Volume 13 Nยบ1
Marvin Cartwright: A modern banking Man
Mediation: A better solution
GDPR: All you need to know
GYBDA hosts MONACO
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Contents
In this issue: FOREWORD page 5
· BREXIT Fatigue
NEWS FEATURES page 6
· Marvin Cartwright: A modern banking Man
page 12
· Mediation: A better solution for disputes
page 16
· GDPR: Everything you need to know
page 20
· The GYBDA hosts MONACO Yacht Show reception
page 21
· GoG Token position
PUBLISHER Copywrite Communications
MANAGING EDITOR Jeremy Nicholls editor@b2bgibraltar.com
JOURNALIST Jo Ward
BUSINESS BRIEFS page 22
· Teamwork wins Championships
page 23
· JYSKE Bank retains Gold Standard with investors in people
page 24
· Bassadone Automotive Group Awarded Investors in People
ADVERTISING Hussam El Ali sales@b2bgibraltar.com
PRODUCTION Jorge D. Caballero
- Hunter Group page 25
· The future direction for Gibraltar as an insurance hub
page 26
· EY announces Scholarship Scheme student
page 27
· u-mee Means Business!
page 28
· Best Estate Agency in Gibraltar for 2017/18
page 30
· Gibraltar Insurer wins Three UK Awards
page 31
· ISOLAS LLP announces the appointment of two new partners
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- Gibraltar Insurers surpass the UK pass rate page 32
· Sancus BMS Group announce £700m funding milestone
page 33
· Cashing In
Tel: 200 41700, Gibraltar Chamber of Commerce PO Box 29, Watergate House Casemates, Gibraltar
Edward Macquisten
PEOPLE ON THE MOVE page 34 page 35
· RBS International bolsters its Financial and Corporate Services team in Gibraltar · Suzanne Yates
Chief Executive
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Foreword
Foreword: BREXIT Fatigue
Eighteen months after the UK voted to leave the European Union, the prospect of any clear agreement between the UK government and the Commission in Brussels is becoming a forlorn hope. That is despite the immense efforts which have been expended by officials and politicians on both sides of the negotiating table. The efforts of Gibraltar’s government have been equally as impressive if one considers the press releases and accompanying photos of the Chief Minister meeting with his counterparts in the UK, Scottish and Welsh governments as well as many other MPs and MEPs over the same period. The objective has been to ensure that Gibraltar’s voice is heard and not forgotten in the Brexit discussions and that Clause 24 of the Commission’s guidelines will remain superfluous to the overall negotiating position of Brussels. Theresa May has remained true to her word in keeping to the position which she set out at the start of the process, namely, that she would not give a running commentary on the progress of the negotiations with the Commission. Just as well. There hasn’t been much new to say. One of the biggest challenges for UK news editors in the last eighteen months has been keeping the Brexit issue alive and fresh when there has
been so little news to report on. Every twist and turn, every machination of a switch in party allegiances, every nuance uttered by a minister has been tracked, analysed and commented on, but in reality we are no further forward. And without progress or at least an indication of the way forward, businesses cannot plan a way ahead. In an economy the size and complexity of the UK this is important. For Gibraltar, it is equally important. Businesses here need to be sure that any decision they make or don’t make on new investment, staff hires or diversification is not wasted or made in error. In the meantime, businesses continue to operate much as before. Contingency plans are being worked on and fine-tuned for various scenarios but many local businesses are carrying on pretty much as normal. It is somewhat re-assuring that employment figures in Gibraltar continue to grow and inward investment continues to rise, even with the uncertainty of what Brexit may bring. Nevertheless, the growing intray of issues affecting local business, however small or seemingly insignificant to government, still needs to be addressed. And it is only the government which has the power to address them. Correspondence is written, chased up, officials and ministers are met with and matters are discussed. But resolving the matters never seems to make much
progress. The default response on why the government has done this or hasn’t done that seems too often to be: “We have been so preoccupied with Brexit discussions…” or “We’ll have to wait until after Brexit!”. At times it seems that every decision is being held up until Brexit has been decided, whenever that might be. Brexit is obviously a priority for all our futures and we support the efforts government has made to ensure that Gibraltar’s voice is heard. The package of measures recently announced between the UK and Gibraltar over future access to UK is highly commendable in so far as they go. Nevertheless, the government should not ignore matters which affect people and businesses on the Rock today. Events are never ideal when in office but the burden of leadership means taking decisions which will give certainty even though the outcome may not always be universally popular. That is why we have elections. With scant little pressure from the opposition to hold the government to any sort of account, the government has been lulled into a position which has become too comfortable for its own good. Yes, Brexit is important but the government must also address matters which are closer to home.
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News Features
Marvin Cartwright: A modern banking Man Contrary to popular folklore, Marvin was named after the film actor Lee Marvin and not the guitarist Hank Marvin! Marvin attended St. Christopher’s, the MoD school, finding the experience in the seventies to be limiting for a local boy whose peer group lived on the RAF and Navy camps making it challenging to mix socially. Just missing out on the scholarship points needed for his reserved place at Southampton University, he took a summer job as a cashier at Gibraltar & Iberian Bank. This was the start of Marvin’s banking career. During the boom phase of banking in the late 80’s, a number of the Spanish Banks came in to Gibraltar, one of those being Banesto, headed up by Marvin’s ex-general manager at Gibraltar & Iberian Bank. “He approached me to join forces again and that is when my career really took off.”
Contrary to popular folklore, Marvin was named after the film actor Lee Marvin and not the guitarist Hank Marvin!
