Volume 12 Nº2
Johnnie Gaggero A Man of Vision
Christian Bjørløw talks to B2B
Pepe Caruana on Brexit
No Taxis on the rank
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Contents
In this issue: FOREWORD page 4
· No Taxis on the rank
NEWS FEATURES page 6
· Johnnie Gaggero - A Man of Vision
page 10
· Jyske Bank - A Local Bank with an International Touch
page 14
· Pepe Caruana, Senior Partner at Deloitte Gibraltar talks about Brexit
PUBLISHER Copywrite Communications
MANAGING EDITOR Jeremy Nicholls editor@b2bgibraltar.com
JOURNALIST Jo Ward
CHAMBER NEWS page 19
· Pound for pound
page 20
· New Disability Act
page 21
· Tourist Board and Finance Centre bang the drum in Morocco
page 22
· Eliott Hotel celebrates 20th anniversary with major refurbishment
ADVERTISING Jane Pizarro sales@b2bgibraltar.com
PRODUCTION Jorge D. Caballero production@b2bgibraltar.com
DESIGN Copywrite Communications
BUSINESS BRIEFS
b2bgibraltar.com
page 23
· Gibtelecom supporting Calpe House
3/1a, Parliament Lane
page 24
· Gibraltar International Bank’s new Youth Accounts
PO Box 935, Gibraltar
page 25
· Argus Insurance awarded corporate Chartered Insurer status
page 26
· EY announces its first Scholar
page 27
· Nick Culatto Joins TSN Partnership
page 28
· ISOLAS contribute to Gibraltar Insurance Guide
page 29
· Loyal service rewarded at MH Bland & Co.
page 30
· KPMG hosts informative insurance seminar
page 31
· Born to Succeed?
page 33
· WestOne “tops out”
page 34
· ISOLAS advises on sale of Gibraltar management company
Tel: 200 41700, Gibraltar Chamber of Commerce PO Box 29, Watergate House Casemates, Gibraltar
Edward Macquisten Chief Executive Tel: 200 78376 Fax: 200 78403 info@gibraltarchamberofcommerce.com B2B is published by Copywrite Publishing for the Gibraltar Chamber of Commerce four times per annum. No part of this publication may be reproduced without the permission of the Gibraltar Chamber of Commerce or the publishers
PEOPLE ON THE MOVE page 35
· NatWest announce senior appointment in Gibraltar
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Foreword
Foreword: Our Taxi service must be fit for purpose
Your Chamber has banged on over the years about the failings of our Taxi Service. We do this because our members constantly raise issues on the reliability and delivery of the service. The Chamber has also received complaints from visiting business people and tourists as well as from the wider public. The fact remains that our taxi service is, very often, the first impression of Gibraltar that potential investors, business people and tourists arriving will experience. What is really extraordinary is what our Minister for Transport said in Parliament last October “Government is not happy with Taxi service”. “There are either no taxis at the ranks or they are often not available when a taxi is
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ordered by ‘phone, at whatever time of the day or night.” a Chamber member told B2B. B2B researched a similar sized city to Gibraltar in the UK: We used a population size of -/+ 40,000 as Gibraltar has 30,000 residents plus +/-10,000 frontier works and we did not even include the number of cruise passengers or tourists. (Estimated to be 429,446 for 2017, and frontier tourists of +/- 2,000,000 per annum) We were told this city has 300 hackney carriage licenses and 250 private hire vehicles licensees. In contrast, the number of taxi licenses in Gibraltar has remained static at 112 since the frontier re-opened in 1985. Meanwhile GDP has risen from £152m* in 1988 to a massive £1.63* Billion in 2014:
Despite repeated assurances over the years by the GTA that the City Service would improve, to date, the City Taxi Service is still not fit for purpose. Gibraltar cannot afford to fall at the first hurdle and put the interests of a few before those of Gibraltar at large. It is incumbent on the present Government to take all and any necessary measures to dramatically improve the taxi service at all locations around Gibraltar throughout the year and whether cruise liners are calling in port or not. We therefore urge our Government to take whatever action is necessary to remedy this situation. *GOG figures.
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Triay & Triay, 28 Irish Town, Gibraltar Tel: +350 200 72020 • Fax: +350 200 72270 • info@triay.com • www.triay.com
News Features
Johnnie Gaggero – A Man of Vision
Johnnie Gaggero is a man well placed to comment on the challenges surrounding tourism in Gibraltar. Sitting in the Board Room of M H Bland, the 206 year-old family business in the maritime and tourism sector that he joined thirty years ago and of which he is now Chairman, he outlines his vision and talks about his ideas to ensure that Gibraltar can achieve continuous growth and compete with other tourism destinations in the future. “In terms of tourism, the quality of the Gibraltar tourism product is one that has been tinkered with in recent years but hasn’t really changed since the 1960s - it demands considerable improvement,” Johnnie states. “What Disney creates out of papier mâché and concrete, we have got the real thing, and there is so much more that tourists could see and much more that we can show them,” he explains, continuing ““Essentially, we still sell ‘The Rock Tour’ - and once you have done ‘the Rock Tour’ - that’s it.”
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“We are facing a Kodak moment,” he states. “Kodak missed the digital revolution because they carried on printing on paper and then filed for bankruptcy a couple of years ago, and I believe Gibraltar is in danger of experiencing its own Kodak moment.”
Statistics for the Nature Reserve for the last sixteen years have been relatively static, hovering around the level of 800,000 tourist/ passengers per annum. Comparing those numbers with tourists coming in via the cruise lines, the coach park and the frontier, produces a completely Going on to different graph explain that there which shows are a number of considerable I believe Gibraltar is in problems that growth. “We have need addressing. got many more danger of experiencing Johnnie starts by tourists coming in citing what he calls to Gibraltar (this its own Kodak moment. ‘the Easy Jet year has been factor’. exceptional) than going to the “Nowadays Upper Rock,” people like to Johnnie confirms. make their own itineraries and to tailor make He goes on to state that in his view the their own tour,” he says. “We need to problem is not the number of tourists; the provide a tourism product so that if people problem is how they are transported. “On have been to Gibraltar before, they can visit the Upper Rock on any day during the different attractions each time.” Johnnie summer there are huge traffic jams, and that thinks that it is vital to provide new product is the experience the passenger goes away and in that respect he sees great potential with.” on the Upper Rock.
