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Two banks in Gibraltar are believed to be rolling out new core banking systems. Gibraltar International Bank, a new government-owned bank set for launch at the beginning of 2015, is understood to have concluded a selection process, whilst Gibraltar Savings Bank is reportedly close to finishing a replacement project.

The Rock of Gibraltar ©Wikipedia - Two banks in Gibraltar make core system decisionsTwo banks in Gibraltar are believed to be in the midst of core banking system projects. Gibraltar International Bank (GIB), a government-owned bank which is set to launch at the beginning of 2015, is thought to have concluded a selection process, opting for the outsourced S2i platform provided by Crédit Agricole. Meanwhile, Gibraltar Savings Bank (GSB), another government-owned institution, is understood to be nearing go-live with the Bankware system from UK supplier, i-Financial.

GIB has been conceived by the Gibraltar government due to a dearth of local banking facilities, following the scaling down of international operations by Barclays, which had a branch here. The bank will offer services to individual and corporate clients including current accounts, savings accounts, treasury deposits, loans, mortgages, trade services and foreign exchange as well as online banking. The new bank will be headed by Lawrence Podesta (ex-Lombard Odier) as CEO and Derek Sene (ex-Barclays Gibraltar) as COO. It has acquired premises for its head office, and is currently recruiting and training staff.

The S2i platform is a bespoke development by Crédit Agricole, maintained and developed by a 500-person team in Lausanne, Switzerland, and is offered on a business processes outsourcing (BPO) basis. The system has recently undergone a rewrite, with several of the components upgraded to Java. S2i supports the bulk of Crédit Agricole’s private banking businesses around the world, but it has also expanded its user base with clients from other banking groups, including supporting a major Swiss bank’s operations in Singapore. It is believed it went head-to-head with Temenos’ T24 for the deal at GIB.   

Gibraltar Savings Bank, meanwhile, is understood to have been working with UK-based vendor i-Financial over the last 18 months to replace its core banking system. The vendor has a local office, but is not known to have any live sites here.

By Jan Metcalf

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by Darshana Adanwale