Monday, April 3, 2023 - 11:09

In my view by Mark Viales

Only high-net-worth individuals (HNWIs) with representation from lawyers or accountants, Crown employees and military personnel in Gibraltar can remain clients with Barclays as of August 30th. The British bank is culling all other customers residing outside of the UK, including Overseas Territories and Crown dependencies, leaving the Rock with another post-Brexit scar.

“As a ring-fenced bank, our Barclays UK products are designed for customers within the UK. In light of the UK leaving the EU at the end of 2020, we’re reviewing the services we offer to customers within the European Economic Area (EEA),a Barclays spokesperson said in response to why it had decided to close accounts in Gibraltar. “Any impacted customers, who we identify that hold an address within the EEA, will be contacted directly. Unfortunately, any decisions undertaken will be policy decisions and will not be overturned.”