GBTI opens new Diamond branch

President Bharrat Jagdeo on Wednesday, 29 Decembercongratulated the Guyana Bank for Trade and Industry Limited (GBTI) for leading the way in the banking sector as the bank’s Diamond branch was officially commissioned. The Diamond bank, which boasts a drive through banking services and night deposits, became operational almost two weeks ago, and is the first of three commercial banks that will be opened there. The others are Republic Bank and Demerara Bank.

President Jagdeo, in his feature address at the opening ceremony, lauded the bank not only for this initiative but for leading the way in many other projects. “We have come to expect a lot of firsts from GBTI, and not just first for the show of it. And I am extremely pleased to hear that over Gy$100 million was disbursed to women through the (GBTI-funded) WoW programme, which would make a huge difference in the lives of over 500 families. It will transform those families and hopefully give the women who carry the burden a better stake at life,” he said.

He also noted that GBTI is also the first bank to offer green loans, which is another excellent initiative where customers can acquire loans at very affordable interest rates to purchase energy-efficient appliances and systems.

The president stated that although it is heartening to see three banks so close to each other at Diamond, there is need for a bank on the East Coast of Demerara, a large developing community, which has no bank from Georgetown to Rosignol. “Those are significant income- earning communities and they also need to have the facilities that we have here,” he said.

He said that the growth in disposable income was evident as was the growth in aggregate deposits in banking systems, and more credit is being given to the private sectors. He announced that Guyana’s reserves have almost tripled from 2005 to now, and was more than US$730 million. He noted that Guyana has never before accumulated that level of reserves. The president added: “The government will continue to manage the resources of the treasury in a way that ensures prudence… and we can do this too in the developing world…Many times in the past people thought that this was a phenomenon only observed in the developed world,” he said.

The president believes that as Guyana’s financial sector grows, it will eventually become integrated with the rest of the world which will lead to other benefits. “I am happy that the growth is not only generating bigger financial opportunities, but the financial growth in itself has been a big push to growth in Guyana,” the president stated.

He said that GBTI has created a huge push in economic growth in the country. He added that people can now get a loan from the bank with the hope of repaying that loan after a period of time, noting that there was a time when it was very difficult to secure a loan because the interest rate was between 30 and 35 per cent. 

“Our growth is coming through painstaking development in many sectors. It is more stable and because of this we have the possibility of creating wealth differently,” he said.  Meanwhile, Finance Minister Dr Ashni Singh, in brief remarks at the ceremony, pointed out that GBTI has been a proactive member in Guyana’s commercial banking system, which has been in the forefront of creating opportunities and converting business opportunities.

He stated that it is no surprise that the bank has recorded growth; and; over the past five years, the bank’s total assets and total deposits has  grown by more than 70 per cent and its lending portfolio has doubled.

According to Dr Singh, this growth has reflected the way private sector in Guyana has been responding to the environment that has been created very deliberately by government. “We have long recognised that a strong stable banking system is an indispensible prerequisite to foster more development in the country,” he said.                                                

He added that the new branch will not only provide more services for customers of Diamond and the East Bank on the whole, but will also enhance the physical landscape of the community.

GBTI’s Chairman, Board of Directors, Robin Story, in his address, outlined the many achievements of the bank and its planned projects for the future. He pointed out that GBTI was the first bank to respond to the needs of the more than 50,000 residents and visitors of the East Bank of Demerara with the launch of its Providence branch in March of 2007.

Present at the ceremony was Prime Minister Samuel Hinds, other government ministers including Health Minister Dr Leslie Ramsammy and Housing Minister Irfaan Ali, and President of the Private Sector Commission Ramesh Dookhoo.