News Features
On average between 15% and 20% of passengers arriving on a cruise ship actually take a tour which compares unfavourably with some of the statistics from other ports. “The problem is that we, as shore excursion agents, have to limit the number of passengers that we are able to sell and provide tours to because Gibraltar doesn’t have the transport to offer them,” Johnnie says. The Rock Runner The solution, according to Johnnie, is to change the way passengers are transported around Gibraltar. “All stakeholders in Gibraltar’s tourist product have now arrived at the conclusion that we need an Integrated Transport System on both the Lower and Upper Rock linked by a new improved cable car,” he explains, “so that passengers can jump on and tailor-make their trip.” Johnnie explains that there are some elements of the plan which have come from Government and some from the Taxi Association and the PSV operators. Not wishing to alarm people, Johnnie talks about the risk of fire on the Upper Rock. “Not only is the current system far
from perfect, it is also dangerous,” he says. “We haven’t had a fire on the Upper Rock for ten years, but it is just a question of time.” He goes on to pose the question as to how vehicles could reverse or how passengers would be able to run away from a fire if the wind was in the wrong position. “It is a health and safety issue to have so much traffic stuck one behind the other and the fire engines not being able to reach a fire.” The solution is to have an integrated transport system, which he calls the ‘Rock Runner‘. “It has got to be a win-win situation for all the existing stakeholders,” he states,
we need an Integrated Transport System on both the Lower and Upper Rock
going on to say that it will be up to Government as to how the details are worked out. In essence the idea is very simple, and Johnnie agrees. “There is sufficient experience and expertise locally to know that we must go ahead with this and it would send a strong sign that there is life after Brexit.” Johnnie believes that now is the time to instigate the transport initiative proposed by the working group. “I think it will send a very strong signal to the people of Gibraltar, to our clients and to the UK Government.” Another important factor cited by Johnnie is the problem of providing transport for cruise line passengers. “This year we handled about 224 cruise liners and next year the numbers will be closer to 259,” he states. “As far as Gibraltar is concerned the client is not the passenger walking up Main Street, it is the cruise line that chooses where to go based on where they are going to make the most money – and selling tours is a major factor.” Expounding the point, Johnnie explains that if a cruise ship comes to Gibraltar with
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News Features
What makes you tick? Greatest Achievement: Personally: My wife Nena and my family my children Alexia, Max and Jack. thing is the people making the most money out of the Gibraltar tourism product for many years has been the Costa del Sol tour operators,” he says, going on to stress that “Gibraltar is highly competitive and we are fighting against each other and it is about time that we stood together.”
Professionally: When I joined the company it was just after the opening of the frontier and although it was asset rich it had been run down much like everything else in Gibraltar as a result of the closed frontier period. It has taken a big effort and a lot of investment to get
“One of the key things about this is that it will make sure everyone in tourism in Gibraltar is facing in the same direction and working together - for the betterment of Gibraltar and the product.” Some of the attractions that Johnnie would like to see opened up or improved are Eisenhower’s Tunnels, the Northern 4,000 passengers on board and we can only Defences and Lower St. Michael’s Cave. sell them 500 tours, the company will opt to “That is a gem, and it is absolutely right that go to another port not many people where they can sell should go down there more tours which will – but if carefully be more lucrative for managed with we are fighting against restricted numbers so them. There is an added issue with the that the product or each other and it is news that Tangier is environment isn’t redeveloping its Port destroyed – then it about time that we with a focus on cruise should be done.” He stood together. liners and yachts. cites Governor’s “Up until now we Camp as another have counted on the attraction that could fact that vessels benefit from a hop-on registered in the EU get a VAT refund if they hop-off transport system and also as call at Gibraltar, and that is a valuable asset,” somewhere that locals could access in the winter months where they could enjoy Johnnie says. “In the future, cruise ships barbecues with activities for the kids, such as could opt to go to Tangier instead of zip wires. Gibraltar and get the VAT refund.” The risk of not keeping up with other ports is There are many other ideas and plans for M that Gibraltar gets left behind or stagnates H Bland led projects that Johnnie is not able and Johnnie knows that there are ports to divulge at the moment, but his priority around the Mediterranean who are and passion for the ‘Rock Runner’ is evident: desperate for more cruise liner business. “This project is transformative and will ”We are already successful in the cruise line completely change the tourism product in business, if you think that just 20 years ago Gibraltar,” Johnnie declares. Gibraltar was down to about 70 cruise line calls, some of which such as P & O would “There is a lot which can be done and we refuse to sell tours because they couldn’t have to evolve the Gibraltar product so that guarantee the quality,” he states “I am not it is not just ‘The Rock Tour’,” he says. “We saying that we would return to those can have iconic things going on so that numbers but at present cruise lines are people want to go there and when they do looking for more from Gibraltar and we are they say ‘wow’! It is just a question of getting falling short of the mark.” everyone saying yes at the same time and then we can seriously do things together Johnnie is confident that the Rock Runner which are significant.” will make money for everyone: “The sad
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us to the point where now everything is pretty much in order. Unfulfilled Ambitions: I would like to see the fulfilment of the Rock Runner project. Idea of Happiness: Sitting on a boat, smoking a cigar with a whisky in my hand. Greatest Fear: Regressing back to 1969 and the closure of the frontier. Favourite Place: I love Rome. I think pasta is in my DNA! Best thing about Gibraltar: Its people and its religious tolerance. I love the idea that we can all live together, Jews, Muslims, Catholics, Hindus and I think that it is vital that in school they value this, celebrate it and teach religious tolerance. Sport: I have played a lot of sport but as I get older my body seems to creek, but I do enjoy motor boating with family and friends at the weekend. Something not generally known about you: I am very shy! People sometimes
see me as rude, but in fact it is probably shyness. Motto: ‘Never give up’ - I am like a dog with a bone and although I have been working on these projects for a long time, when I have got something that I know is right I won’t give up on it.
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JYSKE BANK (GIBRALTAR) LTD. • 76, Main Street • P.O. Box 143 • Gibraltar Tel. +350 606 33322 • Fax +350 200 76782 • info@jyskebank.gi • www.jyskebank.gi Jyske Bank (Gibraltar) Ltd. is licensed by the Financial Services Commission, Licence No. FSC 001 00B. Services and products are not available to everybody, for instance not to residents of the US.
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Jyske Bank - A Local Bank with an International Touch and to instil in people the feeling that they are not just a client but part of the bank.” Inspirational quotes and statements are dotted about throughout, defining the bank’s winning corporate culture through words, with other design features portraying the indigenous environment. “This wall is a symbol of The Rock,” Christian clarifies “and the chandelier hanging down into the Reception Area is a symbol of the levanter.” Christian explains that he considers Jyske to be a local bank with an international touch. “Five years ago we took a strategic judgement to move more into the retail and corporate market,” he states. “We appointed a team, took over a few people from other banks, and then three months later Barclays unfortunately announced that they were closing down, so for us it turned out to be a timely decision.”
Denmark often rates as one of the happiest countries in the world and Christian Bjørløw, CEO of Jyske Bank Gibraltar, is a great example of his birth land, displaying the same cheerful spirit in both his home and professional life. Born in Copenhagen in 1966, Christian went straight from High School into the military. “At that time it was compulsory,” he says “after which I applied for jobs with different banks and was accepted by Jyske Bank, completing my banking degree whilst working.” Following in the footsteps of his grandfather, who was Chief accountant for the National Bank in Denmark, Christian worked his way up from the bottom. “I worked in eight different branches in every area before heading our Investment Centre in Copenhagen for four years and then I came to Gibraltar as Head of Private Banking in 2002, taking over as CEO in 2007.”
