Strait of Gibraltar These "internal waves" continue to flow eastward and to refract around coastal features. They can sometimes be traced for as much as , and sometimes create interference patterns with refracted waves. Except for its far eastern end, the Strait lies within the territorial waters of Spain and Morocco. The United Kingdom claims around Gibraltar on the northern side of the Strait, putting part of it inside British territorial waters. As this is less than the maximum, it means, according to the British claim, that part of the Strait lies in international waters. The ownership of Gibraltar and its territorial waters
Gibraltar are also present in Gibraltar, as is the Spanish clothing company Mango. A number of British and international banks have operations based in Gibraltar. Jyske Bank claims to be the oldest bank in the country, based on Jyske's acquisition in 1987 of Banco Galliano, which began operations in Gibraltar in 1855. An ancestor of Barclays, the Anglo-Egyptian Bank, entered in 1888, and Credit Foncier (now Crédit Agricole) entered in 1920. In 1967, Gibraltar enacted the Companies (Taxation and Concessions) Ordinance (now an Act), which provided for special tax treatment for international business. This was one of the factors leading to