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# [SEYCHELLES] Commercial Bank: Government Cedes Majority Stake to Private Sector
- URL: https://businessoi.media/en/seychelles-banque-commerciale-letat-cede-sa-participation-majoritaire-au-secteur-prive-en/
- Published: 2026-07-24T13:41:58.000Z
- Updated: 2026-07-24T13:41:58.000Z
- Description: Victoria announces the transfer of its majority stake in Seychelles Commercial Bank. A turning point for the archipelago's financial sector under pressure.
- Author: Emmanuel TAOCHY
- Tags: Seychelles, finance, Économie, Investissement, Clôture, #en

**In an unprecedented move for the Seychellois financial sector, the government of Victoria has announced the transfer of its majority stake in Seychelles Commercial Bank (SCB) to private investors.** The decision, confirmed in the regional press review of July 24, 2026, marks a turning point in the archipelago's banking policy.

## SCB: A Pillar of Local Finance

Founded several decades ago, Seychelles Commercial Bank is one of the archipelago's main retail banks, with a presence across all three major islands — Mahé, Praslin and La Digue. Long majority-owned by the state, it has played a central role in financing local SMEs, households, and tourism projects.

The transfer of the majority of its capital to the private sector represents a break from Seychelles' interventionist tradition in banking. It comes in a context of financial pressure: the Seychelles recorded a 14% drop in tourism in 2025-2026, forcing the central bank to maintain its key rate at 1.75% to support activity.

## Privatise to Recapitalise and Modernise

The stated objective of the transaction is twofold. First, to inject private capital to strengthen SCB's equity base — a necessary condition to comply with prudential standards set by the Central Bank of Seychelles (CBS). Second, to attract a strategic shareholder capable of accelerating the digitisation of banking services — an area where SCB has fallen behind regional players such as MCB or Absa Seychelles.

The move is part of a broader African trend: several Indian Ocean and East African states have in recent years reduced their direct control over public banks, in favour of more agile structures attractive to foreign capital.

## Why It Matters

For Seychelles, this privatisation is a test of economic credibility. As the island seeks to diversify its model — less dependent on tourism alone — attracting a solid banking shareholder could facilitate financing for the blue economy, renewable energies, and local SMEs. The transparency of the transfer process will be closely watched by institutional partners, including the African Development Bank and the IMF, which are closely monitoring the archipelago's financial situation.

*Source: Regional Press Review – Indian Ocean, July 24, 2026 (Free Dom) / CBS / Seychelles Bankers Association.*