Government to divest majority stake in SCB |24 July 2026

By Gilliana Anacoura

 The government has announced its decision to sell its 60% shareholding in the Seychelles Commercial Bank (SCB), a move aimed at reorganising public institutions and addressing persistent challenges in the bank’s development. The announcement was made by Pierre Laporte, Minister for Finance, Economic Planning, Trade & Investment, during a press conference yesterday at the SCB conference room in Victoria. He was accompanied by Patrick Payet, secretary of state of the Ministry of Finance, Economic Planning, Trade & Investment and concurrently chairman of the SCB board; and Annie Vidot, chief executive of the SCB.

Although SCB has progressed over the years, it continues to face constraints, most notably its inability to conduct international transfers due to the absence of correspondent banking relationships. This limitation is particularly significant in an economy reliant on commerce and tourism, where foreign currency transactions are essential. The government believes that bringing in an investor capable of providing these services will elevate the bank’s operations. The remaining 40% of SCB shares, held by account holders – both individuals and organisations – will not be affected.

To continue reading, please click here to subscribe to Seychelles NATION’s e copy