06.28.10
Posted in Offshore Banking, Seychelles banking, Seychelles government at 2:14 pm by Robert Klien
A further cut in interest rates on various types of loans and advances will be made by the Seychelles Savings Bank. The new rates will come into effect from July 1.
Nevertheless, savers will still benefit from existing rates because there will be no reduction in interest rates on all types of deposits.
As mentioned by President Michel in his National Day speech, the prime lending rates (PLR) on housing loans and commercial loans will be reduced to 6% and 7% respectively.
It is worth noting that this will be the 4th reduction in lending rates during the last 9 months, the 1st taking effect on October 1, 2009, followed by one on December 1, 2009, and the 3rd on March 15, 2010.
According to the bank, during this period the maximum benefit was passed on to borrowers in the commercial sector, which has seen a huge reduction of 10%, from a PLR as high as 17% in September to 7% from July 1.
The bank expects the cut in interest rates to encourage people to borrow money at a more affordable rate, which should result in accelerated economic activity and benefit everybody in the long run.
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06.24.10
Posted in Offshore Banking, Seychelles banking at 3:41 pm by Robert Klien
With a view to raise capital and to accelerate lending, the Development Bank of Seychelles (DBS) has announced its plans to launch 2 bond issues for a total amount of R100 million.
It should be noted that this followed recent President’s and the bank’s board announcements that the government was considering ways of stimulating the economy by means of lowering interest rates.
Lending rates have been already slashed by the Development Bank from 15% to 10% as from April 1. The new bond issue will allow it to cut rates further.
In its press release, the Bank said that the 2 bonds will be issued for a value of R50 million each and will be launched on July 1. The 1st will be a 2-year bond with an interest rate of 5% per annum, while the 2nd will be a 3-year bond at 5.5% per annum. Both bonds will be available from July 1. Both residents and non-residents will be allowed to by the bonds. Issued singly or jointly, they will be transferable through the Central Bank of Seychelles at any time before they mature.
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04.26.10
Posted in Financial Services, Offshore Banking, Seychelles banking at 3:17 pm by Robert Klien
A number of incidents have taken place where the owners of bank cards have lost their money after requesting its transfer over the phone. That is why the Seychelles Bankers’ Association warned customers to be careful regarding this.
Mohinder Singh Phogat, The chairman of the Seychelles Bankers’ Association, said that there are types of cards the owners of which can ask through e-mail or telephone for transferring money but, in the absence of the card, they give their card and pin numbers over the phone.
There have been cases when fraudsters have stolen cards and requested such transactions in order to contact recipients of the money asking them to transfer the money elsewhere. In this process the money gets lost. Phogat said that experienced operators like major hotels are familiar with the checks necessary to avoid such fraud while smaller establishments are sometimes likely to become victims of the fraud.
The Seychelles Bankers’ Association is urging bank customers to adhere to guidelines that are given by the banks with a view to avoid being defrauded in scams.
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05.31.09
Posted in International relations, Offshore Banking, Seychelles banking, Seychelles government, Tourism industry at 10:24 pm by Robert Klien
On May 28, Prince Alwaleed bin Talal of Saudi Arabia visited President James Michel at State House. The Prince and the President held talks in the presence of Nouvobanq managing director Ahmed Saeed and Minister for National Development Jacquelin Dugasse.
It should be noted that Prince Alwaleed bin Talal was talking about investing in the tourism industry in Seychelles. He told the media that the jurisdiction to a great extent depends on tourism, and that he would be visiting shortly the Four Seasons. He also mentioned the Raffles hotel on Praslin to be inaugurated in the end of next year as it is important for economic and tourism development.
Prince Alwaleed told President Michel that he is looking forward to having more projects in tourism in the jurisdiction.
Saudi Arabian delegation arrived to Seychelles from Mauritius and went home after a few hours.
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11.28.08
Posted in Offshore Banking at 11:46 am by Robert Klien
On November 8, 2008, Barclays Bank Seychelles’ annual Make a Difference Day was launched in the presence of Vincent Meriton, the Minister for Community Development, Youth, Sports and Culture.
This launch was a day of activities run by Barclays Bank staff who offer to community projects their time rather than money and offshore banking services.
The activities organised this year included :
- a day out for Silhouette schoolchildren (watching the movie Wall-E at Deepam Cinema, La Salle d’Oeuvres, visiting the Botanical Gardens, lunch and visiting the National Council for Children’s headquarters);
- a sports extravaganza at the Roche Caïman complex for 50 secondary school students to try new sports;
- Microsoft applications training at the Foyer de Nazareth home (Barclays’ IT team provided basic PC training and an introduction to MS Word and Excel to boys aged 4-17).
- tree planting and a guided tour at the Biodiversity Centre, Barbarons;
- tree planting at Anse Source d’Argent, La Digue.
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09.25.08
Posted in Offshore Banking, Offshore Services, SIBA, Seychelles CSL, Seychelles IBC, Seychelles offshore jurisdiction at 11:52 am by Robert Klien
It has already been discussed that the Seychelles International Business Authority (SIBA) sponsors many important events. Today, on September 25, 2008, SIBA sponsors another important event – Seychelles Road Show Event. It is a half-day conference held in Shanghai, People’s Republic of China.
It should be noted that distinguished panel of speakers are presenting numerous topics at this conference. The issues under discussion are aimed to further strengthen the existing ties between the Seychelles and China. This event is a unique forum that explore the products of the Seychelles financial services industry. The issues to be adressed are the International Business Companies (IBCs), Mutual and Hedge Funds, the benefits of the Seychelles CSL used in conjunction with the Seychelles/China Double Taxation Agreement, and tax-efficient structures. Also, the speakers will discuss the uses of Seychelles as the jurisdiction for offshore banking purposes.
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08.19.08
Posted in Offshore Banking, Offshore Services, Seychelles banking, Seychelles offshore jurisdiction at 10:24 am by Robert Klien
In July, BMI Offshore Bank (BMIO) has announced that its offshore banking operations in Seychelles have been officially launched.
BMI Offshore Bank is a joint venture between Bahrain-based BMI Bank and Seychelles-incorporated Nouvobanq. Managed by BMI Bank, the venture will deal with offshore banking and private banking services and provide access to trust and investment services for corporate and private customers who reside abroad.
To celebrate the launch, a special ceremony was held. The event was attended by Government officials, key businessmen related to the offshore industry, Chief Executive Officer of BMI Bank Andrew Bainbridge, Wholesale Banking Director of BMI Bank Karl Stumke and other bank representatives, media and guests.
Chief Executive Officer of BMI Bank, Andrew Bainbridge, said that the launch of the first offshore bank in the Seychelles is an important move. BMI Bank was established with a vision to form a universal bank with presence in selected emerging markets and this move is the way to achieve it. He also said that BMIO will be supported by the head office in Bahrain in order to run a successful banking operation in Seychelles.
Initially, BMI Offshore Bank will offer deposits and investments on varying terms, transactional banking from current and call accounts, and internet banking facilities. Then, new products including Debit and Credit cards, loan financing, trust business and a range of other investment products will be introduced.
A license to operate was received by BMIO from the Central Bank of Seychelles in March 2008.
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