is completed according to plan.

We acknowledge that outgoing wire transfers are still delayed since our last update on September 16, 2022. The delay continues to result from the OCIF-appointed receiver’s ongoing discussions with our custodians, i.e. our correspondent bank for outgoing wire transfers and Interactive Brokers for brokerage asset transfers.

Specifically, our custodians requested from the receiver several documents—personal and regulatory—which are in the final stages of being fulfilled. Unfortunately, we have limited involvement in this process, as our custodians are required to deal exclusively with the receiver.

Despite the delays, Euro Pacific Bank has maintained 100% of customer cash on-demand and ready to withdraw through the entirety of this receivership.

Latest Update

1. As a reminder, Euro Pacific Bank customers will be migrated to Qenta on the transfer date unless a customer elects to opt-out of the transfer. The planned transfer date is September 29, 2022, however the actual transfer date will be dependent on when the receiver and the correspondent bank processes all wires. As mentioned before, we do not have control over these delays, but we continue to stay abreast and will keep you informed.
2. We anticipate all precious metal holdings will be transferred by September 30, 2022, however we are still waiting on the receiver and the correspondent bank to complete their process for cash transfers to take place.
3. Pursuant to the OCIF-approved Liquidation and Dissolution Plan, Euro Pacific Bank will be liquidated shortly after all funds have been transferred to customers who have opted out as well as those who are being migrated to Qenta. Regardless, our team continues to be here to serve you and will also be joining Qenta.
4. Even after the transfer date, customers who have been migrated to Qenta can request funds at any time by entering the wire request in eBanking with details of a destination account in their name (first party).
5. Current Euro Pacific Bank customers whose accounts are currently blocked will have access to their accounts during the period between September 29 and October 7, 2022 only for the purpose of providing missing information for such account to remain active with Qenta or to request the wire of the available funds to a destination account in their name and the subsequent closing of the account. Such wires shall be processed, and the corresponding funds will be transferred, when the correspondent bank and receiver complete their process (even if that were to happen after October 7, 2022). After such date, such accounts will once again be placed under review by Qenta, with limited functionality.

Further FAQs will be shared this week, and the Qenta team will have another Customer Townhall meeting on Monday October 10, 2022. In the meantime, please continue to direct all queries to [email protected].

Summary of Recent Events

• OCIF suspended Euro Pacific Bank and appointed a receiver (or “trustee”) to manage all bank operations and assets on June 30, 2022
• Currency conversions, outgoing wire transfer form, precious metals trading, and mutual fund trading re-enabled in eBanking on August 29th
• OCIF and trustee fully approved Liquidation Plan for Euro Pacific Bank on September 6, 2022
• Euro Pacific Bank’s correspondent bank awaiting further information from receiver to process our client transactions
• Interactive Brokers awaiting further information from receiver to transfer client positions to new brokerage accounts
• Mutual fund sell orders awaiting approval from Interactive Brokers, its custodian
• Blocked accounts to be temporarily unblocked by Euro Pacific Bank so customers may provide missing information for accounts to remain active with Qenta or to wire available funds to a destination account in their name and the subsequent closing of the account. Otherwise accounts will remain blocked.

Published: September 16, 2022

As promised, we are providing a long-awaited update on the bank’s operations, aimed at clients wishing to opt out of the migration to Qenta Inc.

We are fully aware that many of you have waited very patiently over the last few months for OCIF and our appointed receiver to approve our liquidation plan. We notified clients on August 29th that they can begin entering their transaction requests inside their eBanking, per OCIF’s orders to liquidate the bank.

Summary

✅ OCIF suspended Euro Pacific Bank and appointed a receiver (or “trustee”) to manage all bank operations and assets on June 30, 2022
✅ Currency conversions, outgoing wire transfer form, precious metals trading, and mutual fund trading re-enabled in eBanking on August 29th
✅ OCIF and trustee fully approved Liquidation Plan for Euro Pacific Bank on September 6, 2022

⌛Correspondent bank awaiting further information from OCIF to process our client transactions
⌛Interactive Brokers awaiting further information from OCIF to transfer client positions to new brokerage accounts
⌛Mutual fund sell orders awaiting approval from Interactive Brokers, its custodian
⌛Accounts with debit blocks to be unblocked by Compliance so wire transfer requests can be entered

Operational Delays

Outgoing Wire Transfers

Euro Pacific Bank began allowing clients to submit transfer requests in their eBanking on Monday, August 29th. Unfortunately, those transfer requests are currently still 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).

Although the receiver, with permission from OCIF, has provided our correspondent bank with written authorization and the government-approved Liquidation Plan, our correspondent bank has requested additional authorization from the receiver, which he is currently attempting to fulfill.

We understand this situation may be frustrating for many of you, as it is for us. We have been waiting eagerly for your transactions be processed, however our correspondent bank will only accept our transaction requests after fulfilling their internal requirements. Simply put, we can only process your transactions as soon as our correspondent bank processes them.

In the meantime, here are some actions you can take:

• Simply enter your outgoing wire transfer request and get in the queue so the bank can process them as soon as our correspondent bank is ready.
• If you have a blocked bank account and cannot enter a wire transfer, our compliance team is in the process of unblocking them so that you can enter your wire transfer request. We expect this to be completed over the next 1-2 business days.
• Ensure that your outgoing wire transfer requests are first party. In other words, they should go to an account under the same name. If you have a corporate account with us, transfers can be made to your personal name if preferred.
• Consolidate your cash balances into one of your bank accounts before entering your final wire transfer request, if you hold multiple currencies. Remember, wire transfers can only be requested in EUR, GBP, CHF, JPY, and PLN.

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, Interactive Brokers has also asked to get written authorization from our receiver before any of our transfer requests can be processed, for legal reasons.

To date, written authorization has been provided by the receiver with approval from OCIF, and Interactive Brokers is currently reviewing the documentation. We hope they can complete this task as soon as possible so that we can regain the ability to transfer your cash and stock positions to your new brokerage accounts.

Precious Metals

Precious metals sell orders are being fulfilled in real-time with no delay or issues.

Mutual Funds

Mutual fund sell orders are currently delayed for the same reason as the brokerage account delay—Interactive Brokers is the custodian of the mutual fund accounts, and currently we are prevented from processing mutual fund sell requests until they have approved the bank trustee’s requests.

Frequently Asked Questions

We will be posting your requested Q&As here shortly.

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.

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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.

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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