About the GBA

About the GBA

The GBA is the key mouthpiece for the banking industry in Gibraltar and represents its members’ interests through direct dialogue with the Regulator, Gibraltar Government and other stakeholders. The President of the GBA, along with the Vice-President, also represent the Association’s interests on the Gibraltar Finance Centre Council ensuring that member banks are at the forefront of regulatory and strategic direction for the jurisdiction.

Currently, all banks in Gibraltar are members of the Association and our primary objectives are set out on our home page and are enshrined in our constitution. A key challenge for the Association is to ensure that Gibraltar continues to develop talent with the right skillset to meet the ever-changing demands of our sector. This is particularly important with the transition to an increasingly digital world.

Members represent multi-national institutions as well as truly Gibraltar-borne banks and the range of services available in Gibraltar today cover wealth management, a broad range of corporate and retail banking services, e-money services and boutique foreign exchange services. Gibraltar is seeing increased interest for digital banking services which is aligned strategically with the jurisdiction's development of the crypto and digital ledger technology space. Whilst a relatively small industry in terms of number of banks, the sector remains a significant player and key influencer for the financial services industry on the Rock.

Customers of banks in Gibraltar benefit from the same protection they would expect in the UK and Europe by virtue of the Gibraltar Deposit Guarantee Scheme and the Investor Protection Scheme.

The Constitution

1. Name
The name and title of the association is GIBRALTAR BANKERS' ASSOCIATION.
2. Objectives
The Objectives of the Association are:

a) To further the development and preserve the good reputation of Gibraltar as a first-class international banking and financial centre.

b) To arrange and sponsor training courses for Bank, Building Society and other member firms personnel and to encourage and support institutions in Gibraltar in the furtherance of commercial education with the emphasis on banking and related financial services.

c) To identify, promote and uphold the common interests of members in their relationships with the Gibraltar Government, the Financial Services Commission, the media, private individuals and business and professional organisations.
3. Membership
a) Membership shall be open to institutions licensed or authorised pursuant to the Financial Services Act 2019 to carry on a deposit taking business in or from within Gibraltar or treated for the purpose of the Financial Services Act as a Credit Institution. Applications from other firms will be considered where relevant and approved by agreement by the majority of the members.

b) Application for membership shall be submitted in writing to the Secretary.  Approval of applications shall be agreed by the majority of the members. In the event of a tie the President or in his absence the Vice President will have the casting vote.

c) A member may withdraw from the Association at any time by giving notice in writing to the Secretary.  Membership will terminate if the member ceases to be licensed or authorised pursuant to the Financial Services (Banking) Act. Reimbursement of remaining annual fees will not normally be considered.

d) The President or Vice President may call an extraordinary meeting of the Membership in order to discuss the Membership of a Member firm.  The Membership will consider the removal or suspension of Membership of a Member firm if;

  1. The Member firm through its actions or omissions is deemed to bring the jurisdiction or industry into disrepute.
  2. The Member firm has had its authorisation removed or suspended by the regulator.

In these scenarios the assembled Members would be required to vote on the motion, and this would require two thirds of the Members to approve the motion.

e) Members shall pay their annual subscription in advance by 31st January; the amount shall be determined at the Annual General Meeting.  On payment of the annual subscription, members shall provide the Secretary with the name of the Primary and at least one alternate representatives for the purposes of the Association.  New members shall pay the full annual subscription for the year of joining.

f) Members agree to adhere to generally accepted banking practices and be satisfied at all times as to the identity and integrity of their customers.
4. Meetings
a) Annual General Meeting

  1. The Annual General Meeting of the Association shall be held not later than three months after the Financial Year end of the Association.  Unless otherwise resolved in a General Meeting, the year-end shall be 31st December.
  2. At least twenty-one days written notice of Annual General Meetings shall be given to every member of the Association.  Notice shall be deemed to have been given if sent by post or electronic mail and addressed to the Primary and / or alternate representative of the member according to the list held by the Secretary.
  3. The following business shall be transacted at the Annual General Meeting:
  • The adoption of the Association’s Annual Report as presented by the President or Vice President and Statement of Accounts as verified by the Appointed Independent Certifier. The appointed Independent Certifier should be a member of a professional accountancy body.
  • The election of President.
  • The election of Vice President.
  • Appointment of Treasurer.
  • Appointment of Secretary.
  • Appointment of an Independent Certifier.
  • The determination of the amount of membership subscription for the ensuing year.
  • Appointment of leads for the technical sub-committees.
  • Any other business which may properly come before the meeting.

