Central Bank of Seychelles : SBM Bank (Seychelles) Limited is officially closed for business

CENTRAL BANK OF SEYCHELLES

P. O. Box 701, Victoria, Seychelles

Tel: + (248) 4 282 000; Fax: + (248) 4 226 104

Website:www.cbs.sc

PRESS COMMUNIQUÉ

Victoria - October 31, 2020

SBM Bank (Seychelles) Limited is officially closed for business

SBM Bank (Seychelles) Limited (SBMBS) formally stopped all operations and transactions with the public on Friday October 30, 2020, as prescribed by the Central Bank of Seychelles (CBS) when it approved the bank's voluntary closure on July 30, 2020.

The winding up process has proceeded smoothly, with constant communications between SBMBS, the supervising agent appointed to oversee the process - BDO Associates Seychelles and the CBS.

SBMBS has repaid all of its depositors who claimed their funds from the bank. Only SCR 509.12 were not settled, in view that the clients concerned have yet to claim their deposits. The unclaimed funds will be transferred to CBS.

Clients claiming their deposits from CBS will need to make a formal request, in writing, to the Financial Surveillance Division of CBS, providing the following: (1) proof of identification, such as their national identity card or passport; (2) banking details where the funds will be transferred to; and (3) contact details, such as email address or telephone/mobile number. The process should take an average of two working days to be completed, subject to the submission of all required documents.

With regards to its loan portfolio comprising of five loans, SBMBS has been granted an extension by CBS until November 30, 2020 to finalise discussions with other commercial banks to sell and transfer the credit facilities.

CBS remains in constant communication with SBMBS to ensure that its employees are given a fair treatment and provided with a compensation package that is in accordance with the Seychelles Employment Act, in consultation with the Ministry responsible for employment.

SBMBS is now undertaking some administrative procedures to finalise its closure. CBS has set December 18, 2020, for the final revocation of its license.

Customers may contact CBS on 4282000 and choose line 3 or email [e-mail] address any queries, complaints or clarifications in regards to their unclaimed funds and the process to claim their money, or for any queries or complaint that may arise after the bank's license has been revoked.

CBS would like to reassure the public that all relevant legislative provisions have been complied with to ensure that the closure of SBMBS has minimal impact on the banking community.