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Aug 15 - First Step of Regulatory Approval for GIB

news The Gibraltar International Bank has received approval in principle from the Financial Services Commission (FSC) to its application for a licence. Generally 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.

Minister for Financial Services, Albert Isola noted that good progress continues to be made across all fronts in this project. He added, ‘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.’