Close Brothers and Marrache Group have announced they are to launch a joint venture banking and wealth management group in Gibraltar.
Scheduled to begin trading in early summer, Close & Marrache will target wealthy expatriates in Gibraltar, southern Spain and Portugal. The launch is subject to approval by the Gibraltar Financial Services Commission, to which Close and Marrache have submitted a multiple licence application.
Martin Andrew, CEO of Close Wealth Management Group, said: “The joint venture is a perfect strategic fit for Close, given our expertise and the services we currently provide to wealthy clients and our desire to grow in the region. A Gibraltar-based business complements our existing international operations.”
Abraham Marrache, director of the Marrache Group, added: “We have long wanted to re-establish a banking presence in Gibraltar and have now moved one step closer to realising that objective.”
Feasibility study due
'Let’s be bold enough to demand change'
Joint life second death option added to relieve tax burden on couples gifting assets
Backed by Schroders, LGIM and the IA
New system for funds without without three-year track record