Marvin Cartwright’s life could have taken a very different turn if he had followed his teenage interests of journalism and marine biology. Born in London in the swinging 60’s to a Gibraltarian father and English mother, Marvin came to Gibraltar at the age of 5. “My father Richard, who is Gibraltarian, left at a very young age to live his dream in the music industry, travelling to Casablanca, Madrid and subsequently London where he met my mum,” Marvin explains. Known as one-half of Gibraltarian musical royalty, Richard partnered his friend, singer and songwriter Albert Hammond, for more
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than 10 years. Later in his life, as a young banker with an entrepreneurial spirit, Marvin was supported by Albert Hammond when he created The Little Rock Café in Casemates Square, which they opened in April 2001 and which they owned together for fourteen years. “I sold it two and a half years ago for no other reason than my working demands were ever increasing, the hospitality sector was forever expanding and becoming more competitive and we came to a crossroads where I made the decision to concentrate solely on my banking career”
Banking has been one of the major pillars of the local economy and some of the major International banks have had offices in Gibraltar. “There are not many multi-national businesses in Gibraltar and for almost all of my professional life I have worked for global banks,” Marvin states. This includes Banesto, RBS and Credit Suisse. “When RBS merged with Nat West I was successful in becoming Head of Corporate for the enlarged operation and that was probably one of my most successful periods in banking, subsequently being made Regional Manager of Nat West in 2009.” In 2012, after a casual conversation with an ex-boss at RBS who had subsequently been heading up Credit Suisse, Marvin accepted an offer to become
The Gibraltar insurance sector has gone through some challenging times recently, but a vote of confidence from new Slovakian insurer Premium Insurance in their decision to set up in this jurisdiction after intensive research is reassuring. A long connection with Gibraltar and extensive experience in both the financial services and insurance industries led to Andy Baker being headhunted to become local MD of Premium. Born in the north-east of England, Andy’s career in insurance has taken him around the globe, his association with Gibraltar going as far back as 1987. “I was working out of London for an insurance company with an agency in Gibraltar, so I used to come in every month back then,” he says. Returning in 2007 as Chief Exec
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Head of Private Banking for Credit Suisse. Following the acquisition in 2016 of Credit Suisse in Gibraltar by J. Safra Sarasin, Marvin became CEO of Bank J. Safra Sarasin (Gibraltar) Ltd in 2017.. Gibraltar Chamber of Commerce Up until recently Marvin was also on the Board of Directors of the GCC. “Unfortunately, I had to give up my seat on the Board to give all my attention to the Bank, although I thoroughly enjoyed my time at the GCC” he explains, going on to say that the Chamber was a very good sounding board. “It allowed me to understand clients from a different perspective, giving me an insight into some of the issues and challenges they experience but also strategically influence the development of Gibraltar and lobby the Government on important issues affecting business.”
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that I am involved somewhere in politics, and I am absolutely not,” he laughs as he says this. “What I would say is that the little ‘gusano’, as we call it the little worm, is still wriggling inside so I guess that it is a case of ‘never say never’ in terms of an opportunity to go into politics.”
size as an issue, we cannot afford to be knee jerking our way through town planning, building and expanding.” Marvin would like to see decisions which impact future generations of Gibraltarians enshrined by referendum, especially in regard to town planning and zoning. Part of Marvin’s vision is that every new building should wherever possible, allow for a cycle lane and/or a wider tree lined pathway. Imagine if we had done so on every waterside development over the last 25 years. A pleasant walk from Westside to Coaling Island away from traffic and noise pollution!. “We could all be enjoying the waterfront, whereas now it is all carved up, making it less accessible for cyclists and walkers. We must take a longer term view on these issues to ensure a greater quality of life for future generations” C
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What I would say is that the little ‘gusano’, as we call it the little worm, is still wriggling inside so I guess that it is a case of ‘never say never’ in terms of an opportunity to go into politics.
Political Ambitions It is widely known that Marvin’s mother, Terry Cartwright, was party secretary to the GSD for many years, being one of the founding members. “She left the AACR with Peter Montegriffo to form the GSD,” Marvin says, “and I was an activist in the 1996 election which I think was a game changing time for Gibraltar.”
This is because Marvin would like to contribute to making a difference in Gibraltar, something about which he is fervent. “All governments do good things and all governments make mistakes, and that is not going to change,” he says, “but I do think that with my background and experience I can look at things objectively but with the same energy and desire to make Gibraltar as successful as the next person would - so watch this space, maybe I will put it to the test one day!”
However, and contrary to popular belief, Marvin has never been involved in politics. “Everybody believes that either by connection or from what they know of me,
“I think one of the challenges Gibraltar faces, broadly speaking politically, is that our system tends to mean that a lot of decision making is short term and if you take physical
Tourism Vision Marvin admits that tourism is something about which he has a particular passion. “As part of our work in the Chamber, I contributed a strategic paper on Tourism,” he states. “The reality is that we do not have a polished product, we are not tourism friendly and are not fully realizing our potential. Such a policy must be long term and ambitious.” Highlighting what he sees as an opportunity to create ‘a world class hub’ within the
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If history teaches us any lessons, there are potentially very tough times ahead, so we are not out of the woods yet.
frontier area, Marvin would like to see a newly constructed ‘mega centre’ a one-stop shop with ticket booths, online purchasing and information officers. “This is all about first experience and branding. A warm welcome where tourists can plan, purchase and commence their Gibraltar experience. Secondly, it would be the pickup point for a much needed ‘Hop-On, Hop-Off’ operation,” he states. “We need to increase the average spend and not necessarily the number of visitors. If we encouraged every visitor to spend £25 more each, that would be a very marked impact on our economy - and such a visitor centre would generate greater sales as well as enhance the visitor experience.” Marvin sees transport as the most significant key to unlocking greater potential for increased visitor numbers and an enhanced visitor experience. “It’s not rocket science,” he declares, “and every politician either publically or privately will accept that the right way to go is a ‘Hop-On, Hop-Off’ system.” “We all accept that the Upper Rock is the jewel in the crown for our tourism product, and we all boast that we have ten million visitors coming over the border a year - well the number of visitors going up the Rock and paying for the last decade has been almost static at 750,000, so what are the other 9 million doing?” Brexit As a jurisdiction, Gibraltar has defined the UK as their biggest market and Marvin agrees that the most relevant aspect to Brexit is the one which the government is working very hard on securing, and that is protecting the ability to passport services into the UK. He goes on to say that the jurisdiction will have to rely on the skill and entrepreneurialism that exists in Gibraltar to find new ways of doing business. “We are already seeing some of that coming into play in the crypto currency space,” he explains. “Gibraltar is
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trying to take a lead in terms of regulating it, taking the e-gaming model where we were leaders of industry working with commercial operators, but making sure that we had standards and set the goal bar.” Although cautiously optimistic, Marvin’s only fear is that Gibraltar could be enjoying a honeymoon period, justified by the fact that there is quite a lot going on, whether it is in the crypto space or in the property sector.
What Makes you Tick? What makes you happy: My daughter’s sense of humour and I thoroughly enjoy conversations with my twenty year old son who is starting to show a lot more interest in business and business opportunities What makes you sad: I am a very proud Gibraltarian and what makes me sad is that we cannot engender the level of civic pride that I feel it is lacking, evidenced in part nowadays with dog fouling and grime, noise and dust pollution Biggest fear: – Serious family sickness. Best thing about Gibraltar: The community spirit Best place that you have visited in the world: - South Africa Most valuable possession: My family & my holiday pics! Sport: – Football, padel tennis and golf
“That can lead us into a false sense of comfort because I think the hardest parts to Brexit are yet to come from a Gibraltar perspective - with the Spanish negotiations and with the bilateral with the UK.” “If history teaches us any lessons, there are potentially very tough times ahead, so we are not out of the woods yet.”