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we are definitely going to continue to focus more on the local market but with a twist.
The premises at 76 Main Street are very different to how they looked when Jyske Bank acquired Galliano Bank, Gibraltar’s oldest family-owned bank, in 1987. Having undergone a major refurbishment and modernisation project that was completed in 2014, the contemporary design and Scandinavian décor is definitely not representative of a typical bank and challenges established conventions. “That was the purpose from day one,” Christian says. “All of the branches in Denmark look the same and the idea is to be friendly and welcoming
The banking industry in general has gone through some difficult times lately. “Over the last few years we have a negative interest rate in a lot of currencies - especially in the Danish Krone since 2012 and in the Euro since 2014,” Christian states. “Due to these unusual market conditions we have reluctantly taken the decision that we will be introducing negative interest rates for corporate clients as from 1st February 2017, although this will not apply to Pounds.” With the recent announcement that Nat West are making redundancies and will outsource some of their business, Christian confirms that Jyske have done the contrary and are increasing to in-source. “Looking to the future we are definitely going to continue to focus more on the local market but with a twist,” he says. “We are the biggest bank in Gibraltar now and it is part of the bank’s social responsibility to become involved with the local community.” In that respect the bank supports and sponsors clubs and charities, but their latest challenge is somewhat different. “We are going to build Tower Bridge,” Christian laughs as he says this, before going on to explain that it will be constructed out of Lego. “We want to build a bridge between Gibraltar and Calpe House in London,” he explains
News Features
“and as Lego is Danish and we are a Danish bank, we think that is the perfect link.” Every 50p buys one brick and with 4,500 bricks involved the bank hopes to collect around £2,000. Jyske Bank is also part of the close knit business community within Gibraltar and Christian is obviously concerned about the implications of Brexit and the vote to leave the EU following the Referendum. “I am a very optimistic person and always have been,” he says “and here at the bank we have actually taken on staff since the Referendum.” Christian goes on to say that although no-one knows what will happen if Article 50 is invoked in March 2017, his concern is not about the economy in Gibraltar. “Even with a hard Brexit the problem for some banks, and also to some extent for us, - is that if we lose our passporting rights into Spain there are certain
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What makes you tick? Greatest achievement? Personally it is having my children, a son aged 18 and a daughter aged 15, with Malene, my wife. Professionally it is coming to Gibraltar and making a difference. Also, coming here as a foreigner and being welcomed by the locals and the staff at Jyske Bank Idea of happiness? Kite surfing! Seriously, I always look on the bright side of life and happiness is, of course, being with family and friends and having a cheerful time Greatest fear? Heights! Despite the fact that I am 6’ 5” - I don’t like heights Favourite place in the world? I love Gibraltar, but because I love kite surfing so much I would say that Tarifa and that part of Spain is my favourite parts of our business that will be affected, but not the local business.” “Jyske Bank will stay as a local bank, but if there is a hard Brexit there may be challenges if there is no trade agreement between the UK and Spain,” he states. “If there is a trade agreement between the UK and Spain, we will keep the passporting right, but no one knows.”
As far as Christian is concerned, the bank’s most important asset is the staff. “If you take good care of your employees, they will take good care of the clients and in that respect we are a very forward looking bank.” Bankers’ bonuses have often been a subject for heated debate but Jyske Bank leads by example and does not operate a bonus system. “I don’t receive a bonus if we are doing well; in the same way that our caretaker doesn’t get a bonus or any other employee here, so we are all on a level playing field and that is motivational.”
the bank’s most
important asset
Although he remains positive about the possibility of Brexit, Christian is concerned about issues at the frontier and what will happen if restrictions are put on the 12,000 people who come across to work in Gibraltar. “We employ 102 people here, 78% of our staff are actually local, with 85% living in Gibraltar,” he says, “so my concern is not so much for Jyske Bank but more for the jurisdiction.”
is the staff
“Personally I never use my title as CEO, I just say that I am with Jyske Bank Gibraltar, whether I am a cashier or something else it doesn’t matter to me,” he says. “It is not the title that makes you; it is the person that makes you.”
place. As far as big cities go, I love New York. Best thing about Gibraltar? For me it is the friendliness of the people in Gibraltar. Even within the professional industry there is still a huge bond between us to help out to do the best for Gibraltar. Hobbies? Everything to do with sport but during the last few years it is definitely kite surfing and some golf. Something not generally known about you?
People may be surprised to learn that I am afraid of heights Motto? Treat your employees well and they will treat your clients well - probably even better
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News Features
Pepe Caruana, Senior Partner at Deloitte Gibraltar talks about Brexit qualifying, in September 1991, he set up on his own as Caruana & Co. “I took what seemed a very bold step at the time,” he says, “but it seemed a natural thing for me to do.” “I was then fortunate that the perfect opportunity presented itself and in 1992 I persuaded Stephen Reyes to join me.” Pepe and Stephen formally became part of Deloitte and Touche in 1994, at the time the minnow of what might have been the big five or six at the time. “While that didn’t give rise to a lot of change immediately, over time Deloitte grew to become one of the top global accountancy firms and we have shared in that growth as well,” he says. The company now consists of six partners and about 50 staff who deal predominantly with audit and tax work. “While audit and tax are our backbone, our clients are demanding more and more specialised services in financial advisory and consulting and so we are working ever closer with our UK colleagues to deliver those specialist skills” he explains.
