Greg Truman

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Regulators pressure Omnicorp to sell investment portfolio, will probably revoke license

Pressure from regulators in St. Vincent & the Grenadines has caused Omnicorp Bank Inc. to take steps to sell its investment portfolio, after which it is expected to lose its banking license.The local Offshore Finance Authority stepped in due to concerns about the solvency of Omnicorp, which had offered clients annual interest of up to 60 per cent.