Initially, the bank intends to grow its deposit base considerably in order to enhance our lending capabilities.It is not envisaged that we would require an injection of capital in the short to medium term and we are confident that the bank will become profitable within the next two to three years.This, and other factors which currently define and mould the financial landscape worldwide, affect the larger multinational credit institutions, as their operations are indeed of a global nature.The Gibraltar International Bank has been set up to provide retail banking services to the community in Gibraltar.The board of directors of the bank is comprised of top professionals from our community, and there is no direct representation from government.The government has indicated that it is its intention to consider external shareholders at some point, although they would keep the majority shareholding at all times.The setting up of a bank is a complex matter and issues do arise on all fronts, which require to be tackled, and you are faced with numerous hurdles that you have to jump over and sort out.None of these were unexpected, because we knew we were going to face these and we knew we would have to engage with external parties which would require some negotiation, but I can say that at the end of it all no major problems were encountered.
The Report Company: How have you gone about starting up a bank from nothing?
We employed our senior management first, in order to assist us in the development of processes and procedures.
This covered such areas as IT infrastructure, compliance, risk, finance, operations, client relationships and front office.
Most of these processes are fully automated and although tried and tested we are conscious of the fact that the bank, being a startup and in a live environment for the first time, requires extra caution in monitoring that all systems and processes are working correctly.
I am glad to say that to date we have not encountered any major issues.