Seychelles: Bank Al Habib Limited to close its branch in Seychelles
The Central Bank of Seychelles has confirmed that Bank Al Habib Limited has submitted a request for the voluntary closure of its branch in the island nation.
The central bank told SNA on Thursday that it had approved the bank’s voluntary shutdown request and would provide more information next week.
News of the closure of Bank Al Habib in Seychelles was published on Wednesday in independent Pakistani news publisher ProPakistani.
The Pakistani multinational trade finance bank opened a branch in Seychelles, an archipelago in the western Indian Ocean, on July 15, 2014, in the Capital City Building in the capital, Victoria.
When it established a branch in Seychelles, the bank said it would engage in the business of collecting deposits and providing loans and credit facilities to businesses and individuals. In addition, he will also work with other banks and financial institutions by undertaking, organizing or advising on trade finance, working capital finance, project finance and other financial products.
Since its inception, the bank has had a policy of dealing only with certified companies and performs extensive background checks to verify that their clients are working with national central banks and respective security agencies. This banking approach has made Bank Al Habib one of the leading banks in Asia.
Al Habib Bank Limited, although part of the Habib group, is the branch that deals with certified companies. Habib Bank also closed its branches in Seychelles in March 2019.
According to ProPakistani News, “The management of Bank Al-Habib has focused on its operations and local activities with one of the fastest growing branch networks, which has reached over 940 across the country.”
Bank Al Habib has a branch network of over 940 branches and wholesale branches in Bahrain and Malaysia and offices in the United Arab Emirates, Istanbul in Turkey, Beijing in China and Kenya.