BMI names head of new offshore bank |09 June 2008

Mr Hoareau joins BMI from Barclays Seychelles.

BMI chief executive Andrew Bainbridge said: “I am delighted to welcome Frank on board to manage our second international venture.

“He brings with him extensive experience and knowledge of the offshore industry and banking in general, and we are confident he will build this new enterprise into a thriving business that will capitalise on the many exciting opportunities in the market.
 
“We see Seychelles as an attractive location for this venture, supported by the good legal and regulatory framework of the country, its stable economic and political environment and a number of favourable double taxation agreements it has signed up to.”

In his previous role with Barclays, Mr Hoareau led the business through a major expansion that generated unprecedented profit and growth. In 1995 he started the first offshore banking unit in Seychelles, which is now a thriving business, contributing significantly to Barclay’s bottom line.

Mr Hoareau is well known in Seychelles’ financial circles and is well acquainted with the workings of the Ministry of Finance as well as the Central Bank, where he held a senior position before joining Barclays.

High on his agenda, in addition to setting up the office, will be to bring a team of qualified personnel together to run the business. The team are scheduled to undergo training that will equip them with the necessary skills to provide a superior service to this segment of the banking market.
 
BMI received its offshore banking licence in March this year and is scheduled to open for business early in the third quarter.
 
BMI Offshore Bank, a joint venture with locally incorporated Nouvobanq – one of the largest banks in Seychelles – will be managed by BMI and engage in offshore banking and private banking services as well as provide access to trust and investment services.