Joseph ‘Pepe’ Caruana is self assured and optimistic and regards himself as fortunate, in more ways than one. He attended boarding school in the UK from the age of 9 and can only speak positively about his experience: “Boarding school opened up the opportunity to play sports and other activities and taught me important life lessons about living with fellow students from an early age. It also engrained a strong element of independence that has stood me well in later life.” Fortune also played a part in his going to study in London. “I put the LSE as my first
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The firm hosts a highly successful annual insurance We are working ever seminar that is of great interest closer with our UK to the international insurance community particularly in the colleagues to deliver UK. “The insurance sector in Gibraltar has grown to a level specialist skills to that attracts a lot of interest from abroad, and we continue our largest clients to see new inquiries in terms of new insurance business. We also see our specialist insurance consultants very interested in choice as a “stretch target” for my real the insurance business that we have here in preference, Birmingham University, but Gibraltar.” surprised myself with my “A” level results and got into the LSE and, by default, went to As Chairman and Senior Partner of Deloitte, this great learning institution,” he says. Pepe Pepe is well placed to give his views about goes on to state that he loved his time in Gibraltar from a post-Brexit business London both whilst at university and then scenario especially from the point of view of doing his Articles as a trainee Chartered financial and accounting services. “After the Accountant with a medium sized firm in the Referendum I was initially as horrified as City. “I spent about seven years in London everyone else was as it is not what we would and had some great times, so I look back at have wished for,” he clarifies. “I suppose it them with great fondness,” he states. does mark significant change, but with Pepe always had a yearning for starting his change come new opportunities and it is own business, so a couple of years after ironic that in our trading since the
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Referendum - we have seen more new business coming into Gibraltar in the six months post Brexit than we did in the period leading up to it.” Pepe goes on to explain why he is optimistic for Gibraltar, which he describes as being a wonderful place that has much to offer. “It is regarded as a very secure location,” he says, “and we have a tax system (both personal
and corporate) that is stable and consistent which is extremely important and based on low rather than on zero tax.” He also cites the fantastic community spirit and good schooling that will always make it an attractive place to relocate to and set up businesses from. “Gibraltar over the years has always risen to the challenge when presented with radical change and challenges, ranging from the reduction in the MOD presence, to the loss of the tax exempt company. Gibraltar has made a virtue of adapting to change and I am confident that Gibraltar will make a success of Brexit. ” Pepe states. “Even in financial services I am confident we will find new niches to develop.”
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Regularising our relationship with the UK is of paramount importance
Pepe sees Brexit as an opportunity to market to the EU, using Gibraltar as a gateway to the UK. “Regularising our relationship with the UK is of paramount importance and I am glad to hear that our Government is doing just that” He goes on to say that the border is the big unknown but believes that the inter dependence between the Campo and Gibraltar and the jobs at stake, will mean a closed border will not happen. “What we might have are slightly increased controls at the border, but ones which will allow workers still to come and go and therefore I am confident that a solution will be found that will be for the mutual benefit of all, and one that will enable Gibraltar to move forward.”
Regarding Deloitte, Pepe says he doesn’t consider that Brexit will have a detrimental effect and thinks that it will be business as usual. “Our practice has grown from zero to one of the largest firms in Gibraltar,” he says. “We have always tended to have a strategy of having capacity to grow the business and whilst there are times that we might plateau, the fact is that since Brexit we have taken on ten graduate trainees .”
One of the things that Pepe is most proud of is the team at Deloitte and Deloitte’s record for investing in people and although he agrees it is a cliché, he says that people are the company’s biggest asset. “The reality is that we have invested a lot in making sure that we train our people well and also in attracting the best graduates to come and work for us.” “As a result we have got a fantastic team of very dedicated people who work extremely hard to make an impact that matters to our clients, our people and the community.”
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What Makes you Tick? What makes you happy: My family of course (pets included) and music. When I walk my dog in the mornings I am often seen with a headset round my head listening to music that harps back to my London days which is currently; Bob Segar, Thin Lizzie and The Eagles. What makes you sad: Bureaucracy and much of the news. Makes one realise how fortunate we are to live in a place like Gibraltar. Biggest fear: Our kids future, with technological changes the future jobs market is going to be very different to what it is today. Most valuable possession: Good health
Best place that you have visited in the world: Bora Bora is stunning Best thing about Gibraltar: It’s like boarding school just bigger! Most valuable possession: Good health Sport: I enjoy golf and skiing. Even more so a keen spectator of sport (football and rugby) Hobbies: Enjoy reading, music and travel. Favourite Author: Ken Follett. I loved the trilogy ‘Fall of Giants’ - I devoured them they were so good.
Favourite Film: tough call between High Society or Casablanca. I do enjoy old black and white classics Favourite Food: Spaghetti Carbornara of course! I do enjoy doing a bit of cooking at the weekend Greatest Achievement: The team and business we have built at Deloitte. Regrets? None Something that nobody generally knows about you: In my second year at university, I squatted for a couple of months in a derelict house in Leytonstone. Motto: Who dares wins!
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Chamber News
Pound for pound Preparing for the new £1 coin • The new coin will be introduced into circulation on 28th March 2017 • Train your staff on the features of the new £1 coin • Assess whether you need to change any cash handling procedures such as counting, storing and banking.
March sees the introduction of the new £1 coin. So far so good. But by Mid-October this year the old circular £1 coins will be withdrawn from circulation. Are you ready? A new 12-sided £1 coin is set to be introduced in March this year. The old £1 coins have been around for 30 years or so and the number of fake or counterfeit £1 coins which are in circulation in the UK has been steadily increasing. The Royal Mint estimates that around one out of every thirty £1 coins is fake. This has a knock-on effect on Gibraltar. Enhanced security features The new £1 coin has a number of features which will make it much more difficult for the counterfeiters to copy. It is made of two different metals: nickel-brass around the outer ring and silver nickel-plated alloy on the inner ring part of the coin; there are milled edges on alternates sides of each coin and micro lettering has been used around the edges. There is also a secret
security feature which is only known by the Royal Mint itself. It will be regarded as one of the most secure coins in circulation. For Gibraltar’s retailers and banks though, the withdrawal of the old circular £1 coin may prove to be a challenge. According to the latest government accounts the value of all Gibraltar currency coins in circulation was valued at £11.72m for the year ending 31st March 2015. Of this, just over half (£6.66m) was made up of £1 coins. That’s a lot of shrapnel to withdraw in just 6 months! Parking meters and vending machines Operators of fruit machines, parking ticket machines, vending machines and other machines accepting coins as payment need to contact their equipment supplier, if they have not already done so, and ask what software and other updates they need so that their machines can accept the new coin. After October, they also need to ensure that the machines stop accepting the old coins as payment.
Co-circulation period Both old and new £1 coins will be circulating for a period of 6 months but by the 16th October the old £1 coins will be withdrawn from circulation. It may be worth keeping old and new £1 coins separate when bagging them up for deposits although banks will accept mixed bags during the co-circulation period. After this October deadline the banks may refuse to accept the old £1 coins. Withdrawal Period Local banks Natwest and the Gibraltar International Bank will continue to accept £1 coins until the final date of withdrawal in October. This has not yet been confirmed locally. However, traders as well as other businesses are under no obligation to accept the old £1 coins from 16th October onwards. Traders should also stop circulating the old coins from this date as well. The Royal Mint has a useful website (www. thenewpoundcoin.com) which gives information on the new coin and how to prepare for it.
Dates & deadlines for your diary October 2016 - 27th March 2017 Preparing for the new coin Check whether you operate equipment that handles the £1 coin.
28th March - 15th October 2017 Co-circulation period You can accept both coind from your customers.
16th October 2017 onwards Demonetisation All your coin handling equipment should be able to accept the new £1.
Contact your equipment supplier to find out if you need adaptations or replacements and by when.
Your equipment may be able to accept or dispense both £1 coins or just one. Check wqith your equipment suppliers.
