In a significant regulatory move, the Financial Services Regulatory Commission (FSRC) has appointed an Official Administrator to oversee the operations of the Global Bank of Commerce Limited. This action was taken under Section 104 of the International Banking Act, 2016 (No. 6 of 16 as amended), and became effective on November 10, 2025, as confirmed in a notice issued on November 12. The appointed Official Administrator has assumed full control, taking over “all of the duties and powers previously vested and discharged by the directors of the Bank.” The administrator’s role includes exercising, performing, and discharging all statutory powers, duties, and liabilities of the institution in accordance with the law for a limited period. The primary objective of this appointment is to conduct a thorough review of the bank’s financial position and present a detailed report to the FSRC. Despite the intervention, the bank has assured stakeholders that it “will continue to operate as normal.” Customers, creditors, and other stakeholders will be contacted to discuss the status of their obligations and confirm that all existing arrangements remain intact. The official communication was issued under the Global Bank of Commerce letterhead and signed by the Official Administrator, who has been designated “without personal liability.”