The local branch of Newcastle Building Society officially closed yesterday, marking the end of its 27-year history on the Rock.
The move, which was initially announced in May, has also seen the eight employees of the Gibraltar branch made redundant.
There are no Gibraltar-specific reasons for the closure with the building society citing “a matter of geography” as the firm looks to strengthen its regional focus in the North-East of England.
In a statement following the announcement of the closure of its branch in Gibraltar in May, Newcastle Building Society said it hopes to work closely with the Gibraltar Government to manage the transition for customers.
Expressing commitment to maintaining an ongoing dialogue through the process, chief executive Andrew Haigh, stated: “We are confident that the Gibraltar economy has a strong future.”
“Our decision to close the branch is purely a matter of geography.”
“Over recent years we have become increasingly focused on our regional heartland – the North East of England.”
“The decision to close a branch is never made lightly, the plans we’ve announced today reflect our ongoing strategy to strengthen our regional focus.”
Speaking to the Chronicle yesterday Christian Duo, Unite Branch Coordinator, said it was a “sad day” for both the Union and Gibraltar as a whole.
He explained that an “enhanced” package had been agreed for the eight employees of the branch which include mechanisms for supporting former employees in finding alternative employment.