becoming a bank in the future.

Management at Capital G, which is celebrating its 1 year anniversary this week, said that if customers expressed a desire to have banking facilities within the Gibbons Group, then they would look at the possibility.

When asked if the group would consider taking the company's services fully into banking, Sarah Farrington, President and Chief Executive Officer of Gibbons Deposit Company, Capital G's deposit company, she said: "It is not something we would rule out.'' She added: "If a time comes, then we will look at crossing that bridge if that will keep the customers happy. If they want a bank then that is what we will have.'' Over the years the lines between services offered by a bank and a deposit company have blurred.

Capital G is already in direct competition with Bank of Bermuda and Bank of Butterfield, offering loans, mortgages, credit cards and deposit accounts.

The main difference between an account at a deposit company and a bank is that bank customers have demand or instant access accounts, and deposit companies have notice accounts, where advance notice is required to withdraw money.'' And Ms Farrington, who has been with the Gibbons Company for over five years, said that Capital G would be expanding its staff from 70 to 80 in the next few months.

She said: "When I arrived there were five people working in this side of the company. Now there are over 70 and we are anticipating a further 10 before Christmas.'' Ms Farrington was speaking as Capital G celebrated a year in existence.

Capital G is the new umbrella organisation for the Gibbons Deposit Company, which has been in existence for over 60 years. She was joined by Andrew Vaucrosson, Vice President of Marketing at Capital G, who said: "We are a young management team with new and exciting ideas.'' And he added that the company may go on line soon which would allow customers to find out about loans and mortgages via the Internet, but Mr. Vaucrosson would not commit to a date for going live.

He said: "We are looking at all the spaces. If a service is what a client wants, then we will do it. Our ideas are fresh and new on a lot of systems, and we are technologically advanced. We try to automate as much as possible.''