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Our CEO letter 2022

Throughout the year, our refreshed purpose – to become the Bank of choice in Gibraltar – has continued to guide our actions.

In 2022, as we began to recover from the COVID-19 pandemic, we witnessed economic conditions not seen in generations. The highest inflation rate in decades, rising interest rates, a steep increase in energy costs and supply chain disruption had a huge impact on people’s lives. This meant that being guided by our purpose to support our stakeholders and drive long-term sustainable value was as important as ever. We have focused on providing proactive support to help vulnerable individuals, families, and businesses manage financially during these challenging times. Our strong balance sheet has enabled us to stand alongside our customers and deliver a solid core financial performance, whilst helping them navigate heightened uncertainty.

New Technology

To continue supporting our customers and drive sustainable growth, we are evolving our capabilities by investing in technology and developing our team members to provide new and easier ways of serving our customers. Our emphasis is on nurturing closer relationships with our customers based on insight, understanding, and shared goals, fuelled by data-driven innovation. By offering personalised advice, products, and support to unlock potential, we can make a real difference to our customers' lives. We will also work with partners to provide the services and products our customers expect, when they need them, tailored to their unique lifestyles. This approach will create sustainable growth for the bank by strengthening customer relationships, increasing recommendations and usage, and building loyalty. We strongly believe that relationships matter, and we are doing more than ever before to harness their power. By providing the support and security our customers, colleagues, economy, and society need, we can help build a more sustainable future for people, families, and businesses.

Future Developments

At TNB, we are committed to staying at the forefront of technological advancements in the financial industry, as part of our ongoing efforts to continuously improve our operations and enhance customer experience. We have dedicated significant resources to the development and deployment of our new core banking solution during 2023, with implementation scheduled for 2024. This will empower our bank to deliver an enhanced customer experience, with innovative features that will enable our customers to seamlessly access our services through multiple channels, including online and mobile banking. This will provide our customers with greater convenience, flexibility, and security in managing their financial needs. Furthermore, this technology upgrade will also enable us to strengthen our risk management practices, enhance data analytics capabilities, and comply with regulatory requirements more effectively, ensuring that we continue to operate with the highest standards of security and compliance. We value the ongoing support of our stakeholders, including our customers, shareholders, employees, and the broader community. We will continue to work diligently to deliver positive results and enhance shareholder value in the coming year. The directors are committed to ensuring that TNB is a future-ready and resilient organisation with a focus on long term value-creation. Our business is underpinned by strong governance and risk management practices, and an ethos of being a trustworthy financial institution. The directors continue to believe in TNB’s strong market position within Gibraltar and remain confident of its underlying value and becoming The Bank of Choice for Gibraltar.