Bank Medici To Open Its First Foreign Branch In Gibraltar

by Jason Gorringe, Tax-News.com, London

26 November 2004

Bank Medici AG has announced the setting up of a new branch in Gibraltar, marking the bank’s first branch to be established outside its home country of Austria.

“We are delighted to be opening our first branch outside Austria in Gibraltar,” stated Sonja Kohn, Chairman of the Advisory Board of Bank Medici.

“We have been very impressed by what Gibraltar has to offer. Our reputation and corporate goals are such that we would only contemplate operating in a jurisdiction that offers the very highest standards of financial stability and regulation, and Gibraltar fits the bill perfectly,” she observed.

According to Mrs Kohn, the Gibraltar branch will initially start from a relatively small base and will operate in niche markets, but it will build on the established strengths of Bank Medici and its institutional shareholder, Bank Austria Creditanstalt – Austria’s largest bank with total assets of over EUR137 billion.

“Bank Medici has significant experience and expertise in European private banking, traditional merchant banking and international securities brokerage, which has helped it develop an unparalleled international contact network…making it a powerful and valuable partner,” she added.

Former Gibraltar Director of Barclays and President of the Gibraltar Bankers’ Association Mr Iain Currie has been appointed as General Manager and will be overseeing the operational aspects of establishing the branch.

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