Make the changes to your coin handling equipment & train your staff on the new features of the new £1 coin.
You will need to tell your customers which coins your equipment will accept.
You are under no obligation to accept the round £1 coin from your customers & you should not distribute the round £1.
Consider any changes to your cash handling processes.
Make arrangements with your bank provider to return the current and new £1 coin in separate packaging.
The round £1 can continue to be deposited into a customer’s account at most high street banks.
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Chamber News
New Disability Act Possibly one of the most significant pieces of legislation to be introduced by the GSLP/Liberal government, the new Disability Act is likely to bring about important changes for employers.
business as well as other organisations. Initially not all parts of the Act will be enforced, but will be brought in over an extended period. Minister Sacramento is keen to stress that her department wants all private sector entities to embrace not just the letter but the spirit of the Act and her officials will be on hand to help any company deal with the changes which the Act will require.
The government presented a bill to parliament before Christmas for the introduction of the Disability Act. The intention is for the Act to be passed into local legislation in February/March this year. The Chamber has had an initial meeting with Samantha Sacramento the Minister for Equality to discuss the introduction of the new Act. During the meeting, the Chamber asked the Minister to publish a road map for the introduction of the Act along with a timetable which specifies which parts of the Act will be enforced. The Chamber also requested guidance notes from the
The Bill itself is not long, running to around 34 pages and can be read here: www.gibraltarlaws.gov.gi/bills/ bills2016/2016B24.pdf government so that employers as well as other organisations are made fully aware of their obligations under the new Act. The Minister is planning to hold a series of information seminars and training sessions on the Act and the implications it has for
Focusing on detail Understanding your needs At Deloitte we focus on strong partner involvement and an understanding of your business needs. We listen and work with you. We communicate regularly and provide information in a manner you can use to make effective business decisions. For more information, call Joseph Caruana or Daniel Delgado on: Tel: +350 200 41200, Fax: +350 200 41201, info@deloitte.gi www.deloitte.gi Merchant House, 22/24 John Mackintosh Square, P.O. Box 758, Gibraltar Š 2016 Deloitte Limited. A member of Deloitte Touche Tohmatsu Limited
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When the guidance notes and timetable become available the Chamber has offered to distribute them to our members. The Chamber will keep members informed when dates for the information seminars have been announced.
Chamber News
Tourist Board and Finance Centre bang the drum in Morocco
Delegates from the Gibraltar Government along with several private sector companies held a threeday roadshow in Morocco at the end of November to promote Gibraltar as a tourist and business destination. Albert Isola, the Minister for Commerce headed up the financial services delegation and Gilbert Licudi, Minister for Tourism led the delegation from the Gibraltar Tourist Board. The roadshow was held in Marrakesh, Casablanca and Tangier and saw presentations and a series of meetings hosted by the Gibraltar delegations with their counterparts from Moroccan business organisations, tour operators and local media.
GFSB, the Rock Hotel, the Sunborn Hotel and the Caleta Hotel. Joining the road show in Tangier was the University of Gibraltar and Setitours of Tangier. Commenting on the three-day event, Minister Licudi said: “The level of attendance at the road shows exceeded our expectations and the level of interest shown by those attending was remarkable. The events have given us a chance to promote much of what Gibraltar has to offer. The direct flights from Morocco makes access that much easier and we must encourage not only our friends in that country to visit us but Gibraltarians to discover all that there is to explore in Morocco,” he added.
At the GTB events Mr Licudi delivered a welcome address highlighting the commitment of the Gibraltar Government to the tourism industry and the importance of looking to new markets such as Morocco in sourcing more visitors to the Rock.
Running in parallel, Minister Isola attended private meetings in Marrakech including presentations on Gibraltar and Morocco at a hotel venue organised by Deloitte Gibraltar. Joining him were senior representatives from Deloitte as well as finance professionals from local firms in Marrakesh. Valuable contacts were also made with individuals from the Marrakesh Development Agency.
Nicky Guerrero, Chief Executive of the GTB delivered a destination presentation concentrating on Gibraltar’s unique attractions as a tourist destination. Members of the tourist industry from Gibraltar and Morocco supported the GTB. The TGB delegation included support from the Bland Group, Travel Link (Morocco), the
In Casablanca, Mr Isola took time to visit the offices of a local investment company which is a member of Casablanca Finance City and has links with a Gibraltar-licensed financial services entity. The Minister also met with a number of investment banking professionals and senior lawyers specialising in corporate finance during his visit to the city.
Mr Isola also hosted a breakfast conference at the equivalent of the Confederation of Moroccan Industry (Confederation Generale Des Enterprises Du Maroc) CGEM. Clearly impressed with the level of development which Morocco has undergone Mr Isola urged a greater level of cooperation between Gibraltar and Moroccan business partners. There were also presentations by Aon Gibraltar on behalf of the insurance industry as well by Hyperion Gibraltar; the latter taking the opportunity to comment on social and cultural links as well as speaking on behalf of the investment industry generally. Mr Isola commented, “This visit to two of Morocco’s major cities has been an opportunity to learn more about the very significant developments in Morocco’s economy. I have been stunned by Morocco’s diversification of its economy from the more traditional areas of agriculture, fishing and phosphates into such sectors such as automobile production and aviation.” “It is clear that Morocco is leading an investment charge into neighbouring countries in Africa and others further afield; providing services in technology, specialist construction and banking to name but a few. We have also taken advantage during this visit to update and inform potential business partners of the specialist areas of financial services being offered from Gibraltar.”
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Chamber News
Eliott Hotel celebrates 20th anniversary with major refurbishment The O’Callaghan Eliott Hotel celebrated its 20th anniversary of being in Gibraltar in December with the announcement that it will commence a major refurbishment at the start of 2017. Every one of the hotel’s 123 guest rooms will undergo a complete makeover during the refurbishment and will give the hotel a highly contemporary look. The top floor roof terrace and pool area will also be remodelled. The work is being carried out by local contractor Décor Construction and the works will be completed by the end of July. Commenting on the refurbishment, General Manager Mary Kinch said, “The improvements have been in planning with our contractors for several months and in
Eliott Hotel team
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particular on how best to minimise the disruption to our guests as the works progress. We are sure that the end results will be really spectacular and will reinforce The Eliott’s position as Gibraltar’s premier hotel.” The Eliott’s catering facilities have also recently received a significant boost as well-known local chef Matt Birtwhistle was hired as Head Chef to bring in a fresh approach to the menus for the restaurant, bar, room service and banqueting. Judging by the tapas being served at the hotel’s anniversary party his influence is proving to be very popular. The family-owned O’Callaghan Group currently owns and operates six hotels: four in Dublin, one in Maryland US, the Eliott in
Gibraltar and a seventh due to open in Cambridge, UK in spring of this year. The capital investment involved amounts to £5m and Mary Kinch told B2B: “Apart from the new hotel in Cambridge, this is probably the largest single capital investment programme which the O’Callaghan Group has made in the last decade. We would not be undertaking such a significant investment if we were not fully confident in Gibraltar’s continued prosperity.”