The position of President will be for a minimum of 12 months and a maximum of two years, unless the Membership through a two thirds majority vote to extend the term of Office for a determined period of time.

b) Members Forum & Executive Committee Meetings

  1. The Members Forum shall comprise of the Chief Executives or Managing Directors of Member Firms. Meetings shall normally be convened on a quarterly basis and deal with the strategic direction and the setting of key objectives of the Association. There should not be less than 3 meetings per annum of the Members forum.
  2. The Executive Committee shall comprise of at least four executives/senior managers and be chaired by the Association President. The executive will be appointed by the members at the Annual General Meeting and charged with managing the day-to-day affairs of the Association, lead on the sub-committees and provide guidance and recommendations to the Members Forum. The Executive Committee and the Members Forum will be supported by the Association Secretary. The Executive Committee will meet at least 4 times annually or as regularly as required to executive the objectives of the Association effectively.
c) Extraordinary General Meeting

A Minimum of at least five members may convene a Special Meeting of the Association at such time and place, within Gibraltar, subject to the giving of ten days written notice to all members stating the purpose of the meeting.

d) Business Meetings

  1. Business Meetings shall be convened by the President and normally held on a monthly basis not less than six times per year.
  2. The Secretary shall give at least seven days written notice of Business Meetings to every member of the Association via their representatives.
e) Quorum

The quorum for the transaction of all business at all the meetings of the Association shall be four members.

f) External Participants

External participants may be invited to attend any Meetings as relevant and where in the interest of the Association and its members.

g) Voting

Decisions will be made by a simple majority. Members will only be entitled to one vote. In the event of both Primary and Alternative representatives being present at a meeting only the vote of the Primary member will be valid.
5. Duties of Officers
a) The President shall convene and preside at all meetings of the Association.

b) The Vice President shall deputise for the President whenever necessary.

c) The Secretary shall maintain a register of members and give notice of all Meetings of the Association. The Secretary shall keep and circulate to all members Minutes and Agenda of each meeting. The Secretary will also assist with the organisation of events as the need arises.

d) The Treasurer shall be custodian of all funds and keep an account of all monies received and expended.  The Treasurer shall be responsible for the collection of the subscriptions, shall keep a record thereof and shall arrange for annual accounts to the 31st December to be verified and validated by the Independent Certifier and submitted to the Annual General Meeting for adoption. The Treasurer shall deposit all funds in an account in the name of the Association to be operated by the authorised signatories.

e) Executive officers will be elected annually at the Association’s Annual General Meeting. Nominations proposing names of candidates shall be submitted in writing to the Secretary at least 3 days before the Annual General Meeting.

f) The President may not serve for more than two years. Should exceptional circumstances arise, it may be resolved at a meeting that an extension of up to one year be permitted.
6. Bank Accounts
Bank accounts held in the name of the Association will be managed by the Treasurer to receive subscription monies (and any other income as should arise) and relevant expenses arising from the administration of the Association or its activity.  Authorisation to operate bank accounts will be approved by the President or Vice –President or the Members at an Annual General Meeting. Payment of expenses of the Association will be approved at meetings and joint signing authority will be required for all expenses.
7. Website & Social Feeds
The Secretary, either directly or through the services of a third party approved by the Association, will be responsible for the management of the Association’s website and ensuring that the information contained is current and correct. Primary and Alternate representatives of any member firms will be adequately listed and maintained as necessary. The Secretary will also be custodian for access credentials. This responsibility extends to the Association’s use of all forms of social media.
8. Amendments
The Constitution may be amended at any Annual General Meeting or Extraordinary General Meeting provided notice of such amendment has been sent to each member of the Association within the required notice periods prior to such meetings.
9. Dissolution
If the members by a two thirds majority decide at any time it is necessary or advisable to dissolve the Association the members after the payment of all bills shall have the power to dispose of any assets held by or in the name of the Association as they decide.
10. Interpretation
In the event of any dispute, a quorum of members shall be empowered to interpret the meaning of this Constitution.