Seychelles Savings Bank now Seychelles Commercial Bank |01 October 2013

‘Re-branding reflects modernisation drive’

The re-branding exercise undertaken by the Seychelles Savings Bank (SSB) to change its name and slogan is part of its effort to review its strategy so as to focus on enhancing efficiency to meet the exigencies of an ever-changing economic environment.

It also puts forth the bank’s  evolving operations and products which go beyond conventional banking to a more innovative banking service which is very much in line with the Central Bank’s drive towards promoting the development of a modern and avant garde financial sector.

Caroline Abel, the governor of the Central Bank of Seychelles (CBS), made those remarks when addressing guests on Friday evening during a ceremony organised at the Wharf Hotel & Marina to unveil the name, logo and slogan of Seychelles Commercial Bank (SCB) – formerly Seychelles Savings Bank.

Finance, Trade and Investment Minister Pierre Laporte officially unveiled the bank’s new name, the new logo – two outstretched wings – and the new slogan – So Much More For You’ – during the ceremony which was attended by the bank’s managing director Michael Benstrong, board members among other distinguished guests and members of staff.

Following the re-branding exercise, the SCB is also expected to soon add some new services to its list of commercial banking activities.

Ms Abel said for many years the SSB now the SCB, has been a valued partner in the development of the country’s banking sector and the economy and has over the years actively encouraged a savings culture among its customers, something it continues to do to this day.

Wishing the SCB success in its endeavours, Ms Abel noted that “it is the sincere wish of the CBS that the new products which the SCB will be introducing will have far-reaching effects well beyond the rim of the bank and indeed spur other institutions within the fast growing Seychelles financial sector to introduce innovative banking services as well as products which will benefit customers across the whole spectrum of the economy.”

After throwing light on some of the bank’s success stories during its more than 100-year journey from its very humble beginnings in a small space it occupied at the Post Office, the Oceangate House, the ground floor of the Independence House before moving to its present location at Kingsgate House in the late 1990s before it obtained a licence in 1997 to conduct all types of commercial banking activities under the Financial institution Act, Mr Benstrong explained that today the bank is the largest customer base among all commercial banks in the country serving through five branches strategically located in various parts of Mahé, Praslin and La Digue.

Mr Benstrong said apart from the wide range of commercial banking activities the bank recently launched the Seychelles Electronic Fund Transfer (SEFT).

“Through the new name we want the bank to be perceived as a commercial bank which can cater for all market sectors – individuals, small businesses and corporate customers.

 We want a name that reflects a true Seychellois bank,” said Mr Benstrong.

Aware that modern day customers want to conduct banking from the comfort of their offices and homes, Mr Benstrong said the bank has recently upgraded its banking software to the latest Flexcube version 12.1 from Oracle Software Services.

“Once fully implemented the bank will be able to offer many new products and services including online banking which will not only allow customers to view and download their accounts and loan statements but at a later stage also conduct online transactions,” said Mr Benstrong.

He added that SMS/mobile banking services will also soon be launched and this will further make easier many banking functions from mobile phones.

After he had unveiled the plaque, Minister Laporte said the new development was long overdue and he expressed joy and satisfaction that the Seychelles Savings Bank has taken “another leap in its endeavour to be up there with the others.”

“The commercial connotation in this new branding is quite significant as it shows the bank’s commitment to move further up and I have no doubt that it would succeed. It has succeeded already and it will go further. It is a bold step but one has to be bold to succeed,’’ Minister Laporte added.

He also expressed pride in noting that the Seychelles Commercial Bank is today the only 100% Seychellois-owned bank which he said shows Seychellois can succeed and I have no doubt that this will continue.

Minister Laporte went on to point out that this would probably not have happened if it had not been for the favourable economic environment that exists in the country.

Mr Benstrong then guided guests through a slideshow which explained the concept, design and the whole process leading up to the change in name, logo and slogan of the bank.