Leeds & Holbeck Building Society is opening for business in Gibraltar in the mutual's first venture outside the United Kingdom,
The Society will initially offer a range of mortgages to Gibraltarians and British ex-patriots.
Once the Gibraltar operation is successfully established, L&H plans to expand its business in 2003 to lend in Spain and to take deposits. It is envisaged that the Gibraltar office will provide a platform from which Leeds & Holbeck can expand its operations more widely into Europe.
Ian Ward, chief executive of Leeds & Holbeck, says: “This is a major strategic development and an exciting new venture for the Society. The decision to open in Gibraltar was taken after careful market research identified excellent business opportunities. We are delighted to be there and look forward to playing our part in the Rock's vibrant financial sector.”
Keith Azopardi, deputy chief minister and Minister for Trade, Industry & Telecommunications, says: “The establishment in Gibraltar of a further UK building society is good news for Gibraltar. Leeds & Holbeck joins the ranks of the well-known and very reputable banking institutions that are already established on the Rock.”