Gib Bank welcomes former Barclays mortgage and loan clients

Gib Bank welcomes former Barclays mortgage and loan clients

The CEO of the Gibraltar International Bank has said receiving Barclays mortgage and loan book is a “big undertaking” for the bank but one which it welcomes.

This comes after Barclays Bank PLC announced yesterday that it has transferred the majority of its Gibraltar residential and corporate mortgage and loan book to the Gibraltar International Bank.

Speaking to the Chronicle Lawrence Podesta, Chief Executive Officer at GIB, assured that there will be no changes to the terms and conditions of the mortgages or loans as a result of the transfer until the product expires.

All clients impacted will receive a letter outlining next steps and contact numbers within the next two to three days.

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Shortly thereafter clients can also expect a letter from the GIB welcoming them to the bank and explaining what they have to do to take matters forward such as requesting an update to payment instructions.

Mr Podesta, conceded that taking on Barclays mortgage and loan book was a big undertaking for the bank but nonetheless one they are extremely pleased with.

Asked how the move would impact the bank’s ability to offer mortgages in respect of forthcoming affordable housing developments, Mr Podesta assured that the bank will still have the necessary resources to accommodate these.

The bank, he said, will be able to assist those customers in the same way it has with the affordable housing developments at Mons Calpe Mews and Beachview Terraces.

When contacted by the Chronicle, a Barclays spokesperson confirmed: “All clients impacted will receive a letter outlining next steps and contact numbers in case they have any queries.”

“There is no consequential change to the terms and conditions of the mortgages or loans as a result of this transfer and the relationship of the borrowers will be with Gibraltar International Bank going forward.”

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