New foreign bank starts operation

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New foreign bank starts operation

Post  Sirop14 on Tue Jul 15, 2014 8:20 pm

New foreign bank starts operation

15-July-2014
A new bank, Bank AL Habib, has started operation as an offshore bank in Seychelles but has said it will subsequently enter onshore banking in due course.

Headquartered in Pakistan, Bank AL Habib Limited will be doing international banking and also serving the domestic market by providing new products and services as well as employment opportunities to the residents of Seychelles.

It will engage in the business of taking deposits and advancing loans and credit facilities to corporate and individual clients. Additionally, it will also work with other banks and financial institutions by undertaking, arranging or advising on deals in trade finance, working capital finance, project finance, and other financial products.

The Seychelles branch of the bank, which is located in the Capital City building in Victoria, was officially opened yesterday by Vice-President Danny Faure, who said that with a strong forte in international trade finance, Seychelles looks forward to the Bank AL Habib introducing new innovative products in this particular area.

“Covering of the international trade business across Africa from its base in Seychelles will be quite unique and will be instrumental in providing exposures to the Seychellois in cross border trade finance,” added Vice-President Faure.

Present at the ceremony were the Minister for Finance, Trade and Investment Pierre Laporte; Governor of the Central Bank Caroline Abel; general manager and country manager of Bank AL Habib Ltd Ehtesham H. Ali and Syed Azar Abbas Zaidi respectively; as well as officials of local banks.

In his speech Vice-President Faure noted that during the past years, there has been a growth in foreign banks entering the Seychelles and introducing new products and services to the domestic market, while also serving other African and international markets.

Citing some of the financial highlights of Bank AL Habib Vice-President Faure noted “a very strong balance sheet, excellent credit rating and the numerous awards accorded to it; including the recognition of the ‘Strongest Balance Sheet Bank in Pakistan in 2013’ accorded to it by the Asian Banker during the recent SIBOS conference held in September 2013 in Dubai, UAE”.

The vice-president also noted that the bank is giving serious consideration to starting onshore operation in the very near future and on that point the country also looks forward to the introduction of new products and services to the domestic market which will surely enhance the Seychelles banking system and assist in the economic development.

He also said that while the bank primarily focuses on conventional banking, it also undertakes Islamic banking in Pakistan and thus may assist in the development and structuring of Islamic Banking in Seychelles.

For his part, the bank’s GM, Ehtesham H. Ali went through a brief history of the Bank Al Habib Ltd to its current position among other private banks in Pakistan where it occupies the seventh position among the 38 private ones with assets totalling over 2.6 billion dollars.

“Our focus is primarily on trade finance. For the last three years the international trade finance corporation has awarded the bank numerous awards in trade finance at the global level. We would like to bring this expertise to Seychelles. We would like to introduce trade finance transaction across Africa and in bringing new products in relations to international trade finance,” said Mr Ali.

He said the bank will also work in close collaboration with partners and departments like the Seychelles Chamber of Commerce and Industry and the Central Bank.

Established in Bombay in 1941, Bank AL Habib then shifted to Pakistan after the country’s creation. It was nationalised by the government of Pakistan with all other domestic banks in 1973. After the government allowed private sectors to establish commercial banks in the country in 1991, Bank AL Habib Ltd was incorporated in October that year and began operations in January 1992.

At present, Bank AL Habib Ltd has a network of 433 branches and sub-branches in 125 cities and towns of Pakistan, including overseas branches in Bahrain, Malaysia, China, Turkey, UAE and now in Seychelles.

The bank also has representative offices in Dubai, Istanbul and Beijing.

http://www.nation.sc/article.html?id=242333

Sirop14

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There is/are limits to niceties.

Post  Sirop14 on Tue Jul 15, 2014 10:29 pm

There is/are limits to niceties.

There is a very great deal the British/USA Illuminati, CIA, Pentagon, FBI other special Services of the USA know about our Sechelles Seychelles archaic, Illuminati, Templar/Masonic workings.

From a very small child the special relationship my grandparents be they from the Anse aux Pins and St Louis side had with the Temooljhi, the Jivan and the Adam Moosa.

Again as a child we grew up with Families who were married into the Adam Moosa clans and they were several Families - we played kites, marbles, fish for golden fish and told boys stories. At School when there were fights they took to protecting my person from bigger boys and getting a beatings.

My/our ancestors long before they too had been educated in to the issues of the Muslim World, the Hindu and the Parsi world and they need not talk to us about those issues they were transferred naturally.  There were Trading/Commercial issues and reasons, preferences and special relations/friendship.

Later after my return from East Africa having acquired all kinds of special friendship at Schools with Muslim boys and girls, Hindu boys and girls how we/I used these knowledge later when I return to Seychelles. I/we had used our Earlier Seychelles knowledge and experience to work the East Africa issues.

