The appointment will take effect as from January 1, 2004 and Mr Hoareau, who is currently the head of Corporate, will

Mr Hoareau, the new managing director of Barclays Bank

succeed Paul Freer, who will taking up another post within the Barclays Group.

Jacques DeNavacelle, the executive director, will remain on the Board of Barclays Bank (Seychelles) Limited but will also assume the overall responsibility for the Barclays businesses in the region as Indian Ocean director. 

These changes, according to a communiqué from the bank, represent "another step forward by Barclays Bank (Seychelles) Limited as the lead bank, as for the first time in its history, a Seychellois will be leading the business.”

The communiqué also pointed out that this was a “testimony to the major shareholders' confidence in the local management team, all of whom are Seychellois and an example of how Barclays’ approach to developing its people is succeeding.”

As a result of these changes, all employees at the bank will be Seychellois, it added.

When asked about his appointment, Mr Hoareau said he was “delighted and honoured to take up such a position and to lead the business forward, building on the growth and positive developments achieved to date.

“We have a lot of plans in train that will further enhance our business for our customers and stakeholders and I am looking forward to leading these initiatives. We have a strong senior management team that will be further enhanced with the added support of Mr DeNavaccelle,” he added.

The appointment of Mr DeNavacelle as the Indian Ocean director provides added support and expertise to the business as well as an opportunity for Barclays Bank (Seychelles) Limited to focus on not only local business but more regional business opportunities as well.

Mr DeNavacelle has a long track record of leading high performance teams in different locations and across several boundaries.

He said he was looking forward to “developing synergies for our customers across the Indian Ocean and to provide a strategic input to the long-term growth plans for our business in Seychelles.”

Commenting on the changes, the chairman of the Board, Captain Edmund Houareau said "the Board is pleased with the progress the business has made over the past two and a half years under Mr Freer’s leadership as well as our ability to ensure continuity within the management of the business through the appointment of Mr Hoareau.”

He added that “this is important for our customers who we are placing at the centre of everything we do. With Mr DeNavacelle on the Board, we will have a new angle from which to develop solutions for the business challenges as well as look at customer propositions across the Indian Ocean.”  

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