NBS commissions new Gy$700M HQ

The New Building Society multi-million-dollar head office was Friday commissioned by Head of State Donald Ramotar at a lavish ceremony held at the North Road and Avenue of the Republic location.
In attendance at the commissioning ceremony were former President Bharrat Jagdeo, Finance Minister Dr Ashni Singh, Labour Minister and Immediate Past Chairman of NBS Dr Nanda Gopaul, and other top officials of the bank.
President Ramotar said the opening of state-of-the art financial institution signals a growing demand for its services. He posited that the Society’s outstanding achievement has allowed it to remain as the foremost loaning agency in the country, noting that its physical expansion would take the Society to higher heights.
The president noted that the great demands for loans from the Society are linked to government’s effective housing drive. Since 1992 to date, he said in excess of 70,000 house lots have been regularised and distributed to ensure that Guyanese dreams of owning their own homes are made a reality. Despite the struggles and the fights, President Ramotar noted that this vibrant housing drive will continue as he disclosed plans to establish a new housing scheme with more than 1000 house lots.
Jagdeo applauded the executive body and staff of the New Building Society on the acquisition of the building. He noted that the facility was made possible by visionary leadership which will lead to greater growth in NBS’s financial status.

“The visionary leadership also had to be complemented with a characteristic that is vital in Guyana today – that is, the will to fight for what you believe in. I know that the assault that the Society came under, particularly when they had planned to expand this Society and take it out to rural communities and to change it to a more service-oriented organisation – the assault the Society came under from people who were vindictive, but they persevered,” he said.
Jagdeo stressed that the Society has maintained its strength and remains committed to Guyana, as its people stand to benefit tremendously.
The idea to relocate the NBS headquarters to Lot 1 North Road and Avenue of the Republic was conceived in 2005, but it was only in January 2009 that the turning of the sod took place before the commencement of construction by contractor Brian Tiwari. On April 17, the building was opened to the public for business.
Minister of Finance, Ashni Singh in his remarks said that the government has long recognised the importance of a vibrant, strong, well-managed financial system and how critical such a system is to the overall economic health of the country and the economic well-being of Guyanese.
“For this reason, over the years, we have spared no effort in ensuring that the critical prerequisites for such a strong financial system are in place… these prerequisites are well known and include an appropriate legislative environment,” Dr Singh said.
He added that strong legislations are in place because of a deliberative effort to ensure that the fundamentals are in place, along with strong and effective supervisory capability residing in the Central Bank.
“We have seen a manifesting of prior expectations of a close correlation between this strong financial system and vibrancy in the economy as a whole and, indeed the correlation between things like growth in home ownership and national prosperity,” the finance minister said.