…as Republic Bank opens Gy$185M branch in Lethem
Republic Bank Limited on Saturday opened a branch in Lethem, with Finance Minister Dr Ashni Singh saying that government has long recognised that a strong, well-managed, well-regulated, vibrant financial services sector is critical to the economic health of Guyana.
He said as such, the administration has sought to ensure the establishment of a strong legislative and regulatory framework. Dr Singh said the administration is happy that the sector has responded very positively.
The new branch located at Manari Road, Lethem is customer-friendly and spacious with a modern environment, which will provide all the basic banking services, including an Automated Teller Machine (ATM) facility.
“Today, we see a financial services sector that has proven that it is well-managed with sound, stable and strong institutions, and it is no accident that at a time when the global and regional economy have been put to the most severe test in living memory, financial institutions operating in Guyana have withstood the regional and external developments, have remained strong, and have been an outstanding example,” the finance minister stated, according to a Government Information Agency (GINA) release.
Confidence in economy
He said Republic Bank was a regional leader in financial services across the Caribbean, and since its entry into the Guyana market, it has contributed in a very significant way to raising the standards in the country’s financial services sector, introducing new products, improving service, and improving access to services across the 10 administrative regions.
“The bank is a valued and respective member of the corporate community; it is an important member of the financial services sector, an important employer and provider of services,” Minister Singh posited.
He explained that the fact that the bank has been expanding in the manner in which it has in Guyana, speaks volumes about its confidence in the country’s economic future. Construction of the Gy$185 million edifice commenced in November 2012, and it opened for business from Monday with a staff complement of eight highly-skilled professionals.
Officials from the bank, as well as the minister, spoke of Guyana’s bright economic prospects, which the banking sector and other investors have recognised and are responding to favourably.
The financial services sector by itself can contribute significantly to the growth and development in the economy by improving access to financial services.
Republic Bank Managing Director John Alves said the decision to extend the bank’s services to the Region Nine community was guided by its strategic plan for continued expansion.
Bank chairman Nigel Baptiste spoke of the promise fulfilled and vision realised. He said the opening of the Lethem branch is a clear demonstration of the bank’s continuing commitment as a partner in the economic and financial development of all corners of Guyana.
Lethem residents will have access to a wide range of financial products and services including: deposit and checking accounts, electronic banking, various forms of lending, and foreign exchange and money transfer facilities.
“Our vision for expansion and accompanying strategies are strongly aligned with the trends shaping the local, regional, and global economies. Among local developments are increased opportunities for homeownership and expanding small and medium businesses…,” Baptiste pointed out.
Republic Bank’s ties with Guyana date back to 1836; it was the first commercial bank to start business in the colony of British Guiana, the first indigenous commercial bank, and the first bank owned by the indigenous private sector.
