Nouvobanq joint venture enters offshore market |07 March 2008
The new bank, BMI Offshore Bank, will offer a wide range of banking services to individuals
“Seychelles’ banking sector enjoys a positive, clean international standing which is of vital importance in attracting reputable banking clientele from around the world. This joint venture will raise the profile of Seychelles,” said Nouvobanq’s managing director Ahmed Saeed.
Offshore banking allows business from other countries to take advantage of favourable banking services, tax rates and reputation offered by Seychelles’ banking sector. Services will be available only to non-residents and business from outside Seychelles.
Established in 1991, Nouvobanq is Seychelles’ largest bank and was the first bank in the country to offer ATM banking services.
“Nouvobanq has unparalleled knowledge of banking in Seychelles. By joining with BMI to establish this new offshore bank we will combine both local and international expertise and experience,” said Mr Saeed.
BMI is registered in Bahrain and regulated by the Central Bank, but was set up in association with financial institutions from Bahrain, the United Arab Emirates, Kuwait and Oman.
“BMI is a young, dynamic bank which has links with respected finance houses across the Gulf. As such, it provides enormous potential for Seychelles to attract investment from the booming economies of the region,” said Mr Saeed.
BMI Offshore Bank is expected to be operational by the third quarter of 2008.