Many bankrupt or formerly bankrupt people, especially from the UK often look to Gibraltar and the Channel Islands for hassle free banking off the radar. (Not in Guernsey Banks any more obviously)
We at “Real Deal” allowed this article on our site to inform and warn anyone who is comtemplating such an offshore route, to avoid the Jyske Bank at 76 Main Street, PO Box 143, Gibraltar.
I shall relate some of my experiences with them. I have had an account with the Jyske Gibraltar Offshore for about 6 years. Today I closed it in disgust. Their catalogue of failures has been incredible, overcharging, late or non arrival of statements, no internet access to the accounts, (in this day and age? Come on!) totally incompetant staff, staff who lose paperwork, staff who deny receipt of documents until you provide DHL tracking data then they ‘find’ them, staff who claim to speak English who actually dont, late chequebooks, implementation of KYC paperwork took over one year! Best of all, rather than deal with customer complaints they simply ignore e mails. If you call with a complaint, you are on hold until you give up. I ended up writing to the CEO Anders Dam in Denmark with copies of e mails that were laughable in content demostrating the true incompetance of his staff. He didnt reply either, nor did customer complaints in Denmark by e mail. The whole bank is a complete and total shambles and I hope I save someone the trouble I had by writing this little review.
The offshore route is often the path to less financial scrutiny, and usually it works when one confines oneself to respectable banking centres like The Channel Islands (not Guernsey of course), the Isle of Man and Gibraltar (which have the added advantage of being on the UK banking sort code circuits allowing BACS and other stuff we like)
The Jyske Bank is not a tin pot outfit on the whole, it is a major player in Denmark and has brances in London, Switzerland, Sweden and other highly regulated financial centres, it is regarded as a forward thinking bank that will take a different approach. It is well known for financing overseas mortgages for international types irrespective of status in your homeland.
However, a six year relationship with the Jyske Bank in Gibraltar has left me with a sour taste in my mouth more and more as time progressed. A few mistakes can happen anywhere, one expects to overlook minor errors in the whole scheme of things. However, when the failings are repeated and monumental in the scale of what I have experienced and indeed only touched upon here, it is time any other unsuspecting clients or potential clients of Jyske Bank Gibraltar get to find out about it.
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I agree completely with the ex-customer of Jyske Bank Gibraltar Limited. I have been in conflict with them for many many years. They are ruthless, totally inconsiderate and corrupt. Their criminal history dates back to 1991 when its then managing director Mr Jan Henning Spjlednaes was caught with his hands in the money box – managing (as this director did) to fraudulently misappropriate over 70,000,000 pounds (yes, Seventy Million)of his banks money in massive loans (of course approved by the highest authority within the bank – Mr Spjeldnaes himself) in dubious and corrupt land deals on the Costa del Sol, through a company of his own making – Continental Land and other entities. (see internet Jyske Bank v Spjeldnaes)
Anyone considering becoming a customer of this bank should approach Mr Anders Dam CEO of A/S Jyske Bank, Denmark – he´ll put you straight, if you manage to get a reply. He´ll tell you that Jyske Bank Gibraltar is NOT a branch of A/S Jyske Bank, Denmark – contrary to the implications of its extensive advertising. It is merely a subsidiary (definately not the same as a branch) and is an independent entity governed by the laws of Gibraltar and is regulated under the Financial Services Commission whose mission is to protect the interests of the financial institutions under its control – not those of the public.
This month May 2010 Jyske Bank Gibraltar Limited has been fined 1,700,000 euros by the Spanish Supreme Court (info available on internet or campopulse.blogspot.com) for for failing to comply with legal requirements.
Everything mentioned here is verifiable so future or intending customers be warned – ask the embarrassing questions – its your money afterall !!!
Name withheld for obvious reasons
That will explain why Anders Dam never replied with any substance and referred me back to the Jyske in Gibraltar.
Mr Anders Dam of A/S Jyske Bank Denmark must be getting upset by the number of enquiries about Jyske Bank Gibraltar Limited, these enquiries can go unanswered or answered without satisfaction.
Jyske Bank Gibraltar is not what it appears to be. It does not have a history dating back more than a hundred as implied by its extensive advertising nor is it under the control of A/S Jyske Bank Denmark (which itself was only formed in 1967). As mentioned before, It is just a subsidiary not a branch (a big commercial difference)
This bank was the product of the purchase in 1987 of Gibraltar´s oldest family run bank, Gallianos Bank (established in 1855). Unfortunately Gallianos´ 130 year track record and reputation seems to have disappeared rapidly. The Gallianos must now be turning in their graves if they knew of all corruption, massive misappropriation of funds, enormous losses for their stockholders, 1.7 million euro fines for refusing to provide information to Spanish Courts in a money laundering case and the disrepect this bank is gaining by the day; and all in its short banking life of just 23 years.
It would be interesting to know why your contributor MC had reason to write to Anders Dam in Denmark.
Jyske Bank have caused enormous hardship and losses to many customers and needs to be exposed for who they really are.
JB
Many thanks. I was considering becoming a customer!
Frightening!.
Also see article in “The Olive Press” free newspaper dated 13-26 January, 2011. The Olive Press had to step in to help a woman “whose Gibraltar bank sent Euros 40000 of her money to a third party in Thailand in error”. The bank is the Jyske Bank. Some of the funds have been repaid but not yet all, apparently.
Totally disagree with avoiding Jyske bank Gibraltar. This post was made in 2009, I did not see this post when opening an account four months ago, to be honest I tend not to look for reviews on banks, there are millions of customers out there and I dare say they will definitely make a big mistake along the line with one customer. However, I can state they have been fantastic for me. Maybe they were different in 2009, but all I can comment on is the last four months and they have been superb. Everytime I login to Jyske Gibraltar through google I see this post come up on the first page, and I believe in credit where credit’s due, makes mo difference to me if no customers join Jyske, all that means is more attention on me.
C Scott, you have had an account there for four months. The article was penned by a guy with a SIX YEAR relationship with Jyske Bank Gibraltar.
Who do you suppose has the most experience?
Look what happened in the corrupt state of Guernsey with Landsbanki. People lost their cash because of the Icelandic governments corrupt practices and Guernseys ineptitude. Guernsey is no more a safe custodian of your cash than Gibraltar is. The Jyske is the bank that Sovereign (a seller of offshore company packages) across Main Street from them, sends all kinds of dodgy punters to (they even charge an “introduction” fee). Jyske can rip them off with impunity because they wont squeal.
If you don’t speak Spanish in Jyske Gibraltar, you might as well forget it. Nobody speaks proper English. Nobody takes responsibility for anything. The bank in Denmark will not even reply mail any more concerning this non-branch.
Gibraltar banks are known for ineptitude; but rather than be ripped off in Spanish in Jyske, why not walk 100 yards down the street and be badly treated in the Barclays instead? It is as broad as long on the rock.
However, the very fact that Jyske are still operating in Gibraltar – with their track record – says enough about Gibraltar than any blog ever could.
Caveat Emptor!