Gibraltar: Bank Medici Establishes Gibraltar Presence
Last Updated: 20 December 2004

25 November 2004 - Bank Medici AG is opening a branch in Gibraltar, its first outside its home country, Austria. Bank Medici is headquartered in Vienna, and is a subsidiary of Bank Austria Creditanstalt, Austria’s largest bank, established over 150 years ago, and with total assets of over 137 billion euros. Bank Austria Creditanstalt is itself a member of the HVB banking group, one of the ten largest banks in Europe.

"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," said Sonja Kohn, Chairman of the Advisory Board of Bank Medici. "Bank Medici has a reputation for creativity and innovation, and its expertise encompasses sophisticated financial engineering and advanced technological applications. Our bank has a mixture of financial strength and tradition, sophisticated know-how and technological expertise, and entrepreneurial flexibility, creativity and team spirit, making it a powerful and valuable partner."

Mrs Kohn went on to say that 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, which give it considerable potential and significant financial, intellectual, and technological muscle.

"We are delighted to be opening our first branch outside Austria in Gibraltar," Mrs Kohn added. "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."

Iain Currie has been appointed as General Manager and will be overseeing the operational aspects of establishing the branch. Mr Currie is well known in the local financial services sector, having been Gibraltar Director of Barclays for five years and has also served as President of the Gibraltar Bankers’ Association. Further senior appointments will be announced in due course.

On behalf of the Government of Gibraltar, James Tipping, Finance Centre Director, said that he was delighted to welcome Bank Medici as a new entrant to Gibraltar’s banking sector.

Valerie Holliday, Banking Partner with law firm Hassans, commented: "Our firm has been heavily involved in advising Bank Medici and its parent on the legal, regulatory and practical aspects of opening and operating a branch in Gibraltar. It is very satisfying to see the project come to fruition, and to have helped bring a bank of this stature to Gibraltar. Hassans is looking forward to continuing an active and mutually-beneficial relationship with the bank."

For further information please contact:

Iain Currie, General Manager, Bank Medici, Gibraltar
Valerie Holliday, Banking Partner, Hassans
James Tipping, Finance Centre Director, Government of Gibraltar

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