President opens BMI offshore bank |09 July 2008

Among those present at the opening of the BMI Offshore Bank were former president James Mancham, Finance Minister Danny Faure, National Development Minister Jacquelin Dugasse, Central Bank governor Francis Chang-Leng and chief executive of BankMuscat International (BMI) Andrew Bainbridge.

The bank is a joint venture of the Bahrain-based BMI and Nouvobanq, which was represented at the ceremony by managing director Ahmed Saeed.

It will offer offshore and private banking as well as trust and investment services.

Barclays was the only offshore bank based here previously, although others including Nouvobanq were offering offshore banking services.

Frank Hoareau, managing director of the new bank, said such an opening does not happen often in the economic life of a small nation like Seychelles.

“We recognise the special conditions that exist today in Seychelles to make this possible,” he said, adding that the offshore bank signals a new beginning for BMI Bank, for all its partners in the industry and also for Seychelles.

Mr Bainbridge said the development of the economy in a stable and peaceful country with a highly educated workforce made Seychelles an attractive place to launch the bank.

He said the new bank will offer competition, which is good for the country and the economy, and the BMI Offshore Bank will make a difference.

Mr Hoareau gave a presentation about the bank, introduced its small all-Seychellois team and took the guests around the bank’s offices, on the first floor of Eden Island’s Marina House.