Arrangement  was made part of the deal for our adoption to try and finish our muck up up East Africa Education - the O and A level external student at Seychelles College.

My guardian Judge EJ Stiven had very special relation ship from an Official and private prospective and he applied those in Seychelles.  Meaning in managing the affairs of the Estate we had to be very careful how and who we dealt with. He instructed/shared/educated our person into the many different issues of their religion, culture and lifestyle from his Official and private experience and knowledge.

We found ourselves developing strong friendship with the Temooljhi merchant children at school and private.

The same with the Adam Moosa children and the Senior member of the Business

We had know the Jivan family well before going to East Africa and the Dhanjee Family, their children.

In case everybody have forgotten the Adam Moosa Merchants, were the only one allowed to import ammunition, shot gun cartridge  and long rifle bullets or short and revolver, automatic. they were the only merchants allowed to import dynamite and fuses.  Beside the very long list of construction material which the imported and stock - their specialty was galvanized pipes and all the accessories  for water works and we purchased a great deal for the former Point Larue Property and the Anse aux Pins property.

The relationship with the girls were different they were not allowed to be seen talking with/to Seychellois boys - yet they took the time to talk to our person they also knew my sisters. We build a half decent friendship.

Later when we found our self in the position of purchasing officer for the Beau Vallon Properties construction group and the Casurina Estate Development - the delicate way and process we had to trade and work with the respective merchant Families and these accounts were large accounts.

Some strange issues developed when we had to get married and the lady was from Mauritius - the reaction of the Merchants community towards my person later wife and daughter.

Shrotly before we were forced/compelled to leave Seychelles the debacle of Judge Stiven Estate - we talked with /to some of them and got their respective views however reserved.  That was 1976.

In exile across Europe and globally the new prospective we developed with these nations from all sector of society, business and work.  The Asian communities on the continent are very different to that of Britain - when we had to seek/take political asylum in Britain, on account of the East Africa and Seychelles Asian Communities and our work had to develop again many new facts to our relation ship, and friendship.  It would require to write a book to do justice.

The point being we have done a very great deal that Santandar eventually open a Branch in Seychelles instead Habib whom we had known in East Africa and London opened its Branch.

Tonight given the highly complex issue of that SIROP program how it benefited Pakistan nations and their citizens in Britain and the Indian Nations and their citizens in Britain and across the world - beside East Africa and Seychelles. we ask/implore the Policing authorities please make that extra effort in private share your knowledge of our person and work with the Officials of Habib Bank. Just as they have their customs we have ours - we are a very friendly and  small   nation full of our idiosyncrasies.

Just as we traded with the Adam Moosa Families and children in the time of our elders and grand parents we expect this same principal and working relation to stand - we will not take to being reeducated by nobody - this is our land and country.  

We have known of the special relationship which prevails and exist between my high responsibilities and the Muslim world/nation and global greater workings.  We politely ask all the official of that Habib bank do their Home world and research their issues properly.

We also have an exile extended community across the world, the institutions involved and those we worked with. One of the most important aspect of this workings is that we were the only Force to set/lay down the principle that We wanted the Seychelles politic, economic , scientific to be aligned to EU as such events and process the past 25 years to date.

As an individual over the past 36 years the very special input and contribution we/I have made to Pakistan as nation in a wide sector of this nation workings including the coming to office of its president and Prime ministers and their departure. The working of the Interdisciplinary/multidisciplinary Management Institute/Foundation with some 30 years of important experience.  We ask Seychelles government respective Officials to go out of their way and make aware the officials of Habib Bank the nature of these/our high responsibilities.


Last edited by Sirop14 on Thu Jul 17, 2014 1:07 pm; edited 1 time in total

Sirop14

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Bank AL Habib Limited incorporated in Pakistan

Post  Sirop14 on Thu Jul 17, 2014 10:04 am

Bank AL Habib Limited incorporated in Pakistan

17-July-2014
Bank AL Habib Limited was incorporated in Pakistan while Habib Bank Limited was established in Bombay, India.

In our article entitled ‘New foreign bank starts operation’ which appeared in our issue of Tuesday July 15, 2014, there was a mix-up in the establishment of the two banks.

According to the management of the Bank AL Habib Limited, which started operation as an offshore bank in Seychelles this week, the Habib Bank Limited was established in Bombay in 1941 and it later shifted to Pakistan upon the country’s creation, and was nationalised by the government of Pakistan in 1973.  The sponsors and founder members of Habib Bank Limited was the Habib Family.

The Habib Family are the owners of Bank AL Habib Limited.  When the government of Pakistan decided to allow the private sector to establish commercial banks in Pakistan, the Habib Family was granted permission to set up a new commercial bank in Pakistan. Accordingly, the Bank AL Habib Limited was incorporated in Pakistan in October 1991 and commenced operations in January 1992.

