Barclays Bank has announced it will be continuing its retreat from the overseas banking business by discontinuing its banking services for non-residents in the Seychelles.
CBS (Central Bank of Seychelles) is engaging with Barclays Bank in the Seychelles to make sure clients have sufficient time to move any deposits currently held in their accounts.
The de-risking strategy Barclays is following is inspired by recent large fines that were imposed on international banks by regulators, especially US regulators. The discontinuation of its offshore banking services in the Seychelles is a part of this de-risking strategy. This follows their actions for closing all UK accounts held by Jamaican residents earlier this month.
This leaves The Seychelles with fewer alternatives for non-residents who wish to maintain overseas accounts in foreign currencies, as some companies in the financial sector are concerned. As stated previously, CBS have asked Barclays Bank Seychelles to delay closing the accounts, until clients have time to find new banks for their funds, but the latest statement that was made, states that the service is scheduled to close by October 31st.
Meanwhile, the lack of alternative banking options in The Seychelles means that Barclays clients are having to consider moving their funds to other jurisdictions, including Mauritius.