CBS revokes the licence of SBM Bank (Seychelles) Limited after closure finalised |21 December 2020

The Central Bank of Seychelles has revoked the licence of SBM Bank (Seychelles) Limited following the finalisation of all the administrative tasks and procedures pertaining to its closure, as required under Schedule 2 of the Financial Institutions Act, 2004.

The appointed supervising agent, BDO Associates Seychelles and the Central Bank of Seychelles (CBS) are satisfied that the closure has been effected in accordance with the relevant legislation and the terms and conditions set out in the letter of approval for closure.

SBM Bank (Seychelles) Limited (SBMBS) has ensured that all of its employees have been compensated in accordance with the Seychelles Employment Act. All loans and other credit facilities held by its clients have been settled or transferred to other commercial banks and all depositors who claimed their funds from the bank have also been repaid. For clients who are yet to claim their funds, these have been transferred to CBS. To date, the balance of unclaimed funds being held at CBS amounts to R473.92.

Clients claiming their funds from CBS will need to make a formal written request to the Financial Surveillance Division of CBS, providing the following:

(1) proof of identification, such as their national identity card or passport;

(2) banking details where the funds will be transferred to; and

(3) contact details such as email address or telephone/mobile number.

The process should take an average of two working days to be completed, subject to the submission of all required documents.

Customers may contact CBS on 4282000 and choose line 3 or email info@cbs.sc to address any queries, complaints or clarifications in regards to their unclaimed funds and the process to claim their money, or for any other queries or complaints.

Press release from the CBS