Barclays Africa/Seychelles-Seychelles offshore banking on the right track |19 July 2005

Mr Bainbridge was in the country recently where he visited the offshore set-up at Barclays Bank Seychelles on Independence Avenue and held talks with senior officials from government as well as representatives from the private sector.

Prior to his departure he attended a cocktail at the Coco d'Or hosted by the bank. The Minister for Economic Planning and Employment, Jacquelin Dugasse, was also present.

Mr Bainbridge told Business Nation he was satisfied that over the past five years, both the government and private sector have taken important steps to modernise the offshore sector by putting in place the necessary mechanisms and measures.

"Five years back, I was sceptical about Seychelles' ability to run a well-regulated, well-organised offshore sector, but now after meeting with the government and private sector, I'm very happy with the procedures followed, the controls exercised at all levels and the services being offered," Mr Bainbridge said.

He said however, Barclays Bank has the challenge to apply to the Seychelles offshore banking services similar standards used by Barclays in its offshore banking services delivered all over the world.

"It is very important to us that wherever you touch the Group you meet high standards, in terms of customer service and control. We must be able to satisfy regulators around the world that we are in control of our business," he told Business Nation.

On the economic front, he was also pleased that the right mechanisms are being implemented to reform the business environment, pointing out that it was important to do things bit by bit "or else people will suffer."

The managing director of Barclays Bank Seychelles, Frank Hoareau, said expansion in offshore is being done in a prudent and controlled manner, with the focus being on setting up the right framework and the procedures, to ensure that the bank lives up to the standards and reputation of Barclays Group.

Making reference to the increase in the number of registration of offshore businesses with the Seychelles International Business Authority (Siba), over the last few years, Mr Hoareau said the business was on the right track.

"The banking service will complete the package being offered under the offshore jurisdiction," he said, adding that as it expands Barclays would recruit more Seychellois.

In the meantime, as part of modernisation plans, the bank is undertaking renovation work to extend its banking hall to accommodate the offshore services and other banking transactions.

The renovation work will be completed by the end of this month.