The government of Gibraltar has announced the creation of a new, state-backed retail bank, the Gibraltar International Bank (GIB).

Plans for the new bank, due to open in 2014, are understood to have been brought forward to replace Barclays’ role as a major bank in Gibraltar, as it withdraws from the country.

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Chief minister Fabien Picardo said: "The announcement by Barclays Bank plc of its intention to reduce its retail and corporate services in its Gibraltar Branch has led to a need to accelerate this process to ensure that the needs of our community are fully catered for and alternative banking services readily available."

Barclays has said it may alter the timing of the withdrawal process to take account of customers having to move over to the new bank, and it is thought some Barclays employees will also go over to GIB.

A spokesman for Barclays said: "We have committed to doing everything we can to ensure that customers and clients can move their business away from Barclays as smoothly as possible, and in that spirit will look to amend our timeframes so that customers are able to consider the Government’s new venture.

"We will write to them as soon as possible to let them know how they will be affected by this."

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Politicians have been calling for the establishment of a locally owned Gibraltan bank since 1996.

 

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