Bancrédito Urges Transparency & Finalization of Liquidation

Bancrédito Holding Corporation has reiterated calls for the Office of the Commissioner of Financial Institutions (OCIF) in Puerto Rico to fully complete the liquidation of its subsidiary, Bancrédito International Bank & Trust Corporation. The holding firm also demanded greater transparency from Driven Administrative Service, LLC, which was appointed in 2022 as the trustee to oversee the bank’s liquidation. El Nuevo Día+1

The voluntary liquidation process for Bancrédito began in August 2022, after ceasing operations. Since that time, the regional financial regulator designated Driven as the trustee responsible for managing the liquidation, ensuring the bank’s assets are assessed, debts are settled, and depositors are paid. El Nuevo Día+1

In its recent statement, Bancrédito asserted that it has sufficient funds in its accounts to clear outstanding liabilities, including a substantial fine, to facilitate the syndication process and settle all its obligations. El Nuevo Día+1

Bancrédito emphasised that depositors have already begun to receive payments, but criticised that the liquidation remains in limbo. They called for the OCIF and the trustee to finalize the syndication and dissolution process. El Nuevo Día+1

Additionally, the holding firm stressed the importance of transparency, insisting that all stakeholders be kept fully informed of the liquidation’s progress. They want open accounting for how funds have been used, clear timelines, and full disclosure from the trustee. El Nuevo Día+1

This demand comes amid overlapping legal and regulatory events: the founder, Julio Herrera Velutini, has pending legal matters; the bank had previously been fined by U.S. authorities; and depositors have waited for years to reclaim their funds. Bancrédito's insistence signals growing impatience with delays.