On 16 December, the Chief
Minister of Gibraltar announced the launch of a new international bank with a
full range of banking services.
Chief Minister Fabian Picardo said that the
new bank is to be called Gibraltar International Bank (GIB) and will come into
full effect in late 2014.
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
Online banking will also be made available. 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).
The Bank will be subject to the licensing and regulation of the Financial
Services Commission and will be independently managed by professionals.
The Gibraltar Government is working and consulting with the Gibraltar Bankers
Association, and other representative organisations to ensure their needs and
concerns are addressed as the project continues to grow and evolve.
The Chief Minister said, “I am excited that GIB will be a modern, innovative
institution designed to meet the needs of our Community, licensed and regulated
by our Financial Services Commission and independently managed by banking
professionals providing an excellent service to its customers.”