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 11 February 2020

Banks in Gibraltar

Anna MileikoWritten by Anna Mileiko

Banks in Gibraltar

Gibraltar is a British overseas territory and is a modern, low-tax jurisdiction. Strategic location of Gibraltar, its favorable taxation regime, European standards of regulation make Gibraltar an attractive destination for international investors. Financial services together with tourism, maritime services and e-gaming are main contributors to the GDP of Gibraltar. Banking sector traditionally dominated by British banks and focused on international private banking services is now extending to new business areas like digital wealth management and innovative payment infrastructure services. Consolidated total assets of Gibraltar banks have been relatively stable during the recent years, with interbank balances having a large share at both assets and liabilities sides.



Number of Banks in Gibraltar
Consolidated Assets of Gibraltar Banks
Consolidated Liabilities of Gibraltar Banks

Operating Banks

Currently there are 9 banks operating in Gibraltar: 4 domestic banks and 5 foreign-controlled banks, representing the United Kingdom, France, Switzerland, and the United States.

Despite the small number of banks, they provide a broad variety of services to meet the needs of different customer groups. Most of these banks are involved in international private banking and asset management services, with one bank only, Gibraltar International Bank Limited focused solely on providing retail banking products to residents of Gibraltar.

IDT Financial Services Limited and Moneycorp Bank Limited are focused on providing international payment services.

G-Rock Limited is a new bank, private banking and wealth management services via direct channels: online and mobile banking platforms.

Bank NameCountry of OriginServicesArea Served
 Bank J. Safra Sarasin (Gibraltar) LimitedCH Switzerlandprivate banking
dealing services
investment advisory
asset management
 Gibraltar International Bank LimitedGI Gibraltarretail banking
 IDT Financial Services LimitedGI Gibraltarpayment services
BIN sponsorship
payment cards programs
 Moneycorp Bank LimitedGI Gibraltarpayment services
international transfers
foreign exchange
 SG Kleinwort Hambros Bank (Gibraltar) LimitedFR Franceprivate banking
wealth management
 The Royal Bank of Scotland International LimitedGB United Kingdomoffshore banking
business banking
funds financing
depositary services
foreign exchange
money markets
 Trusted Novus Bank LimitedGI Gibraltarpersonal banking
commercial banking
private banking
wealth management
investment management
 Turicum Private Bank LimitedGI Gibraltarasset management
portfolio management
advisory services
brokerage
 Xapo Bank LimitedHK Hong Kong

Bank J. Safra Sarasin (Gibraltar) Limited

Founded in 1841, J. Safra Sarasin is specialized in international private bank providing asset and wealth management and investment banking products and services. Bank J. Safra Sarasin (Gibraltar) Limited started its operations in 2001, the bank offers comprehensive and flexible private banking services to individuals and entities.

Products and Services

Bank J. Safra Sarasin (Gibraltar) Limited provides products and services in the areas of private banking, dealing services, investment advisory, asset management. Bank J. Safra Sarasin (Gibraltar) Limited offers a range of products including current accounts. Bank J. Safra Sarasin (Gibraltar) Limited makes its solutions available to private clients, institutional clients, external access managers.


Gibraltar International Bank Limited

Established in 2013, Gibraltar International Bank is a new digital bank, moving away from the traditional manual retail banking. Gibraltar International Bank provides current accounts, savings accounts, debit and credit cards, loans and mortgages to domestic private individuals and companies.

In 2022 total assets of Gibraltar International Bank Limited were 1 304,82 mln GBP. In 2022 the bank's net income was 8,73 mln GBP.

Products and Services

Gibraltar International Bank Limited provides services in the area of retail banking. Gibraltar International Bank Limited offers a range of products including current accounts, debit cards, savings accounts, time deposit accounts, personal loans, mortgage loans, business loans. Gibraltar International Bank Limited makes its solutions available to individuals, business entities.

Account Opening

Opening an account in Gibraltar International Bank Limited can be done in a few steps:
1.
Submit online application

Required Documents

n/a

Identity Verification

n/a

Remote Access

Remote access to the account is possible via online banking, mobile app.
Mobile App (Gibraltar International Bank) Supported Languages
GBEnglish

Account Currencies

GBGBP
EUEUR
CHCHF
DKDKK
HUHUF
ILILS
SESEK
JPJPY

Card Providers

VisaVisa

IDT Financial Services Limited

Established in Gibraltar in 2006, IDT Financial Services (IDT Finance) is a subsidiary of IDT Corporation (United States) and operates as a regulated issuing bank. IDT Finance provides payment services, prepaid cards and issues electronic money across the European Economic Area (EEA).

Products and Services

IDT Financial Services Limited provides products and services in the areas of payment services, BIN sponsorship, payment cards programs. IDT Financial Services Limited makes its solutions available to businesses.


