Tonga's Reserve Bank has revoked the licence of the Pacific International Commercial Bank with immediate effect on Tuesday.
RNZ reports the Reserve Bank has not given any reason for the action it has taken but there have been attempts over the past six months to force Pacific International into liquidation.
The Chinese/Tongan venture was started in 2014.
The Reserve Bank has advised the public not to undertake any transactions with Pacific International.
The public will also be advised later of the procedure for the payout of any amount owing to depositors and creditors.
Source:
Radio New Zealand