Welcoming SBM to Seychelles |24 August 2019
SBM Group chairman Mr Li Kwong Wing (left) shakes hands with Vice- President Meriton after unveiling an inauguration plaque together with Ambassador Loustau-Lalanne
A new regional bank with Indian Ocean-wide aspirations sets up shop
The SBM Group’s arrival into Seychelles earlier this month may generate greater optimism toward the country’s banking scene, with the prospect of greater competition and more scope for Seychelles to take advantage of regional opportunities.
SBM Bank (Seychelles) was officially opened by SBM Group chairman, Kee Chong Li Kwong Wing, on August 12 at its new Seychelles branch at Allied Plaza Building on Francis Rachel Street in Victoria, in the presence of Vice-President Vincent Meriton and the Minister for Finance, Trade, Investment and Economic Planning, Ambassador Maurice Loustau-Lalanne.
Citing the effects of greater competition in the local context, along with SBM’s continued push across the Indian Ocean rim, Mr Li Kwong Wing noted that Seychelles had been identified as a key part of its regionalisation strategy, which led the group to establishing its presence here after considerable planning and preparation.
He thanked the Central Bank of Seychelles (CBS), its Governor Caroline Abel, and its First Deputy Governor Christopher Edmond, who was in attendance, along with Ambassador Loustau-Lalanne and his ministry for their unwavering support and guidance leading up to the opening of the bank.
Ambassador Loustau-Lalanne congratulated SBM Group on its inauguration, as the ninth bank to establish its business in the country, signifying Seychelles’ economic resilience and its healthy financial services sector.
Regional presence
With presence in India, Kenya, Madagascar and now Seychelles, SBM boasts excellent reach from its headquarters in Mauritius, and is well positioned to serve the financial needs of its clients in the Indian Ocean and across the Africa-Asia corridor, the bank says.
SBM became the first foreign bank in India to convert its operations from different parts of India into a wholly owned subsidiary as a full-fledged universal bank. Meanwhile in Kenya, the past year alone has seen SBM rise 20 spots to become the 11th largest bank in what is considered the financial capital of Eastern Africa, with more than 50 branches, 800 staff members and some 200,000 clients.
This regional distribution is expected to facilitate growth into and out of Seychelles for SBM’s clients. Mr Li Kwong Wing noted Seychelles’ achievement to create the world’s first ever blue bonds, and that SBM’s experience, combined with its network across the region, will allow the bank to be able to facilitate similarly creative financial mechanisms and investments.
From brick and mortar to digital platforms
Another key pillar for SBM: embracing the shift to digital technology in the banking sector. While in Seychelles, Mr Li Kwong Wing re-iterated that the era of “brick and mortar” banks is a thing of the past, and that the future will increasingly entail online banking from the simplicity of one’s own smartphone.
SBM Bank (Seychelles) Limited opened its doors with its online banking platform already available from day one, and this not only serves to provide its clients with more convenience, but also promotes sustainability by reducing paper consumption, according to the bank.
This year, SBM was admitted onto the Stock Exchange of Mauritius Sustainability Index (SEMSI), demonstrating its sustainability practices. The SEMSI provides a robust measure of listed companies against a set of internationally aligned and locally relevant environmental, social and governance criteria.
A celebrated arrival
Following the official opening of the branch in Victoria, SBM hosted a reception later that evening at the Eden Bleu Hotel to continue celebrating its Seychelles milestone with members of the business community, along with representatives of the government, regulators and other financial institutions.
In addition to remarks by Mr Li Kwong Wing and Ambassador Loustau-Lalanne, the chairman of the Seychelles Chamber of Commerce and Industry, Oliver Bastienne, also welcomed SBM onto the local business scene. Mr Bastienne noted the long history of shared friendship and culture between Seychelles and Mauritius, and that he was looking forward to SBM playing a positive role in Seychelles’ continued development.
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