Favourite Song: You’ll Never Walk Alone by Gerry Marsden because I am a passionate Liverpool fan Favourite Film: One Flew Over the Cuckoo’s Nest Favourite Food: A great steak and chips! Greatest Achievement: Succeeding in convincing the Executive of RBS Group to expand its proposition on the rock leading to significant investment in Gibraltar and representing Gibraltar at football for a number of years Regrets: Not going to university (for the life experience) Something that nobody knows about you: Nothing Motto: ‘No man ever said on his deathbed I wish I had spent more time in the office’
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News Features
Mediation: A better solution for disputes Wanting to spend more time with her children, Fiona decided to take a sabbatical at the end of 2015 and then went on to study at the University of Queen Mary’s Online International Commercial Arbitration programme. “I think it is important to understand that I was struggling to strike a good work life balance, even in a really supportive law firm that was pro-active in enabling mothers to continue their careers in the workplace,” she imparts. “I felt that the litigation practice area wasn’t sympathetic to the needs of a working mum.” Although her course focused on arbitration, Fiona says that she had the support of some amazing professors from the world of alternative dispute resolution. Once Fiona had successfully finished the course and obtained her results, she set up on her own as Fiona Young Mediation. “I started to provide training in conflict resolution and managerial skills through local company BC Training, using mediation and my legal background to focus on the issues that people may experience in the workplace or in their lives,” she states. Fiona had also started to get referrals from people
Everyone came from a route of mediate first,” In October 2016 the Gibraltar Government passed new Employment Legislation bringing compulsory mediation services into the Employment Tribunal for parties in dispute in an important innovation that they hoped would see some cases settled instead of proceeding to trial. Eight months later, Fiona Young was appointed as the mediator for the Employment Tribunal.
Fiona says. Peter and Fiona returned to the UK where Fiona went back to insurance law and in due course they started a family. “It was at that point, in 2008, when my husband turned round and said to me ‘Gibraltar is home, why are we here?’, that we made the
she explains, continuing “where it is all about maintaining working relationships, whereas
decision to come back,” she explains.
litigation tends to tear
Eventually, although she loved being a
relationships apart.
mum, Fiona decided that she wanted to do something with her legal
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Fiona studied law in Liverpool and had worked
experience. “I started working with
in the City of London in the sphere of
Amber Turner at her newly established law firm
who knew what she was doing, asking if she
insurance law before coming to Gibraltar
Amber Law,” Fiona states. “We both trained as
could help them out in certain situations.
where she joined Hassans Law Firm Litigation
mediators in 2014, both of us of the mind-set
team. “I met my husband Peter, a finance
that people needed help, not just legal
Impartiality and neutrality play a huge part in
lawyer, in law school and he is the one that in
services but personal support or for someone
the role of a mediator and while these
2003 brought us over to Gibraltar initially,”
to listen to them.”
guidelines must be adhered to, it is down to
News Features
the mediators themselves to use their
somebody has had an unfair dismissal case or
“The law says that case should be referred to
mediation experience and skills and,
they have had constructive dismissal or
an independent neutral mediator, which up
ultimately, their basic human instincts to
redundancy.” Their first port of call, after going
until a few weeks ago was only me,” Fiona
remain impartial throughout the mediation
to a lawyer or union, will be to issue
says.
process. Fiona says that she has enjoyed
proceedings in the Employment Tribunal after
having all the preconceptions that she had
which their employers will put in a response
Once Fiona receives the papers sent by the
built up as a litigation lawyer ripped away.
and from there the formal process begins.
Employment Tribunal, she calls the parties and
“Now I go in to the mediation,
asks to meet for a coffee, independently
wherever it is, with no pre-judgement
of each other. “We make friends and I
but just to listen and hear and mainly to
give each party time to feel confident
let the parties vent,” she explains.
with me,” Fiona explains. “I hear their
“Venting is really important, and we use active listening which has been widely recognized as the most important tool of conflict mediation and negotiation, listening to both parties without agenda.”
The great news is that the Employment Tribunal has now appointed three more mediators.
story, talk to them about the mediation process and then we set a date for mediation.” This normally takes place in the John Mackintosh Hall and both parties attend, although sometimes they don’t want to see each other. “That is fine and we move heaven and earth to
Fiona outlines how the Employment
make sure that they are in their comfort
Tribunal mediation process is
zone and that their needs are met, so
implemented in Gibraltar. “The parties
there is lots of coffee on tap.”
will issue proceedings; for instance if The other thing that Fiona mentions is that it can be very emotive and it is not unusual for a party to shed a tear. “I’m talking about in employment cases, not just on the matrimonial side,” she says. “It’s somebody’s life and they might feel that it is being taken away from
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I see a lot of men’s eyes getting red, but you get to a breakthrough by letting them vent that emotion and then we get a bit of closure on it and can move forward to the true issues.
What makes you tick? What makes you happy: My family; two children, Dylan aged 11, Shadi aged 8, and my husband Peter What makes you sad: Sad films Biggest fear: Creepy crawlies
them, or they feel misunderstood and that
story much more clearly.”
frustration does come through.” It is not just
“I don’t make a decision for the parties, but I
the women who get emotional either.
let them talk and I guide them through a set process that enables them to come up with
Fiona now combines her Employment Tribunal
their own decisions, and those situations where
work with her own mediation services. “Private
they are able to come up with their own
companies can ask me to go in to mediate,”
decisions are the ones that are most binding
she states, “or individuals can contact me
and the most powerful,” she says.
The best place you have been to in the World: The Maldives
Best thing about Gibraltar: The people Most valuable possession: My home Hobbies: Watching movies and going to
directly to mediate for them.”
the cinema Favourite author: Liane Moriarty, author of Big Little Lies, What Alice Forgot and The Husband’s Secret Favourite film: The Princess Bride Favourite food: Persian food, Ghormeh Sabzi Greatest achievement: Going off at 18 years old and doing my gap year in Swaziland where I helped a little boy learn to read at 9 years old. He wrote to me last year to say how that had turned his life around Regrets: No, because I think that everything that happens to you in life happens for a reason Something that nobody
Far from wanting those in legal circles to think
“It is just facilitating dialogue and often
that this is something that is trying to wipe out
guiding them away from a lot of red herrings
generally knows about you: I was a
legal services, Fiona wants to make it clear that
that they have got really hung up on.”