Business Briefs
Gibtelecom supporting Calpe House
(l to r) - Tim Bristow (Gibtelecom CEO); Albert Poggio (Vice Chairman, Calpe House Trust); Charlie Marfe (Trust Member) and Adrian Ochello (Gibtelecom’s Head of Marketing and Business Development).
Gibtelecom announced today that it is making an annual donation of £10,000 for each of the next three years towards the development of the new Calpe House, which provides accommodation for Gibraltarians undergoing medical treatment in the UK together with their families. This new development will quadruple the available capacity. As part of its ongoing support, Gibtelecom, in collaboration with the Trust, has also set up three donation telephone numbers allowing callers to make their own contributions. Callers can dial 8602, 8605 and 8610 to donate £2, £5 and £10 respectively, with all proceeds going directly to the Calpe House Trust.
Tim Bristow, Gibtelecom’s CEO, in making a presentation to Albert Poggio, Vice Chairman of the Calpe House Trust said “the Company supports a broad range of local community initiatives, events and societies but is particularly pleased to be able to contribute to the remaking of an institution that has become so significant to Gibraltar.” Albert Poggio, in thanking Gibtelecom, responded that “he and the Trust had been overwhelmed by the level of support from the local community demonstrating the importance of Calpe House to Gibraltar. Although almost £1 million of the £6 million required has already been raised, there is still a long way to go and he thanked Gibtelecom for their leveraging their technology to help raise monies.”
Gibtelecom’s Head of Marketing and Business Development, Adrian Ochello, told B2B “Calpe House is a home away from home for many families during difficult times, including from time to time Gibtelecom employees and their families. With a new Calpe House currently being redeveloped, providing more accommodation and improved facilities, we felt it important that Gibtelecom contributes to this worthy cause.” The Company is also encouraging its own staff members to make their own private contributions through various initiatives.
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Business Briefs
Gibraltar International Bank’s new Youth Accounts The Gibraltar International Bank is launching an exciting new suite of products aimed specifically at the younger section of our community. Within this suite of products there is an account for young children from the date of their birth, an account for teenagers and an account for students furthering their studies abroad. The Gibraltar International Bank is launching an exciting new suite of products aimed specifically at the younger section of our community. Within this suite of products there is an account for young children from the date of their birth, an account for teenagers and an account for students furthering their studies abroad. The Bank’s Chief Operating Officer, Derek Sene commented “We are in the business of creating long standing relationships with our clients, it is not just about opening an account. We firmly believe that as a Bank we need to accompany our clients in their journey through life, providing support where required and always aiming to make life easier for them. The youth are our future and we have invested heavily in creating a
suite of products that can accompany clients from the date of their birth, through their teenage years and in to the time when they further their studies”. Their Young Person’s Account enables parents, grandparents or guardians to build up savings for a child related to them until the child turns 19 years of age. The account
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will be held in the name of the adult with a designation of the child’s name on the account. Funds on the account attract an interest rate of 0.5% per annum paid on the outstanding balance and account holders will be able to access and view their balance via the Bank’s Ebanking and Mobile Banking platforms. Deposits into a Young Person’s Account are allowed to be made at any time and there are no restrictions on the amounts paid in, making saving as stress free as possible. The new Teen Account has been specifically designed with the Bank’s younger clients in mind. The Gibraltar International Bank believe it to be a good introduction to the banking world and view it as the perfect fit for the everyday banking requirements of teenagers from the ages of 13-19. Teen Accounts will be held in the name of the teenager who will have access to a debit card as well as the Bank’s Ebanking and Mobile Banking platforms. Teenagers will be able to set up as well as receive funds via standing orders and companies will be able to collect their regular payments via direct debits once the account holder is 18 years of age. Teenagers will be able to stay in the Teen Account proposition until they reach the age of 19 when they will then be transferred onto a standard Personal Account.
If at the age of 18 the teenager would like to further their studies at university, the Gibraltar International Bank has created an account specifically aimed to benefit them as well as their parents and legal guardians. The Grad Account will allow students to access their funds by using all the latest technology including Ebanking and Mobile Banking. As part of their new Grad Account offering, the bank will give those eligible the option of applying for a Grad Loan which aims to make the move to university less financially stressful for the students involved and their parents. The Bank’s Chief Executive Officer, Lawrence Podesta told B2B: “The delivery of these products are part of the Bank’s commitment to introduce new products which will make a difference to members of our community. The younger generations will find it convenient to access their accounts online and on their mobile phones and also have access to their monies at ATMs. Furthermore, with the considerable number of students that opt to further their studies in the UK we are confident that these products will be attractive. We are conscious of the need to be innovative in the development of new products with focus on the specific needs of our community.” Youth Accounts can be applied for via the Gibraltar International Bank website www.gibintbank.gi.
Business Briefs
Argus Insurance awarded corporate Chartered Insurer status The Chartered Insurance Institute (CII) has awarded the prestigious ‘Chartered Insurer’ title to Argus Insurance Company (Europe) Limited, one of Gibraltar’s leading providers of insurance advice and support. The Chartered Insurer status is an exclusive title awarded only to firms that meet rigorous criteria relating to professionalism and capability. All Chartered Insurers commit to the CII’s Code of Ethics, reinforcing the highest standards of professional practice in their business dealings. Tyrone Montovio, General Manager, Argus Insurance Company (Europe) Limited, and holder of the individual Chartered Insurer title told B2B: “Securing Chartered Insurer status is a landmark achievement for Argus. We are delighted to be recognised by a prestigious industry body like the CII. As a
Chartered Insurer we are committed to delivering quality service, the continued development of our staff and upholding the highest professional and ethical standards.” Alison Hill, CEO of the Argus Group, added: “I would like to congratulate the Argus team in Gibraltar for this well-deserved designation. The Chartered Insurer title is highly exclusive and reserved for leading insurance firms around the world. Joining other worldwide Chartered Insurers, Argus earns formal recognition that we work hard every day to provide consistent and world-class service to meet the needs of our diverse client base.”
To date, fewer than 30 firms worldwide have achieved Chartered Insurer status, and Argus is the first company in Gibraltar to be awarded this designation.
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Business Briefs
EY announces its first Scholar
(l to r) - Angelique Linares, Partner at EY; Ryan Rowbottom; JJ Pisharello, Managing Partner EY and Dale Cruz, Executive Director at EY.
