Gibraltar International Bank marks 10 years with eye on digital future, and ‘a human touch’

The Gibraltar International Bank said it would seek to deliver digital transformation with a “human touch” as it celebrated its 10th anniversary and focused on future business.

The message was delivered by the bank’s chief executive, Peter Horton, during a reception on Thursday evening at which the new GIB branding and website was unveiled.

Addressing gusts who included the Governor, Lieutenant General Sir Ben Bathurst, and political and business representatives from across the community, Mr Horton said the bank was excited about the next phase of its development.

“We are now on a journey of technological transformation, working hard to deliver a smarter, faster and more intuitive digital experience for our customers,” he said.

“Let me reassure you, we will never lose the human touch, that personal connection you tell us is so important, and which differentiates in a world of increasingly faceless and nameless banking.”

“Our customers are our neighbours, our friends and our community, and we will always place them at the heart of all we do.”

“This next chapter is about building on everything we've achieved, deepening trust, growing together and continuing to support the prosperity of our community.”

Flanked by Lawrence Podesta, his predecessor, and Albert Isola, the former GSLP minister, both of whom played a key role in its development, Mr Horton said Gibraltar International Bank had made a meaningful difference to the community since it was established a decade ago.

“We've helped thousands step up into their first homes through our mortgage lending schemes and delivered bespoke housing initiatives such as the HCT scheme,” he told guests.

“We have opened and maintained hundreds of community and charity accounts to help support the non-profit sector.”

“We stepped up during the COVID 19 pandemic with financial assistance, ensuring people had access to funds and security during those uncertain times.”

“And in 2022, as interest rates surged, we capped mortgage rates, protecting borrowers at a real time of need.”

“Throughout these efforts, we've dedicated ourselves to giving back to our community, generously supporting local charities and good causes.”

Chief Minister Fabian Picardo told guests there had been plans to set up a Gibraltar bank for over three decades but that it was the departure of Barclays that created the urgency to turn an idea into bricks and mortar.

The bank, which turned a profit in its first three years, now holds 30,000 accounts and over 1,600 residential mortgages, 505 of those in affordable housing schemes.

It’s mortgage book has a value of £272m.

“Owning the bank has given this community a firepower that we never had before,” Mr Picardo said.

“You've also given us a firepower beyond our shores,” he added, noting the bank’s work with other Overseas Territories to whose citizens it provides banking services.

“You truly have become an international bank.”

The Chief Minister thanks the members of the bank’s executive teams and independent boards over the past decade, who had ensured that the bank was owned by the taxpayer but run “entirely at arm’s length” from the Government.

Guests at the event also heard a video message from bank chairman Andrew McLaughlin, who thanks customers for entrusting their business and savings with the bank.

“We know we can do more to support you and we aim to repay that trust in the years ahead,” Mr McLaughlin said.

“The 10th anniversary is an exciting and pivotal moment for the bank.”

“We are investing heavily in technology to bring world class customer experience to Gibraltarians.”

“We want to provide more options to our existing customers and in so doing attract new customers.”

“We want to harness our colleagues’ love of Gibraltar with a passion for serving their fellow citizens better than any other company in the marketplace.”

“And we always aim to have a fortress balance sheet like the Rock itself, so that we are always there in good times and bad.”

“We know the bank can only be successful if its customers are successful.”

“We aim to do everything we can to help the community realize their ambitions and aspirations in both their business and their personal lives.”

“We can only grow if the economy is growing and we aim to play our full part.”