Chamber board meets with Gibraltar International Bank

Members of the Chamber’s board of directors have recently met with the senior executive team of Gibraltar International Bank to learn how plans for the new bank are progressing.

It is clear that the scale of the task for the executive team is considerable. When this is combined with the finite timeline which they have to deal with in order to get the new bank open and ready to serve customers, the undertaking is vast in terms of complexity and scope. Nevertheless, the team is undaunted by the challenge.

Lawrence Podesta, the new bank’s Chief Executive is ably assisted by Derek Sene. Both are banking stalwarts who have long experience of virtually every aspect of managing and operating banking institutions.

All the energies of the management team are focussed on opening the doors for new business by the end of this year or very soon thereafter. The bank’s management systems, procedures, checks and controls will all be adhered to ensure that data protection, client confidentiality and the bank’s risk exposure are within the limits set by the Board of Directors.

The team has been active in recruiting staff and they hope to have reached an estimated headcount of around 50 members of staff by the end of the year. Over the coming months staff will be fully trained on the bank’s software platform and also on the range of services and banking products which the new bank plans to offer. Currently the bank is intending to offer a full range of banking services to individual and to corporate clients: current accounts, savings accounts, treasury deposits, loans, mortgages, trade services and foreign exchange. It is intended that the bank will offer full online banking facilities as well.

Chamber members who need to move from their existing bank will be kept informed of progress. It is hoped that an initial presentation can be made to Chamber members in the early autumn on the bank’s range of services and the requirements for opening new accounts at the bank.

The bank’s new premises on Main Street are currently being refurbished to create a contemporary banking hall along with modern offices for the staff. The banking platform has been selected and integration with the bank’s other IT systems is ongoing. Everything is currently on track for the bank to open its doors by the end of the year or early in the New Year. Then Gibraltar will have its very own independent bank for local retail and corporate customers. It will be a welcome addition to the banks serving the needs of local businesses and individual customers alike.