Goth in the 90’s
this it is meant to go hand in hand and to complement them. “Mediation is actually another string to the lawyer’s bow because the discipline of objectivity and neutrality is so important, and remaining completely neutral can definitely help you see both sides of the
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GDPR: Everything you need to know What is GDPR? Set to replace the Data Protection Directive, the GDPR is directly applicable to each Member State and aims to achieve a greater degree of data protection harmonisation across the EU. “It is about ensuring all businesses and organisations have set up the necessary framework to implement changes to their existing privacy processing methods, to ensure our data is kept safe, and protecting us from privacy and data breaches,” Gerard explains. “GDPR is huge,” he continues, “but the key message is that it is a bit of an unknown at the moment regarding, recognising the full effect GDPR is going to have on businesses.” The GRA (Gibraltar Regulatory Authority) will, as the Data Protection Authority, be the supervisory authority here in Gibraltar. “For companies that have business within other EU countries or in the UK it will be the supervisory authorities of those countries, that will dictate how serious the actual offence is,” this at times, might see, the coordination between supervisory authorities where data sees cross border transfers between jurisdictions”, Gerard clarifies.
From private soldier to Major as second-in-command of the Royal Gibraltar Regiment, Gerard Fitzgerald had a career in the military that took him around the world. Now, as Deloitte Business Resilience Manager with an accumulation of experience of clients requesting GDPR assistance, Gerard Fitzgerald is the perfect person to advise on the upcoming EU General Data Protection Regulation (GDPR) which comes into effect on 25th May 2018. “At 17.5 I became a reservist in the Territorial Army,” Gerard says “then after a short period working in a bank I joined the Gibraltar Regiment at the age of 20.” Promoted through the ranks from a junior NCO to Regimental Sergeant Major, a position he also held in Afghanistan at Camp Bastion in Helmand Province as the Garrison Sergeant Major, Gerard was later offered the opportunity to become a commissioned officer, going on to attain the position of Captain and finally, as Major. “I got an extension, so I actually retired
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Having qualified in project management and attaining two masters degrees before leaving the military in an attempt to prepare for civilian life, Gerard became self-employed and was involved in the running of several projects, one of which was for Deloitte attaining ISO 27001 (information security management) certification. “It went very well and we managed to certify in October 2017, so Deloitte, along with all the global Deloitte offices, is now certified,” Gerard confirms.
The biggest changes to GDPR are the added rights that have been included things like biometric data, genetic data, sexual information including orientation and preferences, and the right to data subjects erasure of data (right to be forgotten), to mention a few. “Even the possession of a photograph has implications as to why it is going to be used and how it is going to be handled,” Gerard says. “If it is going to be used as photographic ID then it is down to “purpose limitation”, so companies who might not be adequately poised to secure their data in a way that guarantees security and confidentiality of such data and will need to look at that.”
Gerard, now in full time employment with Deloitte, since January 2017 leads with security and business resilience related projects. “GDPR was already being mentioned in the background because it complements ISO27001 as it relates to information security and, as we were trying to develop a service line that includes business resilience, GDPR fitted in nicely.”
Who will GDPR apply to? Any organisation which processes personal data is responsible for keeping that data safe whether it belongs to clients, staff or an individual. This will include storage, handling of data in a confidential manner and keeping it secure from potential intruders. Firms of over 250 employees should consider employing a Data Protection Officer (DPO). This can be an
as second in command of the Regiment - from private soldier to second in command is quite a story to tell in itself,” he says proudly.
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Now you need to show you have fully considered the data you hold, what processes you have got in place and what it is that you are processing as far as the data subjects go.
external DPO or could be an individual appointted from within the company. This person is responsible for ensuring that a business collects, processes and secures personal data in accordance with the new GDPR.
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Compliance How should companies in Gibraltar prepare themselves to become compliant? Gerard’s advice is not to ignore GDPR. “Get somebody within your organisation to lead with it and ensure they receive training,” he says. Something that Gerard wants to stress is that GDPR is a boardroom level issue. “It needs to be team led from the top down and that delegation needs support and resources, boardroom frustrations or resistance will not lead to compliance.” he says. “Under current Data Protection Legislation, as long as you are registered with the supervisory authority and as long as you are securing data and making sure that you arn’t pushing it out without people’s consent, you were generally compliant with the legislation,” Gerard states. “Now you need to show you have fully considered the data you hold, , what processes you have got in place and what it is that you are processing as far as the data subjects go.” “Your business might be audited at some stage and you need to prove that you have taken everything into account that the GDPR tells you to as part of the GDPR accountability
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framework,” Gerard confirms. Non-Compliance The regulation has some significant consequences in store in cases of noncompliance. Failure to comply with the GDPR will lead to heavier punishments than ever before. These include fines of up to 4% or €20 million whichever is the greater amount of organisational global turnover. Not all shortfalls are treated equally and some fall in to a 2% or €10 million category. Key to your defense is how you have dealt with and implemented the requirements of the GDPR. “A small organisation will be unlikely to face the €10 or €20 million bracket fine, this is the maximum fine that can be imposed for the most serious infringements, e.g. not having sufficient consent to process data or violating the core of Privacy by Design concepts. There is a tiered approach to fines but larger organisations , could be liable for massive fines.” BREXIT “BREXIT is not a get out clause,” Gerard adds. “For all organisations, being out of the EU will
GDPR is coming, so brace, brace, brace,.
not mean GDPR can be ignored,” he says, “and if you are offering any goods or services within the EU or monitoring behaviour of EU data subjects, GDPR will continue to apply.” “GDPR is coming, so brace, brace, brace,” Gerard says, “look at where you are processing data within your organisation, why you are collecting it, what you are doing with it and most importantly, make sure the data subject knows.
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The GYBDA hosts MONACO Yacht Show reception GYBDA (The Gibraltar Yachting Business Development Association) successfully launched its first major international event.
Minister Gilbert Licudi spoke brilliantly, offering guests an overall historic and touristic insight rounded off with the merits of our Yachting services in Gibraltar.
Chairman of GYBDA Richard Felipes told B2B: “This was a true show of all parties working together in full collaboration, to put Gibraltar firmly on the yachting map as a key destination and jurisdiction for all yacht and super yacht owners and management companies”.
