| Stakeholders say they will work together to save the bank | | Print | |
| Monday, 12 April 2010 14:42 | |||
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The group, which met on April 11 to discuss the current circumstances of the bank and a strategy for moving forward, said all should be done to rescue the bank. The stakeholders, who had previously met with the provisional liquidator and were provided with information on the legal status and an overview of the financial condition of the bank, said "the bank can and should be rescued in the interest of depositors and shareholders of the bank and the wider interest of the community and territory of the Turks and Caicos Islands." In the meeting, the stakeholders agreed they will work together and in partnership with the provisional liquidator and regulator to find a solution. The stakeholders said in a statement to media that they have agreed to consult with other interested investors with a view to agreeing on a solution within the shortest possible time. "We emphasize our continued commitment to resolving this unfortunate issue in an expeditious manner. At the time of to the appointment of the provisional liquidator on April 9, representatives of 66 percent of the shareholders were within minutes of finalising an agreement with a potential investor to recapitalise the bank. "We encourage depositors to be patient and to remain in communication with the provisional liquidator during our rescue efforts,” they said in their statement. Stakeholders involved in the meeting included representatives from the National Health Insurance Board, the Eastern Caribbean banks which hold a majority share in the local bank and a number of local shareholders of TCIB. Customers and shareholders affected by the closure can contact the liquidators at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or 649-941-7500. For more information, visit the Web site www.tcibpliquidation.com.
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A stakeholder group representing 80 percent of TCI Bank's shareholders and in excess of 55 percent of the bank’s creditors say they are committed to finding a solution to save the ailing bank.Related Articles
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