Absa Bank Seychelles Limited, formerly known as Barclays Bank Seychelles Limited, is a

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

in Seychelles. It is licensed by the

Central Bank of Seychelles The Central Bank of Seychelles (, Seychellois Creole: ''Labank santral Sesel''), is the central bank of Seychelles. It was officially established on 1 January 1983, with the dissolution of its precursor, the Seychelles Monetary Authority. Loc ...

, the

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

and national banking regulator.

Location

The bank's headquarters is located at Capital City Building, Independence Avenue,

Victoria, Seychelles Victoria is the capital and largest city of the Republic of Seychelles, situated on the north-eastern side of Mahé, Seychelles, Mahé, the archipelago's main island. The city was first established as the seat of the British Empire, British co ...

. The geographic coordinates of the bank's headquarters are:(Latitude:-4.622926386062543; Longitude:55.45356283347604).

Overview

The bank is involved in meeting the banking needs of individuals,

small and medium-sized businesses Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by many national agencies and international organizat ...

(SMEs), and large corporations. It is one of the nine commercial banks licensed in the country. Absa Bank Seychelles Limited is a subsidiary of

Absa Group Limited Absa Group Limited, commonly known and stylized simply as absa (formerly the Amalgamated Banks of South Africa (ABSA) until 2005 and Barclays Africa Group Limited until 2018), is a multinational banking and financial services conglomerate ba ...

, the

Pan African Pan-Africanism is a nationalist movement that aims to encourage and strengthen bonds of solidarity between all indigenous peoples and diasporas of African ancestry. Based on a common goal dating back to the Atlantic slave trade, the Trans-Sa ...

financial services conglomerate headquartered in South Africa, with subsidiaries in 12 African countries, whose total assets exceeded US$87 billion as at 30 June 2017.

History

The bank opened in the country 1959, as a branch of

Barclays Barclays PLC (, occasionally ) is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services ...

of the United Kingdom. The bank operated in that capacity until 2000, when Barclays Bank Seychelles Limited was incorporated. In 2006, the bank served approximately 35,000 customers, through 5 branches, 7 ATMs and 130 members of staff. In 2013, the bank became a member of

Barclays Africa Group Absa Group Limited, commonly known and stylized simply as absa (formerly the Amalgamated Banks of South Africa (ABSA) until 2005 and Barclays Africa Group Limited until 2018), is a multinational banking and financial services conglomerate ba ...

, in which Barclays Plc had a 62.3 per cent majority shareholding.

Name change

Beginning in October 2019, Barclays Bank Seychelles Limited began re-branding to Absa Bank Seychelles Limited. The process concluded on 10 February 2020, when the legal and business names of the bank changed to Absa Bank Seychelles Limited.

Governance

The bank is governed by a board of directors. The chairman of the board is Jean Weeling Lee, one of the non-executive directors. The managing director and CEO is Johan Van Schalkwyk.

References

External links

Official Website
{{coord, 04, 37, 24, S, 55, 27, 08, E, display=title Banks of Seychelles Absa Group Limited Victoria, Seychelles Banks established in 1959 1959 establishments in Seychelles 1959 establishments in the British Empire