Decision Notice - Banking Licence Revoked for Trade and Commerce Bank (2023-10-19)

Summary

This is a Decision Notice from CIMA publicly recording the revocation of the Category B Banking Licence held by Trade and Commerce Bank (Reg. #88037), which is in official liquidation. It is an informational notice about a specific enforcement action rather than a rule imposing ongoing duties on the wider industry.

• Action taken: CIMA revoked the Licensee's Category B Banking Licence under section 18(5)(b) of the Banks and Trust Companies Act (2021 Revision), which permits revocation where a licensee goes into liquidation, is wound up, or otherwise dissolved.
• Background: The bank went into provisional liquidation on 5 July 2002 and was placed into official liquidation by Grand Court order on 22 August 2002; CIMA had earlier issued a Warning Notice dated 26 July 2023.
• Recipient: The notice was addressed to the Joint Official Liquidators (JOLs) of the Licensee, who are managing its liquidation.
• Effective date: The revocation decision took effect on 13 October 2023.

Applies to

Category B banking licensees, Joint Official Liquidators of banking licensees

Deadlines

• 13 October 2023: Effective date of CIMA's decision to revoke the Licensee's Category B Banking Licence.