New Nouvobanq building officially opens today |19 May 2017
The new Nouvobanq building adjacent to the Stad Popiler car park will be officially opened this evening.
Ahead of this auspicious event, the bank has sent the following write-up giving an overview of the bank’s achievements since it opened its doors in 1991.
“Since Nouvobanq opened its doors in 1991, its has constantly aimed at a sustainable development, thanks to which it has always worked profitably and has contributed immensely to the economic and social well-being of the Seychelles population. It continues to exemplify its mission as a leader in financial sector, as can be seen in its imminent move to its novel, fully owned address. Coupled with its array of products, both to individuals as well as businesses, ATMS, internet banking as well as various modern payment services, all within a secure banking environment, Nouvobanq continues to be at the forefront of banking in Seychelles.
“On August 2, 1991, Seychelles International Mercantile Banking Corporation was set and was the first ever local banking institution to be incorporated in the country. The new company opted for Nouvobanq as its trading name and installed its head office at Kingsgate House in the business centre of Victoria. At this point it was a resolute move which was yet a major milestone in the financial sector of Seychelles. This was a joint venture with Standard Chartered Africa PLC who owns 22% and the Government of Seychelles owning 78%.
“Today the Bank operates through two branches on Mahé, one on Praslin and La Digue respectively, and a network of 13 ATMs.
“Specific milestones:
- • Air Port Agency 1992
- • On January 22, 1993, changed location from Kingsgate House to Victoria House and
- • September 18, 2002 first Branch on Praslin in New Horizon Complex Building at Baie St Anne and operating an ATM at Côte D’Or
- • La Digue La Passe – opened December 2008
- • Eden Island at Eden Plaza – Opened July 2013
- • The first ATM was installed in Seychelles in 1993 and today operates 13 ATMs across the islands
- • Changed the Banking platform in 2013 for a more efficient operation
- • Launched Corporate Visa Card - First in Africa
- • 2014 launched full fledged internet banking with SMS alert
- • 2017 - its own building and providing all services under one roof.
“Nouvobanq’s strategic intent is to remain the market leader by understanding the financial services needs of the community and the country.
“Nouvobanq’s competitive advantages remain its lean processes, and decision-making and a very dedicated work force.
“By running a profitable and sustainable business, Nouvobanq has contributed significantly to the society where it operates not only by paying corporate income tax, but also by remitting regular yearly dividends to the government.
“Since it started its operations in 1991, it has contributed almost SCR2.367 billion to the shareholders and tax authorities. This is in line with the original objectives of setting the first bank to be incorporated in Seychelles 25 years ago: to retain profits at home instead of these amounts being transferred overseas by foreign banks.
“Our bank’s policy since its first days is still giving the planned results,’ Ahmad Saeed, the Nouvobanq CEO & managing director says. ‘That is to pay taxes in accordance with local fiscal regulations, and in so doing to make an appropriate contribution to our society. Further, we manage costs and risks carefully so as to generate more dividends for our main shareholder. Apart from being a substantial corporate income tax payer, the bank also pays a large amount of social security contributions and bank levies. These variables accentuate the financial contribution of the bank to the country’s finance overall.”
At a time when Nouvobanq is reaching a new milestone with the opening of its state-of-the-art head office building, the bank is showing how it can also be an example of good return on investment.