By George Thande

VICTORIA (Reuters) – A former World Bank director became the new finance minister for Seychelles on Wednesday, at a time when the Indian Ocean island nation is seeking to bolster its status as a financial services hub.

Peter Larose’s appointment was part of a cabinet reshuffle following former president James Michel’s resignation last month, after the opposition won a majority in parliament for the first time in the country’s history. The former vice president, Danny Faure, took over the remainder of Michel’s five-year term.

Larose is a former general manager at the Central Bank of Seychelles, and has previously advised the Ministry of Finance, according to his profile on the World Bank website.

He has a doctorate in commercial banking and an MBA in international banking and finance from the University of Birmingham.

The reshuffle was announced by State House this weekend.

Seychelles, a string of white-sand islands, has traditionally relied on fishing and tourism as its main industries but is trying to reinvent itself as a financial services hub, offering stability, low taxation and clear regulation.

(Writing by Katharine Houreld; Editing by Alison Williams)