Source Seychelles Nation

Comment - This did not require them to address the difference - we gave you the WWW so that you could be educated. Below a few wikiepdia links on the Habib Banks - (BCCI drew some of their banking expertise from them)

HBL Pakistan - Wikipedia, the free encyclopedia
http://en.wikipedia.org/wiki/Habib_Bank

Central Bank of Seychelles
http://www.cbs.sc/Financial/banklist.jsp?iPageNo=2

Sirop14

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Seychelles’ ‘key location’ attracts foreign banks

Post  Sirop14 on Mon Jul 21, 2014 6:40 pm

Seychelles’ ‘key location’ attracts foreign banks

21-July-2014

The Governor of the Central Bank, Caroline Abel has explained the necessity of having foreign financial institutions in Seychelles in the country’s current economic climate.

She said the presence of a new bank means it expands Seychelles’ financial system, develops this sector more, thus increasing its contributions towards the economy.

And for the consumers it is a new institution which will provide new services which maybe do not currently exist in our system.

It also happens that these new financial institutions see Seychelles as a very important strategic point in the world which enables them to offer their services not just for the domestic economy, but also for foreign clients.

Ms Abel was speaking on the importance of having reputable foreign banks in Seychelles after the official opening recently of a branch of Bank AL Habib Limited here.

The ceremony was held in the presence of Vice-President Danny Faure, who officially opened the bank; the Minister for Finance, Trade and Investment Pierre Laporte; high officials of the bank itself notably its general manager Ehtesham H. Ali and country manager Syed Azar Abbas Zaidi and other high officials of the Central Bank and other local banks in Seychelles, as well as the chairman of the Seychelles Chamber of Commerce and Industry Marco Francis.

The Bank AL Habib Limited, based in Pakistan, will be focusing more on providing services in international trade finance.

“This particular bank is targeting mainly clients on the African continent and it will begin by providing offshore services and in a few months will work with the local market,” said Ms Abel.

When asked if there are other banks in the pipeline which intend to set up operations here, Ms Abel said that this depends on the financial institutions themselves or individuals as the Central Bank itself, beign a regulator, does not promote the establishment of such institutions.

Ms Abel“The Seychelles Investment Board promotes the country in the various sectors of the economy. And it is through its promotions that interests are expressed for the establishment of financial institutions in the country. Not only those that are channeled through the Central Bank of Seychelles but also those under the National Financial Authority,” said Ms Abel, adding that the Central Bank analyses all applications received based on the policies and laws that govern the bank.

“If the proposal passes the tests needed, the institution is provided a license to operate,” said Ms Abel.

Concerning the role of the new bank, Ms Abel said it is there to bring all the financial institutions to work together. She cited an example where a company needs a very big loan and one bank alone cannot provide it. As a result, Bank AL Habib Limited, in its current state and financial position, can bring other institutions together to support a major project.

“And to us here in Seychelles it is very important when we want to develop different sectors like agriculture, fishing to name a few. These are such areas that the bank can support,” said Ms Abel.

Bank Al Habib Limited has a network of 433 braches and sub branches in 125 cities and towns of Pakistan, including oversea branches in Bahrain, Malaysia, China, Turkey, UAE and now Seychelles.

In his speech to officially open the bank, Vice-President Faure said the financial highlights of Bank AL Habib Limited speak volumes; it has a very strong balance sheet and excellent credit rating and numerous awards accorded to it.

Noting that the new bank has a strong forte in international trade finance, Vice-President Faure said that the government looks forward to the bank introducing new innovative products in this particular area.

The vice-president said that the bank’s coverage of the international trade business across Africa from its base in Seychelles will be unique and will be instrumental in providing exposures to the Seychellois in cross border trade finance.

http://www.nation.sc/article.html?id=242393

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Seychelles, Singapore sign double taxation avoidance agreement

Post  Sirop14 on Mon Jul 21, 2014 6:54 pm

Seychelles, Singapore sign double taxation avoidance agreement

21-July-2014

Seychelles and Singapore have signed an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.

The agreement was signed on Wednesday July 9, 2014 in New York by Marie-Louise Potter, Ambassador Extraordinary and Plenipotentiary, and Permanent Representative of Seychelles to the United Nations, and Karen Tan, Ambassador Extraordinary and Plenipotentiary, and Permanent Representative of Singapore to the United Nations.

The basic objective of such an agreement is to avoid taxation of income in both countries and to promote and foster economic trade and investment between the two countries.

The agreement thus provides for certainty with respect to taxes payable on incomes generated from investments made between both countries.

The signing of this agreement will also further strengthen the existing good relations between the two island states.

Both sides shall notify each other upon completion of the procedures required by their laws for the bringing into force of the agreement.


Source Seychelles Nation

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