Todays reports confirming Lloyds Banking Group’s decision to close its Gibraltar operations is clearly unwelcome news.
Damon Bossino said: “This latest report follows hot on the heels of Jyske Bank’s recently announced decision to sell its Gibraltar branch. We note Lloyds’ statement in the case of this closure that it has gone beyond its legal consultation obligations by also engaging with the Union. This is, in the circumstances welcome and is encouraged by the GSD. The main and immediate preoccupation in all these cases must be with the employees and their families who will be most directly hit the hardest.”
From a wider perspective and as with the case with Jyske Bank’s decision, this latest move is also, by all accounts, being dictated by Brexit considerations. As stated previously, whereas some decisions are out of our control we need to ensure that existing operations in banking, insurance and other sectors such as gaming are encouraged to remain in Gibraltar. The GSD will continue to closely monitor events.