Moneycorp Bank Limited

Established in 1979, Moneycorp is an UK-based international FinTech group operating from the United Kingdom, North America, Europe,Brazil, Gibraltar, Hong Kong, and UAE offering a suite of paymentsolutions to clients across the globe.Moneycorp Bank serves the growing foreign exchange and payments needs of global businesses, importers and exporters, online sellers and personal clients.

Products and Services

Moneycorp Bank Limited provides products and services in the areas of payment services, international transfers, foreign exchange. Moneycorp Bank Limited offers a range of products including notice accounts, debit cards, online seller accounts. Moneycorp Bank Limited makes its solutions available to natural persons, business entities.

Account Opening

Opening an account in Moneycorp Bank Limited can be done in a few steps:
1.
Submit online application

Required Documents

n/a

Identity Verification

n/a

Remote Access

Remote access to the account is possible via online banking.

Card Providers

MasterCardMasterCard

SG Kleinwort Hambros Bank (Gibraltar) Limited

In 2016 Societe Generale purchased Kleinwort Benson and subsequently launched SG Kleinwort Hambros as its new combined brand name. SG Kleinwort Hambros is a private banking division ofSociete Generale (France).SG Kleinwort Hambros provides a range of private banking products and services tohigh net worth individuals and families, both domestic and non-domestic clients.The products ranges from day-to-day bankingand financing to long-term wealth planning and complex investments.

Products and Services

SG Kleinwort Hambros Bank (Gibraltar) Limited provides products and services in the areas of private banking, wealth management. SG Kleinwort Hambros Bank (Gibraltar) Limited offers a range of products including current accounts, savings accounts, notice accounts, time deposit accounts, property loans, lombard loans, yacht or jet finance. SG Kleinwort Hambros Bank (Gibraltar) Limited makes its solutions available to private individuals.


The Royal Bank of Scotland International Limited

Incorporated in Jersey, Royal Bank of Scotland International is a offshore banking arm of NatWest Group (United Kingdom). Royal Bank of Scotland International provides offshore products and services to individuals, small- and medium-sized enterprises, corporate and commercial customers and financial intermediaries ranging from transactional banking to fund financing to depositary services, and liquidity and risk management .

The Royal Bank of Scotland International Limited operates as a branch of Royal Bank of Scotland International (Jersey).

Products and Services

The Royal Bank of Scotland International Limited provides products and services in the areas of offshore banking, business banking, funds financing, depositary services, foreign exchange, money markets. The Royal Bank of Scotland International Limited offers a range of products including current accounts, deposit accounts, overdraft loans, debit cards. The Royal Bank of Scotland International Limited makes its solutions available to companies.


Trusted Novus Bank Limited

Jyske Bank (Gibraltar) was operating as a subsidiary of Jyske Bank A/S. In April 2020, Jyske Bank (Gibraltar) was sold to a new owner and was rebranded as Trusted Novus Bank. Trusted Novus Bank provides personal banking, commercial banking and private banking products and services.

In 2022 total assets of Trusted Novus Bank Limited were 599,27 mln GBP. In 2022 the bank's net income was -1,35 mln GBP.

Products and Services

Trusted Novus Bank Limited provides products and services in the areas of personal banking, commercial banking, private banking, wealth management, investment management. Trusted Novus Bank Limited offers a range of products including multi-currency accounts, Gibraltar mortgages, commercial loans, currency management, cashier services, VISA cards, treasury and FX, trade finance, money transmission, cheque books. Trusted Novus Bank Limited makes its solutions available to individuals, businesses.

Account Opening

Opening an account in Trusted Novus Bank Limited can be done in a few steps:
1.
Submit online application

Required Documents

n/a

Identity Verification

n/a

Remote Access

Remote access to the account is possible via online banking.

Card Providers

VisaVisa

Turicum Private Bank Limited

Turicum Private Bank is privately owned Gibraltarian bank and asset management company, established in 1993 by a group of Swiss private bankers, lawyers, asset and fund managers. Turicum Private Bank provides bespoke financial and investment solutions for private clients, asset managers and investment funds. Turicum's investment strategy is cautious and conservative, it safeguards client's assets to achieve solid long-term growth within the specific investment profile.

Products and Services

Turicum Private Bank Limited provides products and services in the areas of asset management, portfolio management, advisory services, brokerage. Turicum Private Bank Limited offers a range of products including mortgage loans. Turicum Private Bank Limited makes its solutions available to private individuals, wealthy families, asset managers, investment funds.


Xapo Bank Limited

Xapo was established in March 2014 by Wences Casares to focus on providing cryptocurrency trading services. In 2020 Xapo obtained a banking licence in Gibraltar to start offering digital private banking services. Xapo Bank launched a highly digital platform that brings together traditional private banking with digital currencies.

Products and Services

Xapo Bank Limited offers a range of products including current accounts, deposit accounts, Bitcoin accounts, debit cards. Xapo Bank Limited makes its solutions available to private individuals.

