Pacific Trade Bank Limited – Revocation of Licence
Pacific Trade Bank Limited ('PTBL') was served notice of the revocation of its licence in November 2009 after failing to meet the conditions imposed on its international banking licence.
PTBL ceased its operations in the Cook Islands as of 30 April 2010. This follows the decision of the FSC to revoke the licence of the Wall Street Banking Corporation Limited in 2009 (the winding up of WSBC is currently with a Court Appointed Manager in New Zealand) and demonstrates the ongoing commitment of the FSC maintaining the effective and robust supervision of the financial services industry in the Cook Islands.
Enforcement action taken by the FSC against these international banks demonstrates that the FSC is not prepared to tolerate financ ial institutions operating in the Cook Islands that fail to comply with regulatory legislation.