Baltic International Bank has closed down. How can customers get their money back?

27th of December, 2022

The Financial and Capital Market Commission Board has decided to shut down Baltic International Bank. The decision took effect at 6 p.m. on 12 December. The financial institution stops servicing cards, internet banking and does not make payments.

This move by the Financial and Capital Market Commission was justified by the fact that the bank is unable to present a viable strategy for the long term. The existing operating model cannot be implemented because the financial institution does not have sufficient capacity to do so. The bank has been illiquid for a long time. No measures will be taken to stabilise the bank. The accounts of Baltic International Bank have been seized.

According to the Deposit Guarantee Act, the state is obligated to pay out compensation for deposits up to 100,000 euros. This procedure is accompanied by tedious bureaucratic difficulties: one has to gather the required documents, prepare them properly, open an account in another bank, submit an application and wait for an unknown amount of time for the compensation to arrive.

What should you do if the amount in your account was considerably higher than the amount subject to the statutory reimbursement norms?

Our staff has come across such cases on more than one occasion:

We have represented both individual clients of liquidated banks and corporate clients.

Intelligent Solution Group employees come from the banking sector, so we understand how the system is set up and how to act. Due to our knowledge of the specifics of financial institutions and all documentation regulations, we recovered all the money for our clients. Even the most complex case was closed brilliantly by the Intelligent Solution Group specialists:

A Japanese company returned $600,000 with our help. Our competitors gave no more than 3% for success. We used all our resources and obtained the necessary solution. The result: we got the business documents in order, closed all the bank's claims, and got the money back. The time frame is 4 months.

What we will do to get your money back from Baltic International Bank

Obviously, there is not enough money for all depositors - based on the liquidation experience of other banks. In order not to have to wait for cancellation of assets, bank customers should act now. If the client decides to try on his own and makes a mistake, it will be critically difficult, if not impossible, to correct, because the process of returning the money is quite exhausting in the format of correct execution of all documents and the specifics of communication with the bank and the regulator. A safe approach: issue a power of attorney to an authorised person - an employee of our company - who will act on your behalf.

After which we will:

study your case in detail;
Prepare all applications and documents for refunds;
We will take care of negotiations with the bank and state authorities.

We will also need a new account to withdraw money from Baltic International Bank:

give requests to several financial institutions to get pre-approval to open an account;
choose among them the best one, so that you can operate safely and profitably in the future;
prepare a set of documents for account opening;
We will help you to pass the compliance control;
Open a bank account.

Our experience of participation in such processes shows that it is necessary to protect your interests, but only with a competent, legal approach, otherwise the price of risk can be worth the "hanging" budget on your accounts in the liquidated bank.

Intelligent Solution Group - a safe space for money and assets.

Employees of Intelligent Solution Group come from the banking sector, therefore we are the only ones who understand how the system is set up and how to act. Thanks to our knowledge of the specifics of financial institutions and all the standards for filing refunds, we have recovered all our clients' money. Our approach is to be on the side of the business, to ensure growth and safety of assets, and when there are risks of capital loss - to create a niche for keeping and increasing it.

We will be happy to answer any questions you may have.