Closed Banks

During 2013-2019 10 were closed down in Gibraltar, mainly due to consolidation with parent companies; 6 closed banks were originated from the United Kingdom, while 2 banks were from Switzerland. All three British building societies operating in Gibraltar as branches of foreign banks were closed down.

Bank NameCountry of OriginBusiness FocusClose Date
 Lloyds Bank plcGB United Kingdominternational private banking4 April 2014
 Lloyds Bank (Gibraltar) LimitedGB United Kingdominternational private banking4 April 2014
 Yorkshire Building SocietyGB United Kingdomsavings and mortgage products24 May 2015
 Union Bancaire Privee (Europe) SACH Switzerlandinternational private banking30 June 2016
 Newcastle Building SocietyGB United Kingdomsavings and mortgage products31 October 2017
 Barclays Bank PLCGB United Kingdominternational private banking22 November 2017
 Bank JSS (Gibraltar) LtdCH Switzerlandwealth management31 January 2019
 Lombard Odier & Cie (Gibraltar) LimitedCH Switzerlandasset management29 July 2019
 Leeds Building SocietyGB United Kingdomsavings and mortgage products29 November 2019
 G-Rock LimitedGI Gibraltardirect private banking and wealth management10 October 2021

April 2014: Lloyds Bank plc

Lloyds Bank plc (Gibraltar branch) was a part of Lloyds Bank Switzerland, a Swiss-booked private banking arm of Lloyds Banking Group (United Kingdom). On 4 April 2014, Lloyds Bank completed the sale and transfer of its private bank businesses in Monaco and Gibraltar to Union Bancaire Privée, UBP SA (UBP) based in Switzerland.

April 2014: Lloyds Bank (Gibraltar) Limited

Lloyds Bank (Gibraltar) Limited was a part of Lloyds Banking Switzerland, a Swiss-booked private banking arm of Lloyds Bank Group (United Kingdom). On 4 April 2014, Lloyds Bank completed the sale and transfer of its private bank businesses in Monaco and Gibraltar to Union Bancaire Privée, UBP SA (UBP) based in Switzerland.

May 2015: Yorkshire Building Society

Yorkshire Building Society was operating in Gibraltar under its trade name, Norwich & Peterborough Building Society. The Gibraltar branch has been closed down.

June 2016: Union Bancaire Privee (Europe) SA

Founded in 1969 by Edgar de Picciotto as Compagnie de Banque et d’Inves-tissements (CBI), Union Bancaire Privée (UBP) is a Swiss private bank, one of the largest family-owned private banks in the world. UBP is focused on providing wealth management solutions for private and institutional clients.

October 2017: Newcastle Building Society

Newcastle Building Society was incorporated in Gibraltar in 1990 and provided a broad range of investment and housing finance services in Gibraltar. Gibraltar branch of Newcastle Building Society was closed on 31 October 2017.

November 2017: Barclays Bank PLC

In March 2016, Barclays announced strategic restructuring and simplification of the Barclays Group and reducing its presence in a number of locations, including in Gibraltar. Barclays Bank transferred the majority of its Gibraltar residential and corporate mortgages and other loans to Gibraltar International Bank.

January 2019: Bank JSS (Gibraltar) Ltd

Founded in 1841, J. Safra Sarasin specializes in international private bank providing asset and wealth management and investment banking products and services. In November 2016, J. Safra Sarasin completed acquisition of Credit Suisse (Gibraltar) Limited and renamed it to Bank JSS (Gibraltar) Ltd. Bank JSS (Gibraltar) Ltd provided wealth management services to both private and institutional clients. Since January 2019, Bank JSS (Gibraltar) Ltd is in voluntary liquidation.

July 2019: Lombard Odier & Cie (Gibraltar) Limited

Lombard Odier is a Swiss private bank providing private banking and asset management products and services since 1796. Lombard Odier has been present in Gibraltar since 1987. Lombard Odier & Cie (Gibraltar) Limited is focused on the provision of asset management services to private and institutional clients, delivered by an experienced and dedicated team of private bankers and portfolio managers. In 2019, Bank J. Safra Sarasin acquired private banking business of Lombard Odier & Cie (Gibraltar) Limited.

November 2019: Leeds Building Society

Leeds Building Society (Gibraltar) provided savings and specialist mortgage products for properties in Gibraltar. On Novermber 29, 2019, Leeds Building Society closed down its branch in Gibraltar.

October 2021: G-Rock Limited

G-Rock Limited (doing business as Golden Sand Bank) is a new innovative bank, focused on providing private banking and wealth management services via direct channels: online and mobile banking platforms. G-Rock offers simple and straightforward online onboarding process, once the onboarding is completed, the customer can get access to all G-Rock products and services from his/her smartphone or computer.

See Also

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