Development Bank of Seychelles

Established in 1977 as a joint venture between the Government and several shareholders, including Caisse Francaise de Cooperation, European Investment Bank, DEG, Standard Chartered Bank, and Barclays Bank, the Development Bank of Seychelles (DBS) has played a pivotal role in the country's development. Over the years, the bank has witnessed changes in its ownership structure, with shareholders like Barclays Bank and DEG disengaging from DBS. Meanwhile, Nouvobanq took over the shares of Standard Chartered Bank. DBS repurchased Barclays' share, and the government acquired the shares of DEG, increasing its shareholding to 60.50%.

Evolution and Expansion of Services

DBS initially operated from the Supreme Court Building with a small team of eight staff members. In August 1984, the bank relocated to its present location on Independence Avenue. Initially focused on serving the agricultural and fisheries sectors, DBS has diversified its portfolio over the years. Today, it finances a wide range of projects, including agriculture, fisheries, industry, services, tourism, and commercial buildings such as rental accommodation, offices, and shops. With 44 years of experience, DBS has become a leading financial institution in project financing across various sectors of the economy.

Extending Services to Praslin and La Digue

DBS understands the importance of accessibility and proximity to its clients. To facilitate this, the bank operates an office on Praslin, serving clients on a daily basis. This strategic move brings DBS services closer to its clients on Praslin and La Digue, ensuring convenience and effective customer support.

Impressive Track Record and Financial Stability

Over the years, DBS has witnessed a significant increase in demand for new project developments and transaction volumes. As of December 2021, the bank has financed 8,816 projects, amounting to over SCR 3 billion. DBS operates as a non-budgetary dependent public enterprise, focusing on commercial operations. It maintains a robust balance sheet with total assets of SCR 906 million. Its liabilities amount to SCR 532.56 million, while its equity stands at SCR 373.47.9 million. The bank has consistently demonstrated profitability, with a profit of SCR 8.7 million as of December 2021.

Adaptability and Growth

DBS has shown a remarkable ability to adapt to market changes and diversify its services to meet customer needs. From a small team of eight in 1978, the bank now employs 65 dedicated staff members who share a commitment to realizing the bank's vision. With an entirely Seychellois management team, DBS remains focused on investing in and upgrading its Information Technology infrastructure to modernize its operations and enhance efficiency.

Modernization Efforts and Corporate Social Responsibility

In 2019, DBS undertook significant renovations of its main building, creating a modern and conducive work environment for its staff. This initiative improved customer experiences and enhanced the bank's overall image. The bank also prioritizes its corporate social responsibility by supporting socially acceptable and ethically driven activities and events that benefit the community.

Strong Relationships and Contributing to Socio-Economic Development

DBS places great importance on maintaining strong working relationships with local stakeholders, shareholders, and creditors, which contribute to its corporate image both locally and internationally. After 44 years of operation, the bank has made substantial contributions to the socio-economic development of Seychelles. In 2019, DBS achieved a significant milestone by receiving an A rating from the Association of the African Development Finance Institutions for the financial year ending 2018. This success would not have been possible without the support of the government, shareholders, dedicated staff members, the guidance of the Board of Directors, and the patronage of esteemed customers and stakeholders.

Challenges Faced and Future Focus

Like many organizations, DBS has faced challenges due to the Covid-19 pandemic. It has implemented various measures, including halting capital expenditure, new loan approvals, and employee training. Despite the adverse impact of the pandemic, the bank continues to actively work with its partners to ensure continuity. Moving forward, DBS will concentrate its efforts on assisting the government in creating an enabling environment for SMEs to remain sustainable and competitive amid financial and economic uncertainties. The bank will prioritize creating a safe and comfortable environment for its employees while adapting its operations to the "new normal."