ALERT 99-7
Type: Unauthorized Banking
Subject: Caribbean Bank of Commerce, Ltd.
Date: June 21, 1999 

TO:  Chief Executive Officers of all National Banks; all State
     Banking Authorities; Chairman, Board of Governors of the
     Federal Reserve System; Chairman, Federal Deposit Insurance
     Corporation; Conference of State Bank Supervisors; Deputy
     Comptrollers (Districts); Assistant Deputy Comptrollers;
     District Counsel and Examining Personnel

RE:  Caribbean Bank of Commerce. Ltd.

     The board of directors for the International Business Sector
     Authority, Government of Antigua and Barbuda, has informed
     the Office of the Comptroller of the Currency that the
     license of the following company has been revoked, effective
     April 6, 1999:

     Caribbean Bank of Commerce, Ltd.
     P.O. Box W291
     St. John's, Antigua, West Indies

     U.S. Representative Office
     c/o Global Underwriters Inc.
     17 Chestnut Street
     Ridgewood, New Jersey 07450

     Any information that you may have concerning this matter
     should be brought to the attention of:

                    Office of the Comptroller of the Currency
                    Enforcement & Compliance Division
                    250 E Street, SW
                    Washington, DC  202l9
                    Fax (202) 874-5301


                                                         
     Daniel P. Stipano
     Director
     Enforcement & Compliance Division