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 prepaid cards.

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.”