History of the Seychelles Bankers Association
The Seychelles Bankers Association (SBA) was set-up in 1990, by the group of banks in existence, at the time. These included; Bank of Baroda, Bank of Credit Commerce Int, Banque Française Commerciale Ocean Indien, Barclays Bank PLC, Development Bank of Seychelles, Habib bank and The Standard Chartered Bank Africa PLC. It is to be noted that Chairmanship of the Association were rotated yearly between the members, who back then, were the Chief Executive Officers (CEOs)/Managing Directors of the banks.
The main purpose/objectives for creation of the SBA were to:
- foster of a strong and effective working relationship with the Central Bank of Seychelles;
- develop and protect the interest and professional rights of SBA members;
- analyse problems and formulate solutions with respect to the business of banking;
- promote and establish orderly conditions in banking transactions;
- support the interests of members in relations with public and government bodies, private institutions and the general public;
- conduct research and analysis of issues relating to banking and finance, international banking best practice in general and Seychelles, in particular.
In 2017, in order to better manage its responsibilities and objectives, the SBA formalised the creation of the position of Chief Executive Officer (CEO). The position would be occupied by an independent person who would be able to manage the Association on a day-to-day basis and implement the required changes to foster the growth of the Association. Therefore, in March of the same year, Mr. Norman Weber was appointed as the CEO of the SBA.
Succeeding Mr. Weber, after his resignation, Mr. Philip Moustache was appointed as the SBA Chairman, in August 2019. During that year, the SBA was registered and became a formal Association with its own Constitution under the Registration of Associations Act, 1959. The membership constituted of the following banks:
- Al Salam Bank, Seychelles
- Bank AL Habib Limited
- Bank of Baroda
- Bank of Ceylon
- Barclays Bank (Seychelles) Ltd
- Development Bank of Seychelles
- Habib Bank Ltd
- Seychelles International Mercantile Banking Corporation Ltd, t/a NOUVOBANQ
- Seychelles Credit Union
- Seychelles Commercial Bank
- The Mauritius Commercial Bank (Seychelles) Ltd
In January 2020, the State Bank of Mauritius (SBM) Seychelles, joined the SBA as a member. However, after a review of its operations and performance amid the COVID-19 pandemic, SBM Seychelles closed its office and ceased operations in Seychelles on December 18, 2020. 2020 also saw the rebranding of Barclays Bank (Seychelles) Ltd to ABSA Bank Seychelles Ltd, which it is currently trading as. Moreover, the membership of SBA has undergone changes since its formalisation as an Association in 2019, with closure of two banks; Habib Bank Ltd in 2019 and Bank Al-Habib in 2021.
January 2024, saw the re-registration of the Association with the Registrar, in view of the promulgation of the new Registration of Associations Act, 2022 which brings about new requirements for Associations in Seychelles.
Mr. Moustache served two terms as the Chairman until his resignation in early 2024. The SBA welcomed its newest Chairperson, Mrs Audrey Pothin, in the same year.