First step for new Gibraltar bank

AN application has been made for a local retail bank for local people on the Rock.

The proposal, which has gone to the Financial Services Commission, would see the set up of the Gibraltar International Bank Limited (GIB).

This is an important first step in the licensing process and, according to sources, a huge amount of work has been undertaken by the GIB team over the Christmas period.

Minister for Financial Services, Albert Isola, said: “The application process for GIB has now begun exactly as the Cabinet sought it.

“We are now well on track to meet the ambitious targets we have set for ourselves to ensure we are able to provide the banking services our community needs and which the financial services industry requires.”