Bank of Ceylon (BOC) Seychelles is celebrating its 11th anniversary, marking over a decade of service since its establishment on January 20, 2014. Over the years, BOC Seychelles has expanded its operations, grown its financial portfolio, and contributed considerably to the local economy, positioning itself as a key player in the country’s financial sector.
Commenting on the bank’s journey, Mr. Rajith Thushantha, Country Manager of BOC Seychelles, highlighted the steady progress achieved over the years. “Since opening in 2014, the branch has consistently generated profit and contributed to the Sri Lankan economy by facilitating expatriate remittances, surpassing $6 million in transfers last year alone,” he said.
BOC Seychelles has grown its balance sheet and capital base more than twofold since its inception. As the youngest commercial bank in the country, BOC Seychelles currently holds a good market share, competing with long-established financial institutions that have been in operation for decades. Despite being the newest entrant, the bank has made notable strides in key sectors, toward the tourism, fisheries, construction and trading which are major contributors to Seychelles’ GDP.
In response to the global shift towards digital banking, BOC Seychelles has integrated technological advancements to enhance customer experience. The bank plans to introduce a new online banking platform during this year, aligning with Seychelles' ongoing efforts to transition to a digital financial system. “With the Seychelles Central Bank moving towards sunsetting of cheques by 2026, we are preparing to meet customer expectations with enhanced digital solutions,” added Mr. Thushantha.
As part of its strategic direction, BOC Seychelles is focused on expanding operations within the African region. Mr. Thushantha noted, “Being the only Sri Lankan bank operating in Africa, we see this as an opportunity to extend our presence and explore new markets.” Seychelles' strong economic standing and high per capita income make it an ideal hub for future growth initiatives.
The bank also noted its efforts to create local employment and economic development, with a workforce comprising 10 Seychellois employees out of a total of 14. By combining international banking expertise with local insights, BOC Seychelles continues to cater to the unique needs of its customers while maintaining strong financial performance and regulatory compliance.
