Standard Chartered Bank plans to sell 22% stake in Seychelles’ Nouvobanq S.I.M.B.C.

Seychelles' Nouvobanq has operated as a commercial bank since 1991 (Nouvobanq)

(Seychelles News Agency) - Nouvobanq S.I.M.B.C. (Seychelles International Mercantile Banking Corporation) has announced that its main British banking partner, Standard Chartered Bank, and a consortium of Eastern and Southern African Trade and Development Bank and SWC Limited, have entered into an agreement for the sale of Standard Chartered’s 22 percent minority shareholding in Nouvobanq, according to the bank's press statement on Thursday.

“The agreement with the Consortium for the sale of the Bank’s stake in Nouvobanq is in line with Standard Chartered’s global strategy, aimed at achieving operational efficiencies, reducing complexity, and driving scale. The transaction remains subject to applicable regulatory approvals. Nouvobanq, Standard Chartered and the Consortium will work closely together in the coming months to complete the transition, with the transaction expected to be completed within 6 months,” it said.

Nouvobanq will continue to operate its business as usual throughout this period, the bank assured.

Nouvobanq is a commercial bank, founded in 1991, in a joint venture between the Seychelles’ government and Standard Chartered Bank.