SBM chairman Li Kwong Wing calls on President Faure |14 August 2019

Following the opening of the State Bank of Mauritius on Monday, chairman Kee Chong Li Kwong Wing called on President Danny Faure at the State House whereby they discussed the bank’s presence in Seychelles and the benefits that it is offering to the Seychellois public.

Chairman Li Kwong Wing expressed his satisfaction at meeting President Faure for the second time, yesterday, having met three years ago when he was in Seychelles to file a banking license application. Then the country’s vice president, Mr Faure received the delegation and encouraged them to venture into the Seychelles market and to contribute towards the development of the country and the population.

“Today, he is President and his wish has materialised. I told him today that we have all the capacity and resources to do a great job in Seychelles. In Mauritius we are a large bank and the government is the majority shareholder which means there is a sovereign guarantee and we are also a private company in terms of the stock exchange. Therefore, we can raise capital if we need finances to fund projects,” said Mr Li Kwong Wing.

“There is always room at the top. We are here and we are a big bank and we are coming to play the big game. We will bring a different approach because we are a regional bank. We will bring a difference here and the power that we have will help us to offer services that the population would like to see so we will be innovative to render us relevant in the Seychelles,” Chairman Li Kwong Wing stated.

The State Bank of Mauritius (SBM) Group is the only bank in the Indian Ocean with a presence in Africa and Asia, having established it presence in Kenya, India and Madagascar.

Referring to Kenya, chairman Li Kwong Wing explained SBM’s vision to connect the African and Asian continent, through sister islands Mauritius, Seychelles and Madagascar.

“SBM is already present in two countries in the Indian Ocean and now Seychelles is the third meaning the three hubs in the Indian Ocean will connect the large Asian continent and the large continent of Africa. There is a lot of trade and commerce in the context of African Continent Free Trade Agreement and there is a lot of capital that will now be transacted through Africa and Asia because, in the geo-political context and the commercial pressure across the world currently, it is Africa and Asia that will emerge as the big economic hubs,” he said.

He continued to state the possible benefits to small Indian Ocean states if SBM serves as a corridor connecting Asia and Africa, noting the recent economic developments across both continents.

“Asia will become the economic superpower in the world. And as you know, African states have the fastest economic growth because they are growing very rapidly and with the large population, Africa is set to have a very large middle-class, and will be characterised by significant transformations. Not forgetting that the middle-class will also have demands so we think there is a possibility for a lot of development between Asia and Africa that we need to try and tap into and benefit,” he added.

“Even as small states, we have stability, we are resilient and agile, flexibile and if we can play our role we can be the corridor between Asia and Africa, two superpowers who will establish their global presence in near future,” chairman Li Kwong King concluded.