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.”
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