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Barclays To Cease Seychelles Offshore Banking Services

by Mike Godfrey, Lowtax.net, Washington
25 September, 2015

Barclays Bank has told the Seychelles Central Bank that it will no longer offer offshore banking services in the Seychelles.

The Central Bank said: "It has recently been announced that Barclays Bank Seychelles Ltd (BBS) has taken a strategic decision to discontinue banking business that gives rise to foreign-sourced income; commonly referred to as 'offshore' banking business. This refers to banking activities conducted with non-residents in foreign currencies, a service which has primarily been conducted by BBS and BMI Offshore (BMIO)."

"Following a remediation exercise, BBS determined that the level of risk arising from its offshore banking activities is not in line with its risk appetite..."

"Given BBS's decision, CBS acknowledges the difficulty for the bank's affected clients and is engaging with BBS to ensure they are provided with sufficient time to shift their deposits."

Local news reports said Barclays is intended to cease offshore banking activities in Seychelles from October 31.

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