The Monaco event had the full collaboration of the GPA (Gibraltar Port Authority), the GPOA (The Gibraltar Port Operators Association, the GMA (The Gibraltar Maritime Administration) and with the participation of the Minister for Tourism, Employment, Commercial Aviation and the Port, Gilbert Licudi and the CEO of the Tourist Board Nicky Guerrero, all to whom the GYBDA are enormously grateful.
The GYBDA ambition is to develop our offering and services in order to attract yachts to stay in Gibraltar for longer, thereby reaping the economic benefits of the significant disposable income that this sector leaves in the wider economy. The event involved a reception cocktail on board Super Yacht “PRIDE” for key players involved in the international Yachting Industry. With over 100 invited guests attending with representatives of key management companies, yacht brokers, yacht captains, Lloyd’s Underwriters and P & I representatives, to mention just a few. Each year the Monaco show exhibits over 125 extraordinary one-off super yachts built by some of the world’s most respected shipyards. They also entertain five hundred plus leading companies from throughout the Industry. Gibraltar has a huge advantage over many of the world’s leading ports in that it is the key passageway to and from the Atlantic into the Mediterranean. Gibraltar offers excellent bunkering, light refit facilities, expert agency support, industry training courses, an airport for crew changes, and of course yacht registration services. But Gibraltar needs to enhance and capitalise their offering by working towards being able to offer berths and winterisation facilities. “It is important that Gibraltar has a consistent presence in this and other strategic events, so that we promote and at the same time learn what the industry decision makers seek in a destination, with that in mind the GYBDA is lobbying for Gibraltar to have their own stand at the 2018 Monaco show next year” added Richard.
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News Features
GoG Token position
Following the GFSC’s Statement on Initial Coin Offerings in September 2017, Gibraltar’s Minister for Commerce, Hon. Albert Isola MP, announced that Government’s position on initial token offerings (also known as initial coin offerings or ICOs) would be formulated by this month. In December, HMGoG sought the views of local stakeholders through a discussion paper on token regulation circulated to Gibraltar’s Finance Centre Council, an umbrella organisation comprising local professional associations.
to store or transmit customer assets, they do not extend to the use of tokens as a means of raising finance, typically for early-stage start-ups. The proposed token regulations will establish disclosure rules, requiring adequate, accurate and balanced disclosure of information to
After taking into account stakeholder feedback, work has now begun on drafting legislation to regulate: • T he promotion, sale and distribution of tokens by persons connected with Gibraltar • Secondary market activities relating to tokens, carried out in or from Gibraltar; and • The provision, by way of business, in or from Gibraltar of investment advice relating to tokens. A bill is expected to be considered by Parliament in the second quarter of 2018. While Gibraltar’s DLT regulations, which came into effect on 1st January 2018, bring a licensing regime to intermediaries using DLT
anyone considering purchasing tokens, and measures to detect and prevent financial crime such as money laundering and terrorist financing. Albert Isola told B2B, “This Government successfully delivered DLT Regulations that came into effect in early January 2018. I am very pleased and encouraged by the volume and quality of applications received by the GFSC. I announced last year that we would introduce complimentary yet distinct
legislation covering token sales and have asked the GFSC to complete this work-stream at the earliest opportunity. We remain fully committed to ensuring that we protect consumers and the reputation of our jurisdiction. In addition, we are also conscious of providing safeguards to those firms that have chosen Gibraltar as their home. I am grateful to all those that have provided their observations on the discussion paper issued in December 2017. The DLT Working Group, which includes members of the Innovation Team at the GFSC, have considered all the issues raised and are now proceeding to prepare initial drafts.” Siân Jones, Senior Advisor on DLT at the GFSC said, “Token regulation is the natural progression following the regulation of DLT Providers, being vital to the protection of consumers. One of the key aspects of the token regulations is that we will be introducing the concept of regulating authorised sponsors who will be responsible for assuring compliance with disclosure and financial crime rules.” The regulation of investment funds involving digital assets such as cryptocurrencies and similar DLT-based tokens is also being reviewed.
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Business Briefs
Teamwork wins Championships
ISOLAS LLP & Fiduciary Group are delighted to honour our staff who have now worked with us for over 20 years rewarding them with extra holidays and an individual gift of appreciation to each of them. This is to celebrate, during ISOLAS 125 anniversary year, the tremendous teamwork that exists within all parts of the firm: Sharon Truman Davies and Jeanette Ochello from ISOLAS and Kate Bentley, Joanna Parody, Marina Abdul Magid, Peter Thomson and Abigail Parody from Fiduciary. Between them, Fiduciary Group and ISOLAS have many years of combined experience of servicing clients’ needs but this handful of long term employees at both companies have, between them, accumulated in excess of 150 years of service for ISOLAS and Fiduciary.
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ISOLAS LLP achieve top ranking in Chambers 2018 Global Guide In addition ISOLAS LLP was only last week confirmed in its Band 1 top ranking in the highly respected Chambers & Partners in its 2018 guide with many of the firm’s lawyers, too numerous to mention, been highly ranked at every level and over the firm’s core areas. It is the only Gibraltar Law firm of its size to be so ranked. But what is outstanding, and worthy of specific mention, is the that one of ISOLAS’ Partners, Joey Garcia, who only last November was involved in a near fatal accident was not only back at work within weeks (a testament to his mental determination to achieve) but has been ranked as one of the top 10 lawyers, not just in Gibraltar, but globally, in the new Digital Ledger Technology area of law in which he has undoubtedly led the way and contributed in no small measure to the law recently introduced in Gibraltar in this area.
Peter Isola, senior partner of ISOLAS LLP and Chairman of Fiduciary Group, told B2B; ‘It has been a tremendous start to the year with the acquisition of Legacy Consulting bringing new talent to the firm with Emma Lejeune, Harriett Almeida and Nicki Walker joining us, the appointment of Emma Lejeune and Selwyn Figueras as Partners, the recognition of our band 1 rating in Chambers, Joey Garcia’s accolade as a top global player in the Fintech space and the appointment of Kate Bentley as Managing Director of Fiduciary Group. But undoubtedly recognising our employees who contribute so much to the teamwork that exists though out the firm is equally important’.
