Gibraltar International Bank To Open In March
by Jason Gorringe, Lowtax.net, London
15 October, 2014
The Government of Gibraltar has confirmed that the territory's new national bank, the Gibraltar International Bank, will launch in March 2015.
The announcement that the territory will establish a high-street bank followed an announcement from Barclays that it would be pulling its retail banking business in Gibraltar. When the announcement was first made, the Gibraltar Government said that it had considered for some time a Bank of Gibraltar but Barclays's decision had prompted action.
GIB is to offer a wide range of banking services, including current and deposit accounts, loans, online banking, and debit and prepaid cards. GIB will also act as a depository to the funds industry to facilitate compliance with the Alternative Investment Fund Managers Directive.
Gibraltar's Minister for Financial Services, Albert Isola, said: "Everyone has pulled together in the name of Gibraltar PLC during this difficult time to ensure banking services are available to people, and I am grateful for this. I am also very excited by the opening of the Gibraltar International Bank next March. It will of course be a welcome addition to our banking community."
GIB applied to the Financial Services Commission for regulatory approval in December 2013 and was originally scheduled to launch in the fourth quarter this year. However, this date has been pushed forward following an agreement with Barclays that it will defer, for a short period, its exit from the island.
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