Jan 18 - GSD Views Jyske Bank's Departure As "Regrettable"

Written by YGTV Team on 18 January 2019.

The GSD says the announcement of Jyske Bank's departure from Gibraltar is "regrettable" and hopes both the Government and Jyske Bank will do "all that they can" to facilitate a purchase.

Damon Bossino said: “A decision like this will cause understandable anxiety to staff and their families. I very much hope that the Bank will have their interests foremost in their minds so that there is an easy transition to a new employer as quickly and seamlessly as possible. We call on the Bank to ensure that the employees are protected or compensated so as to assist with that move or any search for alternative employment that may become necessary. It is also important that employees and their representatives be fully consulted on these developments.”

Although the Government claim that this is indicative of consolidation in the banking sector, it is in fact the first openly admitted decision linked to the consequences of Brexit. The impact on financial services and the City of London of Brexit have been widely reported and will also affect Gibraltar. Whereas some decisions are out of our control we need to ensure that existing operations in Banking, Insurance and other sectors such as Gaming are encouraged to remain in Gibraltar.

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