DBS ‘to continue supporting development’


Its managing director Roger Toussaint stressed this yesterday saying “the DBS will continue to be a development bank, but operating under the Company’s Act with a new mandate that will allow it a wider scope to offer more financial products to the business community”.

Earlier, the bank’s officials had said besides concentrating only on development projects, it will give loans for other projects “not necessarily seen as development, for example for personal cars”.

Asked if the bank was not already giving loans for vehicles, they told Nation such vehicles were earlier considered when they were part of a bona fide development enterprise, “for example a pick-up that is needed for a bigger undertaking”.

They said although our article on Saturday was accurate, its heading “DBS to run as company not development bank” could have inadvertently be misleading.

During the press conference last week, Mr Toussaint said the government of Seychelles will remain the major shareholder of the new DBS with about 61% shares, the others being Nouvobanq, the European Investment Bank and L'Agence Française de Développement.

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