Barclays Seychelles launches first offshore banking unit |07 January 2005

The offshore unit, which is located on the 1st floor of the Barclays Independence Avenue premises, will offer a full range of internationally recognised banking products.

To head this operation, Barclays has recruited Mr Yashod Umanee whose previous role was director of the Barclays Mauritius Offshore banking Unit, a role which he occupied for the last 3 years.

"We believe that Mr Umanee has the necessary experience and ability to help us develop this business into a successful one," says a Barclays communiqué.

Mr Umanee will be assisted by Peter Burian, a new recruit with offshore experience. He will occupy the role of Business Relationship manager.

According to the communiqué Barclays has for some time now been monitoring the positive developments in the offshore Sector in Seychelles characterised by an increasing registration of offshore structures as well as a favourable and wide network of Double Taxation Treaty Agreements that Seychelles has concluded with some countries.

"We realise that there is an opportunity for business that would further enhance the development of that industry and establish Seychelles as a serious, attractive and reputable offshore jurisdiction," the communiqué says.

Commenting on the launching of Barclays' offshore banking operations, managing director Frank Hoareau says: "This is a landmark development for the Offshore Industry in Seychelles as well as a bold step by Barclays Bank.

We have the confidence that with this favourable offshore environment complemented by the international reputation and global network of Barclays, we will see the business develop into a successful one for the benefit of both Barclays Bank and the Seychelles economy as a whole. This venture further underlines the commitment that Barclays Bank has towards the country, building on its rich history of banking service to the community."

"In setting up this operation we have received strong support and encouragement from the Seychelles Government, the Central Bank of Seychelles, Siba (the Seychelles International Business Authority) and the Offshore service providers. We look forward to working with all the ‘offshore players’ to making this offshore banking business a great success for everyone," Mr Hoareau adds.