Business Briefs
Bassadone Automotive Group Awarded Platinum Investors in People
Bassadone Automotive Group has been awarded platinum accreditation for the Investors in People standard. This is the first time that any company in Gibraltar has achieved the Platinum award and demonstrates the company’s commitment to maintaining continued high performance through good people management. There are four levels of accreditation: Accredited, Silver, Gold and Platinum. Previously the company had achieved the IIP Gold award. Of the approximately 10,000 organisations around the world
accredited by Investors in People, only 205 have achieved the Gold standard and only 100 have achieved the Platinum standard. Bassadone Automotive Group is just one of six companies outside the UK to have achieved the Platinum accreditation. Underpinning the standard is the Investors in People framework, reflecting the latest workplace trends, essential skills and effective structures required to outperform in any industry. Investors in People enables organisations to benchmark against the best
in the business on an international scale. Paul Devoy, Head of Investors in People, told B2B: “We’d like to congratulate Bassadone Automotive Group. Investors in People accreditation is the sign of a great employer, an outperforming place to work and a clear commitment to success. The Group should be extremely proud of their achievement.” Commenting on the award, Kevin Jones, Bassadone Automotive Group CEO, said: “Well done to everyone in our organisation who lives the vision and values of the company – without you we would not be the success we are today.
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Business Briefs
JYSKE Bank retains Gold Standard with investors in people In a drive to be “the best workplace in Gibraltar” for the 100 colleagues working in Jyske Bank, our golden girls from the HR team have worked with Investors in People to maintain the Gold standard achieved in June 2015. During a recent audit of the organisation, Investor in People confirmed the Gold standard. Paul Devoy, Head of Investors in People, said: “We’d like to congratulate Jyske Bank. Investors in People accreditation is the sign of a great employer, an outperforming place to work and a clear commitment to success. Jyske Bank should be extremely proud of their achievement.” Maintaining the standard has required hard work and dedication from the whole Jyske Bank team. Christian Bjorlow, Jyske Bank (Gibraltar) CEO said, “I am so proud of my bank. It was a great achievement to initially receive the Gold award, and so to have re-confirmation of this accreditation shows my bank’s continued success. This also occurred in the year that we celebrated our 30th anniversary on the Rock”
About Investors in People Investors in People is the Standard for people management. It defines what it takes to lead, support and manage people well for sustainable results. Based on a tried and tested framework and a rigorous process of assessment, organisations that meet the Investors in People Standard proudly display their accreditation to the world because they
Hunter Group Andy & John of the Hunter Group would like to announce & congratulate Dominique Peñalver who has been appointed a Director of the group of companies. Dominique studied HND Hospitality Management & Brewing Science at Highbury Catering College in Portsmouth before continuing her studies at Bournemouth University with a degree in International Hospitality Management and has now been with the Hunter Group for 13 years. Andy told B2B, “Dominique has proven to be an essential part of our expanding business which now employs 115 team members in 8 locations. She has been
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instrumental in the launching of several new food & beverage outlets, most recently Bistro Point at the University of Gibraltar and is currently leading the roll out of our new Gourmet Catering operation”. The Hunter Group of businesses, based in the World Trade Center includes O’Reilly’s, The Bridge Bar & Grill, Jury’s Cafe & Wine Bar, Gibraltar Arms, Star Bar, Lord Nelson, Britannia Bar in the Cruise Terminal, Bistro Point & Gourmet Catering.
understand that it’s people that make the difference. Since 1991, the standard has evolved to keep pace with modern practices. The current sixth generation was launched internationally in 2015. There are four levels of accreditation; Accredited, Silver, Gold and Platinum.
Business Briefs
The future direction for Gibraltar as an insurance hub Gibraltar’s Minister of Commerce, The Hon Albert Isola, was in London for a series of financial services meetings and was the keynote speaker at a seminar hosted by Deloitte at their London Academy on Wednesday 31 January 2018 entitled “The future direction for Gibraltar as an insurance hub”. The seminar reviewed the latest developments in Gibraltar and evaluated how Gibraltar was positioning itself to benefit from changes in the wider insurance sector. Minister Isola provided an overview of Gibraltar’s financial services industry, the Brexit discussions with the United Kingdom Government and Gibraltar’s expanding FinTech business sector. Minister Isola also emphasized the fact that Gibraltar will continue to have financial services passporting rights into the UK post Brexit. He was accompanied by James
Tipping, CEO Gibraltar Finance and Michael Ashton, Senior Executive Gibraltar Finance
year. The ability to support events that are hosted by professional services firms in the
who also presented at the Deloitte Seminar.
City of London or in other major financial centres is compelling. It gives us the opportunity to present to their clients who in many cases will not know Gibraltar well or our key industries and core strengths.”
Minister Isola told B2B “The seminar was extremely well received, and I am keen to repeat this format across a range of topics this
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Business Briefs
EY announces Scholarship Scheme student
EY has announced the successful student selected to join their 2017 Scholarship Scheme. Matt Savitz, who is studying Accounting and Finance at the University of Southampton, is embarking on his first year of degree study. The Scholarship programme provides students with £1,000 per year to support their studies; a remote buddying system during their time at university; a summer placement with EY each year and a position with the firm on completion of their degree.
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know that Accountancy is my ambition it is still difficult to make the link from career goals to actually entering a working environment. The EY Scholar Scheme bridges this gap by not only offering me the experience of working during my summer placement but also gaining the support of a mentor through my studies. The opportunity is not one I could miss.
Commenting on the Scheme, Dale Cruz, Executive Director at EY said: ‘Starting the right path to developing a professional career was critical for me in securing the role I wanted. We believe that EY can contribute to this process by supporting and nurturing our team members of the future. Our Scholarship Programme is one of the many ways that we seek to achieve this and help progress the future generations of Gibraltar’.
Angelique Linares, Partner at EY and one of the senior team managing the Scheme said: ‘The programme is open to all high performing Gibraltar undergraduates. Our objective for the Scheme is to link up with schools in Gibraltar and also with government to support its education initiatives, in advancing our local students to reach their highest potential. We already have one student, Ryan Rowbottom who was last year’s chosen scholar, within the Scheme.
Matt has a clear vision for how he wants to see his future career develop: ‘Although I
With the addition of Matt our ambitions for a programme of
professional development, linked to learning, have come to fruition’. More information about the EY Scholarship Programme is available by contacting EY at recruitment@gi.ey.com.
Business Briefs
u-mee Means Business! u-mee have introduced a new fibre broadband product for local small businesses. After revolutionising the local residential broadband market with Gibraltar’s fastest speeds, included landline and next-generation TV services, u-mee Business complements u-mee’s suite of genuine fibre broadband products with a comprehensive, all-in-one bundle, specifically tailored to the requirements of the small business. u-mee Business is the first all-inclusive telecoms solution to deliver all the connectivity and telephony components required by the typical owner-managed or
Speed For a borrower we know that quick decisions are a priority.
