Top 10 notable banks in Seychelles

At a Glance

• Seychelles Commercial Bank leads in SME and retail services with $166.35 million in assets, reinforcing local economic growth and financial accessibility.
• Global banks like MCB and Bank of Baroda enable cross-border trade, investment, and wealth management through well-capitalized parent networks.
• Institutions such as SCU and Al Salam Bank expand access via cooperative and Islamic banking, enhancing financial inclusion across diverse communities.

Seychelles’ banking sector is anchored by a blend of local institutions and international subsidiaries that play a critical role in driving the island nation’s economic development.

The Seychelles Commercial Bank (SCB), wholly state-owned, leads in supporting retail clients and SMEs with total assets of $166.35 million as of 2024. 

Similarly, Nouvobanq, a joint venture with Standard Chartered, provides key services in personal, corporate, and offshore banking—underpinning Seychelles’ prominence as a financial hub.

Foreign-backed banks strengthen trade, investment, and international financial flows. Mauritius Commercial Bank (Seychelles) and SBM Bank Seychelles, subsidiaries of Mauritius’ largest banks, facilitate cross-border commerce and wealth management. 

Bank of Baroda, from India, and Habib Bank Limited of Pakistan, offer trade finance and business banking, reinforcing Seychelles’ global connectivity. Absa Bank Seychelles, formerly Barclays, continues as one of the country’s oldest commercial banks, delivering a full suite of services. 

Al Salam Bank Seychelles introduces Islamic banking, expanding financial inclusion, while Bank of Ceylon (Seychelles) brings Sri Lankan corporate expertise. Finally, the Seychelles Credit Union (SCU)—the largest cooperative financial institution—empowers local communities through affordable financial services. 

Collectively, these banks are pivotal to infrastructure financing, trade support, and enhancing financial access across Seychelles.

1. Seychelles Commercial Bank Ltd (SCB)
   Formerly known as Seychelles Savings Bank, SCB is 100 percent state-owned and focuses on retail and SME banking, maintaining a strong local presence.
   Total Assets: As of 2024, SCB reported total assets of $166.35 million.
   
   
2. Mauritius Commercial Bank (Seychelles) Ltd
   A subsidiary of Mauritius’ largest banking group, MCB Seychelles specializes in trade finance and wealth management.
   Parent Group Total Assets: As of June 2024, MCB Group reported total assets of $20.5 billion. Parent Group Market Capitalization: $2.53 billion as of early 2025.
   
   
3. Bank of Baroda (Seychelles)
   A subsidiary of India’s Bank of Baroda, offering services in retail, business, and trade financing.
   Parent Bank Total Assets: As of March 2024, Bank of Baroda reported total assets of $198.45 billion.
   Parent Bank Market Capitalization: $15.27 billion as of May 2025.
   
   
4. Habib Bank Limited (Seychelles Branch)
   A branch of Pakistan’s largest bank, focusing on commercial and international trade banking.
   Parent Bank Total Assets: As of 2025, HBL is Pakistan’s largest bank by tier 1 capital.
   Parent Bank Market Capitalization: €670 million ($720 million) as of April 2025.
   
   
5. Absa Bank Seychelles Limited (formerly Barclays Bank Seychelles)
   One of the oldest and largest commercial banks in Seychelles, now rebranded under Absa Group, offering comprehensive banking services.
   Parent Group Total Assets: As of December 2018, Absa Group reported total assets of $74.89 billion.
   Parent Group Market Capitalization: $ 7.64 billion as of April 2025.
   
   
6. Nouvobanq (Seychelles International Mercantile Banking Corporation)
   A joint venture between the Seychelles government and Standard Chartered, offering personal, corporate, and offshore banking services.
   
   
7. Al Salam Bank Seychelles Ltd
   Provides Islamic banking services and is part of the broader Al Salam Bank network based in Bahrain.
   
   
8. Bank of Ceylon (Seychelles Branch)
   A branch of Sri Lanka’s Bank of Ceylon, offering corporate, retail, and offshore banking services.
   
   
9. SBM Bank (Seychelles) Ltd
   A subsidiary of State Bank of Mauritius, providing personal and corporate banking services.
   
   
10. Seychelles Credit Union (SCU)
    The largest credit union in the country, member-owned, providing affordable financial services.