Jyske Bank has agreed to sell its Gibraltar branch to Rooke Investments Limited for an undisclosed sum, in a move that it says will have no impact on employees and clients.
Rooke Investments Limited is a Gibraltar-based investment company owned by Tuan Tran, a Vietnamese businessman.
In a statement Jyske Bank said Mr Tran is a prominent businessman with extensive experience and engagements in real estate, retail and financial services in Vietnam and other countries in the world.
“Mr Tran is interested in keeping the bank as it is and serving the clients in the same way,” said Jens Lauritzen, Chairman of Jyske Bank Gibraltar.
The parties have agreed not to disclose the terms and conditions of the transaction.
The sale is now subject to approval from the Gibraltar Financial Services Commission and a timeline of when Jyske will leave the Rock has not yet been established.
Jyske Bank Gibraltar currently employs close to 100 people and the bank is working to ensure a “seamless transition” for all its employees and clients.
CEO Christian Bjørløw and Managing Director Lars Aarup Jensen will continue to lead the bank under the new ownership.
Mr Lauritzen told the Chronicle throughout the selling process one of the bank’s key aims was to ensure continuity.
“There will be no big revolution,” he said.
Mr Lauritzen said several banks from around the world had expressed interest in buying Jyske Gibraltar.
Over the past six months Jyske has negotiated with five or six “very serious” interested buyers, he said.
Mr Lauritzen added that Rooke Investments was ultimately chosen because the company will purchase the bank as a whole, retain employees and clients, provide continuity for Gibraltar’s banking sector and will provide a good transaction for the shareholder.
“We are extremely happy that we have found a solution that secures the future of our subsidiary in Gibraltar for the benefit of our clients, employees and the wider Gibraltar community,” Jyske Bank said in a statement.
Earlier this year Jyske Bank announced its intention to sell the Gibraltar branch, citing reasons such as Brexit and the banks decision to close-down international activities.