EY Gibraltar has recently launched its Scholarship Programme announcing the first EY Scholar. Ryan Rowbottom, who will be reading Accounting and Finance at the University of Bath, has ambitions to develop professionally. “My enthusiasm comes from my intention to pursue a career that combines an interest in mathematics and detailed oriented and problem solving skills”, Ryan told B2B. “Studying science based subjects for my A-Levels has nurtured these attributes, as well as allowing me to further improve my analytical abilities. The EY Scholarship programme will support my growth as a professional through this critical period of study whilst also exposing me to life in the office environment, working with clients”. The Scholarship programme provides students with £1,000 per year to support their studies and two years of summer placement with EY. “We believe that we can
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play a significant role in encouraging and nurturing that future talent and our Scholarship Programme is one element to this”, said Dale Cruz, Executive Director at EY. The programme is open to all high performing Gibraltar undergraduates and EY is taking enquiries for the place. “Our intention is to work with government and our schools in supporting local students to reach their highest potential. We will be visiting schools and offering informal events for both teachers and students to learn more about the EY Scholarship Programme in the coming weeks. We have to ensure that all the good work undertaken by schools, to develop Gibraltar’s next generation of professionals, is connected with the Finance sector to translate that energy into the work arena” said Dale. Ryan is clear about how to succeed with the Scheme. “I worked to develop a specific insight into Accounting undertaking work experience; this provided me with a foundation of knowledge, preparing cash
books, balance sheets and income statements as well as participating in multiple engagements. I regularly follow developments in financial markets, which has resulted in me gaining a better understanding of how the world of finance operates. Once I complete my undergraduate course, the next step will be to qualify as a Chartered Accountant”. “We intend to support one Scholar every year with the hope that this scheme will not only highlight the opportunities available in a career as an Accountant but assist these students in achieving their goals too”, said Angelique Linares, Partner at EY. More information about the EY Scholarship Programme is available by contacting EY at recruitment@gi.ey.com.
Business Briefs
Nick Culatto Joins TSN Partnership TSN are delighted to announce that Nick Culatto has become a partner at the firm. Nick joined TSN in September 2007 having completed a masters in Maritime Law at the University of Nottingham. He was called to the Gibraltar Bar in 2009 after completing his training contract with TSN. In 2010 Nick moved to London where he practised for two years with a specialist construction law firm before returning to TSN in 2012. Nick specialises in construction law. In contentious matters he has acted in a number of key Gibraltar cases including HM Attorney General for Gibraltar v Gibralcon 2004 SA (Waterport Terraces) and OHL v HM Attorney General for Gibraltar (Airport Tunnel) where he acted for the Government of Gibraltar in very substantial proceedings. In non-contentious matters Nick regularly advises a number of Gibraltar’s leading property developers banks and contractors. He will be lecturing on Planning Law at the University of Gibraltar. Louis B. Triay, Managing Partner at TSN, told B2B: “TSN probably boasts Gibraltar’s strongest construction law teams. Nick is a key player in that team. We are delighted that he has accepted our invitation to join the partnership”. Nick Culatto
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Business Briefs
ISOLAS contribute to Gibraltar Insurance Guide The Gibraltar Insurance Guide provides a general overview of the jurisdiction’s Solvency II compliant regulatory framework, as well as highlighting Gibraltar’s USPs, such as a 10% corporate tax rate, speed to market, and accessibility to a skilled and pragmatic regulator in the form of the Gibraltar Financial Services Commission.
Christian Caetano, one of ISOLAS Senior Associates and an insurance law specialist, has written the recently published ‘Gibraltar Insurance Guide’ which is part of the Thomson Reuters Country Guides Series.
Christian explained that “Having previously collaborated with Thomson Reuters on the Gibraltar chapter of the Insurance and Reinsurance Law and Regulation Jurisdictional Comparison, we were very pleased to be approached to contribute this Gibraltar Insurance Guide. Despite the uncertainty stemming from the UK’s European Union Referendum, we continue to see interest in the establishment of Gibraltar insurers as well as in Gibraltar itself. I am confident that, whatever the final shape of a ‘Brexit’ may be, Gibraltar’s resilient and most of all, innovative, financial services and
insurance industry will adapt and continue to prosper.” Christian continued “Having formed part of the Legislative Reform Programme (LRP), a joint programme by HM Government of Gibraltar and the GFSC, on a secondment basis, it is clear to me that the LRP comprises the most significant piece of legislative reform in the history of Gibraltar’s financial services industry. Indeed, the initiative has been generally welcomed by the industry as it will simplify existing legislation and enhance, even further, the speed at which all stakeholders, including the GFSC, will be able to communicate with each other. Gibraltar already boasts one of the shortest insurance application authorisation periods in Europe, so any further improvements to the jurisdiction’s speed of access will undoubtedly make Gibraltar even more attractive, both for existing and new business entrants.”
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Business Briefs
Loyal service rewarded at MH Bland & Co. Chris Wood, Alison Gabay, Audrey Canty and Tanya Francis all celebrated 25 years of service at MH Bland & Co Ltd at the company’s annual Christmas party. The Directors paid tribute to each and recognised their dedication and loyalty shown over many years of service.
Daniel Cardoso who has worked at MHB Marine Services for 15 years was also awarded the traditional company tie pin to acknowledge the landmark in his career.
Johnnie Gaggero making the presentation to Daniel Cardoso.
From left to right: Johnnie Gaggero; Chairman, Tanya Francis; Calypso Tours Operations Manager, Alison Gabay; Financial Controller, George Gaggero; Deputy Chairman, Audrey Canty; Cable Car Top Station and Chris Wood; MHB Marine Services Director.
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Business Briefs
KPMG hosts informative insurance seminar
Members of the local insurance industry joined the KPMG Gibraltar Managing Director, Jon Tricker and team at the Sunborn Hotel recently for an update on how Solvency II, the EU’s new insurance regulatory framework, is being enforced in both Gibraltar and other jurisdictions. The specific areas of KPMG’s focus were the requirements for all EU insurers, regardless of their nature, scale and complexity, to provide for four “Key Functions” (namely, Risk, Compliance, Internal Audit and Actuarial). Allan Christian, KPMG Gibraltar’s Senior Risk Consultant, opened up on the non-Actuarial side. He started by reiterating that Key Function provision is not regulatory dictation of headcount, rather it is about access to expertise, reminding the audience of the flexibility allowed for by Solvency II in organising oneself through methods such as outsourcing. He then covered the chronology of Gibraltar’s experience in this area since 2009, the approach of the outer-EU states in this field, and the outsourcing techniques available, including how to ensure service providers are fit and proper.
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Noel Garvey, KPMG Actuarial Director and non-life and captive expert, then gave his observations on the range of technical matters Europe’s actuaries now cover, such as providing opinions on reinsurance
Allan Christian
arrangements and underwriting policies. He detailed how collaboration with other Key Functions and their reporting outputs can measurably enhance this work.
