The Pacific International Commercial Bank (PICB), a Chinese-Tongan venture had its license revoked by the National Reserve Bank of Tonga Board of Directors effective on Tuesday, 26 July.

PICB situated at Loumaile Lodge in the Central Business District has only been in operation for just over two-years since it was opened on April 7, 2014 by King Tupou VI.

The National Reserve Bank on Wednesday, 27 July advised the public not to transact with any business or person purporting to trade in the name Pacific International Commercial Bank.

"Members of the public will be advised later of the procedure for the payout of any amount owing to depositors and creditors."

The bank when opened was revealed to be a partnership between a Chinese businessman and majority shareholder Mr Jianhua Hu who was present at the event with Princess Pilolevu Tuita. The other shareholder was Mr Zhang Xueyan.

The Board of Directors had consisted of six people headed by Ms Tiantian Hu, the chairlady and daughter of the main shareholder with Ms Jianhua Hu, Ms Mimi Hu, Ms Shanshan Hu and two Tongans ‘Aisake Tu’iono and Mishka Tu’ifua.

The bank had been in financial troubles because in January last year an application to appoint a liquidator for its liquidation was mentioned at the Nuku'alofa Supreme Court.

When it was awarded its license by the National Reserve Bank in July 2013, PICB operated as the fifth bank in Tonga.