Barclays celebrates 50 years in Seychelles |29 August 2009

The anniversary will be launched with a special mass animated by Barclays colleagues in the Cathedral of the Immaculate Conception, Victoria, at 5pm today, with all denominations taking part.

Barclays was the first bank to set up in Seychelles and officially opened its doors on Monday August 24, 1959, on the ground floor of the Supreme Court building. It remained there for six years until it moved to Independence Avenue, where the main office is today.

Historical documents show that several unsuccessful attempts had been made by the New Oriental Bank in 1892 and the Bank of Mauritius in 1916 to set up operations in Seychelles, prior before Barclays established itself in Victoria.

Humble beginnings

On its inception, Barclays Bank employed only four people, who carried out all their tasks manually. This was before there was electricity on the islands. At that time, Barclays offered savings accounts, current and fixed deposit accounts and had six customers (primarily merchants) on its books!

Seychellois living in East Africa who were fearful of the unstable political situation there at the time also remitted funds to Seychelles. By 1963, 1,300 accounts had been opened.

Barclays also served as the government’s banker until the Seychelles Monetary Authority (Treasury today) was set up in 1982.

Period of growth
In the late 1960s and 1970s, Barclays opened agencies on the nearby islands of Praslin and La Digue, and employees commuted from the main island of Mahe on board the ferry Lady Esmée. Other branches and agencies later sprouted in strategic locations across Mahe, including the densely populated Beau Vallon region in the north and in the Providence industrial area. On Praslin a brand new branch was inaugurated in August 2008 at Grand Anse, while the commercial centre on Albert Street reopened its doors to our corporate customers.

Customers and colleagues can today enjoy a modern, spacious and comfortable banking environment, which has led to further improvements in the level of services Barclays offers.

Modern banking facilities
Barclays Bank in Seychelles has, over the years, continued to upgrade its products and service offerings to ensure they are on a par with its other international banking operations. In 1996, the SWIFT system was introduced for safer, faster international transfers, and in 1997, the ATM system began to offer extended banking hours and greater flexibility to customers.

In 2005, the first offshore banking service in Seychelles was initiated. Barclays was also the first bank to offer payments over a point of sale (POS) facility.

In 2006, Barclays proudly launched its prestige banking and internet banking services on the island. In April this year, Barclays set a trend once more by becoming the first bank to launch a call centre in Seychelles, a facility that helps address customer complaints and queries and reduces the time spent by customers queuing up in branches.

Today, Barclays Bank Seychelles handles more than 39,500 customer accounts across a network of six branches, 11 ATMs and one agency. Key offerings include retail banking services, commercial banking products and services, including merchant services and offshore banking. Barclays now employs 249 staff on three islands.

In keeping with its global philosophy of supporting the local community, Barclays has, over the years, made a concerted attempt to engage with the local community in Seychelles, with many contributions being made to improve the lives of the needy and vulnerable.

Community groups and causes that Barclays has partnered with include the Aids prevention campaign, Cancer Concern Association, Support for Single Mums of Les Li Viv, environmental rehabilitation and conservation.

Barclays has also played a major role in promoting sports, especially football, the number one sport on the islands, by providing a three-year sponsorship to the local Barclays Football League.

Looking to the future
Speaking on the occasion of this milestone, Barclays Bank Seychelles managing director Loganaden Sidambaram said: “Barclays Bank has a 300-year-old history. I am glad that we have spent a considerable amount of this time working with the government, institutions and discerning customers in helping realise their dreams.

“I would like to take this opportunity to thank all our customers for their continued patronage and support, especially those who have been with us for the last 50 years, the regulators for their guidance and our employees for their untiring efforts in making Barclays Bank the number one bank in Seychelles.

“The environment in which we are now presents unprecedented challenges to every business. However, downturns can often turn into opportunities.

Barclays has the knowledge and expertise to help you grow your business and achieve new heights.

“Barclays Seychelles’ medium to long-term strategy is to build on its offshore business, continue to expand its customer base, diversify its product base, enhance its service levels and build capacity in order to maximise productivity and returns, while continuously seeking to add value to our customers.

“I have every reason to believe that we will continue to serve our stakeholders in our beautiful island nation for many more years to come.”