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Press Releases
PRESS RELEASEClose Brothers and the Marrache Group Announce their Intention to Establish a Gibraltar-based Bank and Specialist Wealth Management Business.
Close Brothers Group plc, the UK’s largest independent merchant bank and the prominent Gibraltar-based Marrache Group have announced their intention to establish a Gibraltarbased Bank and an International Wealth Management Firm, by way of a multiple licence submission to the Gibraltar Financial Services Commission.
It is intended that subject to licence approval, the joint venture will trade from the early summer under the new brand, Close & Marrache and will focus on providing tailored wealth management services to wealthy expatriate individuals and their families in Gibraltar, southern Spain and Portugal.
The joint venture aims to create a distinct advantage for its clients over local competitors by exploiting the collective strengths of Close Brothers and Marrache. Close Brothers’ investment management and international banking expertise, together with the Group’s highly-regarded corporate finance capability will be complemented by Marrache’s strong international legal expertise, particularly with cross-border investments. In addition, both Close and Marrache have well-established international trust businesses, providing services to private and corporate clients alike.
Director of the Marrache Group, Abraham Marrache commented:
“We have long wanted to re-establish a banking presence in Gibraltar and through this exciting initiative, have now moved one step closer to realising that objective. The joint venture will create a first-class financial services business with an international orientation.” Chief Executive Officer of Close Wealth Management Group, Martin Andrew 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 in Jersey, Guernsey, the Isle of Man and South Africa.”
Mr Andrew continued, “We are very excited about the relationship we have established with the Marrache Group. Both of us required a partner to fulfil our objectives and we feel we have a perfect match. We see this as a distinct business with a material local presence in Gibraltar from day one.”
Isaac Marrache added on behalf of the Marrache Group,” We have many clients from our existing businesses who we believe will be very interested in using the new venture for banking and portfolio management services. We look forward to opening our doors very soon”.
PRESS RELEASE
Tom Gladdis, our local 17 year old racing driver, has started his season with Star Mazda in the US. Tom was offered this exclusive deal after turning up for trials and beating their fastest driver. In his first competitive race Tom started 9th and worked his way up to finish in 5th place. He impressed the crowds with his speed winning fastest lap of the race. The team and Dan worked so well together. Dan Anderson and Bobby Rahal from the Anderson Racing Team watched from the pit lane on monitors, “Tom had some bad luck in the first crucial stages fighting through the race field, if he hadn’t he would have come in the top 3 and possibly won the race at those speeds” said Dan of Anderson racing.
Tom now has an eight week window to work before his next race on May 14th. Tom’s advice has been to get going a little earlier and go testing over the next 8 weeks, and get the best from his new tyres from the off. Tom historically takes three laps to get going which is why he had 9th place on the grid. Experts say Tom has a good shot at winning the Title in his first year. Marrache & Co (main sponsors)
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