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prima:OCIF orders International Union Bank to close due to insolvency

The institution’s financial crisis began in 2021 and marks the twenty-third liquidation of an international institution in Puerto Rico in the past three years

October 30, 2024 - 11:28 AM

The Commissioner of Financial Institutions, Natalia Zequeira Díaz, appointed Driven Administrative Services as receiver of IUBank, the twenty-third international financial institution to close its doors in Puerto Rico in less than three years. (Xavier Araújo)

The Office of the Commissioner of Financial Institutions ( OCIF) ordered the closure of International Union Bank (IUBank), which is the twenty-third International Financial Institution (EFI) with operations in Puerto Rico to begin a liquidation process in just three years.

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