SoHo (small office/home office) business, whilst also providing low-cost local and international calling rates and free calls to other u-mee or Sapphire subscribers (such as another branch of the same business with a u-mee service). u-mee Business is available now for £79/ month and provides real fibre broadband with 100Mbps download speed and a boosted upload speed of 20Mbps, to facilitate faster and more reliable use of cloud services (including e-mail, application suites such as Microsoft Office365 etc.), as well as a multi-line fixed telephone service, with four separate landlines (at no additional cost) and a smartphone app (for iOS and Android). All services are delivered using fibre-to-thepremises
Collateral Our lending is secured on tangible assets.
technology, a significant step up from inferior VDSL services. A single static IP address is also included with the u-mee Business product and u-mee TV is available as an option for £25/month to suit the requirements of office receptions, staff rooms, etc. u-mee Business is now available at all locations with u-mee fibre availability, including residential homes
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Business Briefs
Best Estate Agency in Gibraltar for 2017/18
Rt Hon. The Viscount Thurso (Chair of the EPA Judges), Tim Benson (Sales Director of Chestertons Gibraltar), Stuart Shield (CEO of the European Property Awards)
Chestertons has won ‘Best Estate Agency in Gibraltar for 2017/18’ at The European Property Awards ceremony, held in London last week. Sales director Tim Benson and marketing executive Claire Thirkill were in attendance at the London Lancaster Hotel last Thursday night when the award was announced. The European Property Awards are judged by an independent panel of 70 industry experts. Judging focuses on design, quality, service, innovation, originality, and commitment to sustainability. The judging panel was chaired by Lord Caithness, with Lord Best, The Earl of Liverpool, Lord Thurso and members of the House of Lords in the UK Parliament. Now in their 26th year, The European Property Awards recognise excellence across a number of specialisms within the European property sector. “It was an honour for me to represent Chestertons Gibraltar in London to collect this ‘Best Estate Agency’ award” said Tim Benson. “The journey to the award ceremony in London started virtually 10
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years ago when we established in Gibraltar with just three staff. Now look at us. The best!”. Mike Nicholls, managing director said “I’m fortunate to have a highly motivated team of people who simply want to be the best. We are always pushing the boundaries in Gibraltar estate agency, with the longest opening hours, the highest activity on social media, the best property magazine, we were
instrumental in the introduction of the Gibraltar Estate Agents Code of Conduct, the list goes on. We are not just innovative and professional, we work together as a team of achievers and that is what works for our clients. This accolade, which measures us across all the necessary disciplines of estate agency, is a testimony to my whole team. Each and every one of them. I’m so proud”.
Business Briefs
Gibraltar Insurer wins Three UK Awards Two of World Wide Internet Insurance Services brands have won awards at the MoneyFacts Awards in London. Cedar Tree Insurance is officially the MoneyFacts Travel Insurance Provider of the Year, whilst CoverForYou was Highly Commended in the same category - meaning the two brands received the winner and runner up awards respectively. The short list for this category included, Barclays Boots, InsureandGo, LV=, MORE TH>N and Virgin Money. CoverForYou was also runner-up as part of the Best Claims Service award, beating a wide range of companies across insurance categories including car, home, life, health and pet insurance. The awards have become a benchmark in the finance industry, adopting an approach
to voting that ensures there is a 50/50 split in importance between industry expert and consumer voting. MoneyFacts are a totally independent UK finance research organisation, whose data is used throughout the UK Financial Industry. Neil Wright, Director at World Wide Internet Insurance Services, said “It is fantastic that both our policy holders and independent industry experts voted for both Cedar Tree and CoverForYou as the top two travel insurance brands in the marketplace. It’s also been an honour to be commended for our claims service as we are constantly striving to ensure our customers receive the best possible claims handling service we can provide. It is a great pat on the back for all of
Perspective matters The future asks more of business. A need for wider knowledge, swifter actions and more agile capability. A demand to look at the world from a whole new viewpoint. Deloitte identifies the new perspectives that will drive decisions; to build confidence in shaping the solutions that matter. A fresh view on addressing your most challenging decisions awaits at:
Tel: +350 200 41200 Fax: +350 200 41201 info@deloitte.gi www. deloitte.gi
© 2017 Deloitte Limited. Merchant House, 22/24 John Mackintosh Square, P.O. Box 758, Gibraltar. Deloitte Limited is a subsidiary of Deloitte LLP, which is the United Kingdom affiliate of Deloitte NWE LLP, a member firm of Deloitte Touche Tohmatsu Limited.
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our staff who work really hard to ensure that our customer service is second to none. We will continue to innovate in our sector having just launched our own App which gives our clients their nearest hospital location, holds their policy and travel details and many more features that are indispensable to the traveller today.”
Business Briefs
ISOLAS LLP announces the appointment of two new partners
ISOLAS LLP announced the appointment of Emma Lejeune and Selwyn Figueras as Partners. Emma Lejeune is appointed a Partner following the recent acquisition by ISOLAS LLP of Legacy Consultants, a boutique family office practice servicing high net worth individuals and their needs. Peter Isola commented “Having Emma and
her team join us reflects the continued growth and strengthening of the ISOLAS brand. Emma brings exactly the right blend of proactive client support and quality of service that ISOLAS recognises is crucial in a challenging market. As the uncertainties of Brexit remain, her addition demonstrates the firm’s confidence in the future and its commitment to maintaining its ongoing development”.
In addition, Selwyn Figueras, who was called to the Gibraltar Bar in 2001 and appointed ISOLAS Business Development Manager in 2008 is also appointed a Partner. Selwyn has been an integral and important part of the team developing ISOLAS in the last decade and has been instrumental in the creation of ISOLAS marketing structure. Welcoming the appointment Marcus Killick ISOLAS CEO said: “Selwyn’s appointment reflects the importance the firm places in constantly developing and evolving its business model to meet the needs of our existing and future clients and the pivotal role Selwyn has played in this. This has included utilising his extensive experience in modern media techniques as well as regular marketing trips to various jurisdictions including, more recently, supporting the firms’ Distributed Ledger Technology team.”
Gibraltar Insurers surpass the UK pass rate Gibraltar has achieved an impressive pass-rate of Chartered Insurance Institute (CII) exams. Gibraltar hosted 211 exams in 2017, obtaining an overall pass rate of 69%, which exceeds the 49% overall pass rate of the UK. The insurance industry in Gibraltar forms a significant part of both the local financial sector and the broader insurance industry. The Gibraltar Insurance Institute (GII) now in its 10th year has made a remarkable progress in focusing its efforts on ensuring that its members have access to the best possible professional development resources. The efforts of those pursuing CII qualifications has demonstrated the commitment of local firms to attain the highest levels of professionalism and industry standards.
