The Seychelles’ branch of Habib Bank Limited will cease operations and close on February 28, the Central Bank of Seychelles (CBS) said in a press conference on Friday.
The bank said it has more than enough assets to transfer customer funds to other financial institutions.
The Central Bank’s governor, Caroline Abel, said the board has approved the closure of Habib Bank, which is headquartered in Pakistan, following a formal request submitted by Habib Bank Limited. The Central Bank said that the management of Habib Bank Limited has advised officials that the decision to close down the business is based on the strategic reorganisation being undertaken by the bank.
