Update on the Gibraltar International Bank (GIB)
Europa Trust Company Ltd is pleased to report on the progress being made on the formation of Gibraltar’s new bank called The Gibraltar International Bank.
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.
In a previous newsletter Europa Trust Company Ltd reported that 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.
Gibraltar Government Publishes Perpetuities and Accumulations (Amendment) Act 2014
On 21 August 2014 The Government of Gibraltar published the Perpetuities and Accumulations (Amendment) Bill 2014.
The Bill is designed to give effect to anticipated changes to the perpetuity period as well as to abolish a rule against accumulation for all non-charitable trusts.
The amendment comes after a long-term consultation between the Gibraltar Government and the industry seeking to ensure Gibraltar’s competitiveness in the private client context of the financial services industry.
The Bill provides for instruments executed on or after the commencement date to specify a perpetuity period of up to two hundred and fifty years. The Bill also provides that instruments created prior to the commencement date may specify a perpetuity period to up to two hundred and fifty years upon execution of a deed.
The amendment and the Bill will further enhance the jurisdiction of Gibraltar.
Working with Europa Trust Company
Europa Trust Company Ltd is based in Gibraltar and for over 29 years has built a reputation as a stable and reputable business.
We provide a comprehensive range of company and trust formation and management services including company and trust administration, corporate directors, shareholders and secretaries, accounting, marine registration and other associated services.
We are licensed and regulated by the Financial Services Commission and ISO 27001 (Information Security Management Systems) and ISO 9001 (Quality Management Systems) certified.