In October 2016 the University of Gibraltar, in conjunction with the CII, introduced a fast-track pathway to obtain the Certificate in Insurance. The success of the fast-track Certificate has paved the way for a fast-track Diploma program, which launched in November 2017.
The GII considers these programs as a significant accomplishment and it is proud to support its 425+ members and continues to strive for Gibraltar to be recognised as a leader within the global insurance industry.
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Business Briefs
Sancus BMS Group announce £700m funding milestone 19th December, 2017: Sancus BMS Group, the specialist alternative finance firm has announced that it has supplied over £700m in funding to SMEs and entrepreneurs, since they launched four years ago. Sancus was founded in Jersey in 2013, following the severe shortage of finance after the Global Financial Crisis of 2008. As traditional lenders saw an implosion of their lending capabilities, the company was formed to fulfil the borrowing needs of businesses and entrepreneurs by matching them with funders seeking diversified, risk-adjusted returns above the low interest rates available through more traditional asset categories. The Group has since expanded rapidly and now operates in six jurisdictions (Jersey, Guernsey, the UK, Gibraltar, Ireland and the Isle of Man) and employs over 50 staff across seven offices. Sancus has also expanded its
range of financing solutions to include asset-backed loans, working capital finance and credit insured cash flow funding. The British Business Bank is also an investor in the Sancus Group through BMS Finance (UK) SARL. The Bank is 100% government owned with the aim of making finance available to smaller businesses throughout the UK, creating a more diverse and vibrant financial market. Andrew Whelan (CEO) said, “We have seen substantial growth and diversification of our lending solutions since we launched. We are looking forward to announcing further initiatives in 2018, including the launch of our new online reporting platform for our offshore Co-Funders, which will complement our UK FCA regulated transactional platform. We are also expanding our Irish office to include asset-backed lending, which will enable us to offer Euro denominated loans in 2018.”
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Business Briefs
Cashing In SONECT brings efficiency in cash logistics Retailer + SONECT App = VIRTUAL ATM
ATM
Bank
Consumers
Retailer
A new app-based service offers retailers a way to turn their stores into an ATM with the added option to drive more customers to their shop. Have you ever run out of cash and the nearest ATM is at the other end of town and it’s raining? A new service looking to start operating in Gibraltar is offering retailers the opportunity to turn their shop into an ATM cash machine. Using similar technology to the taxi hailing service Uber, the service tells registered customers where the nearest merchant offering the service is located and guides them to it. Even before entering the shop, the customer requests the amount of cash they need (limited to a daily limit of £200), the shop assistant then scans the customers unique QR Code on the app and confirms the transaction. The service is similar to the cashback service offered by some supermarkets except that every shop can now offer this service. You can watch a video of how it works here: http://bit.ly/2FjiGYU
Safe & Secure The app also overcomes any money laundering issues as there is a full audit trail for consumers and merchants alike. All transactions are performed through the app and users, both merchants and consumers can view their entire transaction history on the app as well. The service has been developed by Zurich-based Sonect AG. The company has already launched the service in Switzerland and Austria and they have plans to roll out the service across Europe in the next two years. Banks which own ATM networks are also working with the company as it helps them to expand their services and at the same time reduce the cost of distributing physical cash through their ATM network. The costs of supplying and servicing an ATM network, even a small one runs into thousands of pounds annually.
Attract more customers In addition, merchants using the service in Switzerland can take advantage of the additional marketing opportunities which Sonect offers to attract customers to their stores. Sonect offers merchants the ability to run promotions such as special offers, and discounts in order to drive more customers to their shop. SONECT has also recently been awarded as the top consumer payment initiatives worldwide at the prestigious banking technology awards in London. You can read more about the company by visiting their website here: www.sonect.net or by following them on social media: @sonectme. You can also reach out to them directly and express your interest in joining Gibraltar’s first “virtual ATM” network by contacting them at info@sonect.ch
Merchants who sign up to the service are paid a small fee for each cash transaction they make.
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People on the Move
RBS International bolsters its Financial and Corporate Services team in Gibraltar RBS International has appointed David Houldsworth as Relationship Director in its Financial and Corporate Services (FCS) team in Gibraltar. David has worked for RBS Group for nearly 15 years, with the last five of those dedicated to the bank in Gibraltar. His experience there has predominately been in business and commercial banking, while he has also led numerous debt transactions supporting local businesses to grow and purchase assets.
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In his new role, his responsibilities include support for the bank’s fiduciary and insurance sector customers. David’s appointment further strengthens the six-strong FCS team which provides banking services to insurance companies, professional practices, e-money service providers, corporate and trust service providers, as well as fund and pension administrators. Gareth Cross, Team Leader of the FCS team in Gibraltar, added “David brings extensive experience and wide local market knowledge which will enhance the capabilities of our team and help us meet our commitment to be the number one bank for customer service, trust and advocacy in our jurisdictions.”
People on the Move
Suzanne Yates I am a member of the Association of Certified Chartered Accountants (ACCA) and I joined Lewis Stagnetto Limited as Financial Controller in late November after previously working for EY Limited as an audit manager where I was the primary contact for the Lewis Stagnetto Group audit. I relocated to Gibraltar in 2005 from being the Financial Controller of a UK subsidiary of a large Swiss storage manufacturer. I worked for Baker Tilly when I first came to Gibraltar before moving to EY Limited in 2013. My accounting and audit experience lies in the retail, investment property management and gaming company industries.
I am very much looking forward to working with the directors of Lewis Stagnetto Limited and taking on the challenges that the cigarette, wines and spirits wholesale industry in Gibraltar faces in the uncertain economic climate ahead.
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www.gibintbank.gi | +350 (200) 13900 | Gibraltar International Bank Ltd, PO Box 1375, Ince’s House, 310 Main Street, Gibraltar GX11 1AA Gibraltar International Bank Limited is authorised and regulated by the Gibraltar Financial Services Commission. Company Registration Number 109679
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www.gibraltarlawyers.com
Whatever’s on the horizon, we’ve got your back For all that life may bring, whether good or bad, ISOLAS is on your side. Property • Family • Corporate & Commercial • Taxation • Litigation • Trusts Wills & Probate • Shipping • Private Client • Wealth management • Sports law & management
For further information contact: info@isolas.gi ISOLAS LLP Portland House Glacis Road PO Box 204 Gibraltar. Tel: +350 2000 1892 Celebrating 125 years of ISOLAS Trusted since 1892