Tenet Bank — Transaction Announcement

Tenet Bank Ltd. today confirms the transition of its client relationships and client experience teams to FundBank Ltd. (FundBank).

FundBank Ltd. is part of The FundBank Group, a multi-jurisdiction institutional banking platform serving clients across the global markets. In the Cayman Islands, FundBank holds a class B banking license and is regulated by the Cayman Islands Monetary Authority, similar to Tenet. Further information on The FundBank Group and its services offerings can be found on their website at fundbank.com.

This transaction aims to restore payment rails for Tenet clients. FundBank maintains a correspondent banking relationship with The Bank of New York Mellon Corporation, trading as BNY, and brings access to an expanded suite of banking services in the process. The Tenet client experience team will manage the transition and are expected to join FundBank alongside our clients.

The service interruption which preceded this announcement arose from our correspondent banking partner’s strategic decision to exit the foreign correspondent banking product line globally and was not a reflection of any issue with Tenet Bank’s financial position, regulatory standing, or operations. Tenet will continue to meet all regulatory obligations throughout the transition period and beyond.

Client funds held with Tenet Bank remain safe. All client balances are held in cash or liquid securities and are fully protected throughout this process.

Clients are being contacted directly with full details of the transition and to explain what it means for their accounts.

For questions relating to an existing account, please contact client.services@tenet.ky.

For all other queries, please contact us at info@tenet.ky.