Minister of Finance and Premier Donaldson Romeo announced Friday that the Bank of Montserrat Limited has successfully negotiated correspondent banking relationships with the Gibraltar International Bank Limited.
According to a statement from the Office of the Premier “negotiations were initiated by the Hon. Premier with the Chief Minister of Gibraltar the Hon. Fabian Picardo several months ago when the Hon. Chief Minister immediately offered the services of his Ministry. This led to the Bank of Montserrat Limited entering into an agreement with Gibraltar International Bank Limited to provide correspondent banking services.
“In the event that the Bank of Montserrat’s current correspondent bank withdraw its services, the bank will still be able to carry out international transactions for its customers with other banks in the region and internationally. The arrangements are already in hand and the Bank of Montserrat is now in a position to effectively use the services of Gibraltar International Bank Limited.
“The Hon. Premier met with his counterpart the Chief Minister of Gibraltar the Hon. Fabian Picardo in London on September 14 th , 2016 where they both agreed that this successful initiative augurs well for further collaboration between the two U.K. Overseas Territories.”