Business Briefs
Born to Succeed? The pitfalls and steps to successful estate transition through the generations. I have been reading with great interest the recent travails of the leaders of those two old adversaries, America and Cuba, as they both go through periods of transition within their own families. In Cuba, the Castro family look to see how they can maintain their grip on power once Raul Castro steps down in 2018. In America, the stories just keep coming as to how Donald Trump’s transition to power is being dogged by questions of how real is his relinquishing of control of the Trump business empire to his children. These stories have reminded me of the critical factor in any planning toward estate transition and that is the preparation and inclusion of the heirs themselves. Without realising it, the majority of parents and their professional advisers devote more time to preparing the legal aspects of estate transition, than to preparing the heirs for the consequences of those documents; let alone consulting the heirs in sufficient detail as those preparations are made. Countless research studies have reported that somewhere in the region of 70% of estate transitions are unsuccessful with family wealth going through a cycle of generation, stability and decay over three generations or less. Those of us who support UHNW families either through their family offices or via specialist estate planning services, obviously need to lift our heads and focus on where the mistakes are being made. Failure to rectify these mistakes can and often does lead to heirs feeling trapped by a structured framework (on which they were never consulted) and with them seeking to break the shackles of that structured framework through litigious means. Traditionally, families are advised primarily in relation to their wealth; the preservation of their assets; the governance or control of those assets and relevant taxation conditions – what I call the hard side. There are plenty of moving parts in estate and tax law, and change is a constant when considering the right structures for succession planning. The ‘how’ of wealth/estate transition is a relatively settled science and one that advisers seldom get wrong.
Rarely though do advisers guide families to review the way in which they and their individual plans relate to one another so as to manage personal goals, pride, family communication, being fair, managing conflict, risk, choosing successors and building relationships – the soft side as I call it. An individual and collective analysis of these soft side components would seem to suggest that trust and communication are the two most critical factors to take into consideration. Guidance and direction to the family members where they are empowered to collaborate in an open environment is vital. This enables the family to move through ‘blocks’ and establish cross generational agreement on commonality of purpose. By adopting a three step approach to that soft side we may actually get a better idea of what we are eventually planning towards: Step 1 is to identify the principal’s plan – what are the principal’s personal goals; what role do they want now and beyond; what does their personal financial security look like; what are their ideas on an exit/ succession strategy; what are their goals for their business/wealth, their partners and their family. Step 2 identifies the family’s plan – a careful and holistic approach will enable individual family members to address and identify what are their individual goals; their priorities; what their and other stakeholder roles are or will be; shared family goals and a family culture.
Step 3 is the marrying of the principal’s plan and the family’s plan into: • Defining what the principal and individual family members want to happen, now and in the future • Evaluating and testing the succession goals to confirm that they are feasible and compatible • Developing a preliminary but specific plan for the harmonious transfer of leadership, ownership and wealth Working through these three steps will hopefully, lead to the creation of a family mission and a family council, all of which foster a climate of trust. Our ultimate objective as advisors to our UHNW families is to help them preserve and grow their wealth. If we are to do well in in this objective and to ensure that the wealth will succeed over multiple generations, we must work with those families to guarantee that each successive generation has the trust, preparation and support from the family to re-create themselves as the new first generation. It is of course, the easier and safer option to just focus on the hard side of estate planning but we have a responsibility to those families that we act for to provide an independent perspective and sometimes, necessarily provoke conversations that our families should have. We must remember that it is the acts of family members, and not what they own, that is critical to successful wealth transition.
John Simmonds john@splicetogether.com
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Business Briefs
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Business Briefs
WestOne “tops out”
The award winning WestOne residential apartment project, situated next to EuroTowers has reached its full construction height in record time. Local contractors Casais have poured the concrete for the final level and the traditional “topping out” ceremony was held recently. The internal and external walls are now complete up to level 7, and the first apartments are taking shape. Three apartments are being fitted out, which will be completed before the end of the month. At the ceremony, attended by the Chief Minister, Rt. Hon. Fabian Picardo QC, Evgeny Cherepakhov, the man behind
developer; Bentley Investments, spoke to the assembled guests. He said: “It gives me great pleasure to be here today to witness the results of a great many professionals hard work over the past 18 months. I am hugely grateful to all those who have made the WestOne project a reality and this would not have happened without the dedication of my team”.
WestOne, which was completely sold in just 5 days, won a European property award in London last month for a local high rise development. The project is fully on target to be delivered in Jan 2018.
“Now our next challenge is the ambitious EuroCity project for which we now have outline planning: I want to make this fantastically designed scheme one of the best mixed use projects Gibraltar has ever seen, and of which I can be very proud” Evgeny went on to say.
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Business Briefs
ISOLAS advises on sale of Gibraltar management company ISOLAS has advised Michael Mechas on the sale of the entire issued share capital of CIMCO Partners Management Limited (CPML) to European Wealth Group Limited (EWG), an AIM-listed wealth management company making their first investment into Gibraltar. CPML, which manages the G20 Absolute Return Fund, currently has approximately $22 million (£16.5 million) of funds under management. The acquisition will add a third fund to EWG’s in-house offering and broadens the range of equity investment styles within the group’s portfolio. Mr. Mechas will remain the lead investment director of the G20 Absolute Return Fund, will join EWG’s investment committee and will assist the group with international acquisition opportunities.
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Mr. Mechas commented “I’d like to thank the team at ISOLAS for all the support they provided over the last few months in bringing the sale to a successful conclusion. Together with EWG, I look forward to building on the success of the Gibraltar based G20 Absolute Return Fund and to developing EWG’s expanding global wealth management business.” The ISOLAS team advising on the transaction was led by partners Joey Garcia and Samantha Grimes.
People on the Move
NatWest announce senior appointment in Gibraltar Amanda has been working for NatWest since she was 17 when she began her career as a customer services officer. During her 27 years with the bank, she has been appointed to a wide range of roles including Premium Banking Relationship Manager, Head of Retail Banking and most recently, Head of Conduct & Regulatory Affairs, a post she held for 10 years. Amanda is also the Bank’s Gibraltar Banking Association (GBA) representative and since 2012, has been a member of the Executive Committee leading on all regulatory matters.
NatWest in Gibraltar has appointed Amanda Eccleston to the role of Country Head to succeed David Bruce.
Amanda first moved to Gibraltar with her family aged 12 and attended Westside School before she joined the Bank. She told B2B: “I’m delighted to have been
given this opportunity and thank David for his leadership and support during his time as Country Head. In my many years with NatWest, I’ve learned to appreciate the bank’s pivotal role in meeting the needs of its business and retail customers. I will be looking to build on those customer relationships, working closely with our experienced teams, whilst helping to ensure the bank continues in its wider support of the local community.” Congratulating Amanda on her appointment, Andrew McLaughlin, CEO, RBS International, added: “Having spent her whole career with the Bank, Amanda has a wide breadth of expertise and unrivalled experience of the local retail and corporate banking market and is ideally suited to take on the Country Head role.”
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