As announced on the 16th January Jyske Bank A/S had initiated a process to sell its subsidiary Jyske Bank (Gibraltar) Ltd.

An agreement to sell Jyske Bank (Gibraltar) limited has been signed with Rooke Investments Limited. The agreement is, among other matters, subject to regulatory approval by the relevant authorities in Gibraltar.

Rooke Investments Limited is a Gibraltar-based investment company ultimately owned by Mr. Tuan Tran, a prominent businessman with extensive experience and engagements in real estate, retail and financial services in Vietnam and other countries in the world.

A statement continued: “The buyer intends to continue the current business model of Jyske Bank (Gibraltar) Limited and focus on organic growth within the existing markets, especially the retail mortgage sector. This means that the sale will have no impact on clients and employees of the Bank. The Jyske Bank Group will for a transition period continue supporting Jyske Bank (Gibraltar) Limited with Group services to secure a seamless transition to the new ownership.

“The Bank will, under a new name, continue its important role in the Gibraltar community as a ‘Bank out of the Ordinary’ providing quality banking services to both private and corporate clients as well as continue employing almost 100 employees, all striving to create the Best Working Place in Gibraltar. The Bank’s strong capital position will remain unchanged under the new ownership.

“CEO Christian Bjørløw and Managing Director Lars Aarup Jensen will continue to lead the Bank.”

Chairman of Jyske Bank (Gibraltar) Limited, Jens Lauritzen, has made the following announcement in connection with the sale:

“We are extremely happy that we have found a solution that secures the future of our subsidiary in Gibraltar for the benefit of our clients, employees and the wider Gibraltar community.”

The parties have agreed not to disclose the terms and conditions for the transaction.