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Update on the Gibraltar International Bank (GIB)

The Government of Gibraltar recently confirmed that the Gibraltar International Bank (GIB) has received approval in principle from the Financial Services Commission (FSC) to its application for a licence. As is standard in these cases a schedule of conditions is attached which the Executive team will now work with to meet before the opening of the Bank. The conditions typically relate to operating systems, staffing levels, premises and compliance/operating structures.

The recently announced Board of Directors have already met informally with the Executive team and will be having their first formal meeting in early September 2014.

Minister for Financial Services Albert Isola commented, "We continue to make good progress across all fronts in this exciting and crucially important project for Gibraltar and I am grateful to Lawrence Podesta and Derek Sene who have together with the Senior management team and professional advisors engaged with the Regulator to achieve this further step forward."

Mr Isola has already spoken of his confidence with the appointments of the banks first Chief Executive Officer and Chief Operating Officer stating that together they have almost 80 years of banking experience.

GIB intends to offer a full range of banking services including the opening of current and deposit accounts, overdrafts and loans and the issue of debit and prepaid cards.

In addition GIB will offer itself as a depository to the funds industry in order to ensure the sector is able to meet the requirements of the Alternative Investment Fund Managers Directive (also known as the ‘AIFM’ Directive). Online banking will also be made available. The Bank will be subject to the licensing and regulation of the Financial Services Commission and will be independently managed by professionals.

The bank is scheduled to open for business later this year.