Republic Bank has what it takes to propel Guyana’s growth

– Jagdeo tells commissioning ceremony for bank’s branch at Diamond

President Bharrat Jagdeo said Republic Bank (Guyana) has what it takes to support the government’s vision for a prosperous Guyana. He made this remark as the bank’s branch at Diamond, East Bank Demerara was being officially commissioned. “The bank will have a special place in Guyana and the future of Guyana,” he declared. 

“It’s a bank that has tremendous knowledge of another market we are trying to break into.” This market, Jagdeo explained to the audience seated on the lawns of the half-billion-dollar modern facility, is one of capital, expenditure and technology. These, he believes, are key assets that can help the implementation of government’s strategic vision for Guyana. 

“We have identified several growth poles that we think, if implemented, would catapult Guyana into a new era of prosperity never seen before in this country,” he revealed. According to him, this will provide significant income for investors and, more importantly, better opportunities for locals. 

Jagdeo further stated that the foundation is being laid for this prosperity, as the public and investors are confident that the administration will put in place the necessary policies that will allow them to make decent profits. 

A prominent feature of government’s strategic vision is the acquisition of capital to push a new wave of investments, the head of state disclosed. “We can find some mechanism to tap into private capital in Trinidad and Tobago and combine with huge opportunities in Guyana that often languish because of the lack of capital,” the president pointed out. His visits to Trinidad and Tobago, Brazil, China and countries in the Middle East were aimed at pushing this cause. 

He lamented that the size of the local private sector prevents it from taking on “the new projects of the future”. As such, foreign investors or external partners are needed. 

The second growth pole in the administration’s plan is to bring Guyana closer to Brazil and have this country truly serve as the gateway to the Caribbean for the South American giant. According to Jagdeo, Guyana’s plan is to expand Caricom’s frontier in the south through its integration with Northern Brazil. 

He believes that such a move could attract millions of people from the local and regional markets. 

The third growth pole is linked to the agri-business sector, Jagdeo disclosed while lamenting the downward spiral in the progress made in the region on food security.

“We have to ensure security in this region. Guyana has to provide that link,” he stressed. 

As such, he said, moves are already being made in this direction, with several Caribbean countries placing emphasis on “large scale plantation-type” agriculture. 

This will require financing, and the president believes that Republic Bank can be instrumental in providing the necessary connection. 

“These are three areas that I think Republic Bank has a special advantage over other players… who may not have that expertise in the Trinidadian market because they’ve not operated there.” 

Expansion influenced by confidence

Meanwhile, Chairman of the Republic Bank, David Dulal-Whiteway, revealed that branches in Lethem and the East Coast of Demerara are on the cards.

He noted that the bank’s increased investment is a demonstration of confidence in the Guyanese economy and the great potential for the country’s future. “Expanding our network is one thing. Our number one priority, however, has always been reaching out to engage and uplift the communities we serve,” Dulal-Whiteway pointed out. 

Managing Director of Republic Bank (Guyana), John Alves, in delivering the opening remarks, said the bank’s decision to move to Diamond was guided by its strategic plan of expansion to serve a growing customer base. 

Some of its services include retail and commercial deposit and credit facilities, residential mortgages, foreign banking services and electronic banking. 

The automated teller machine (ATM) facility is outfitted with two machines. To celebrate the opening, new customers of the branch will receive special giveaways while stocks last. 

These new customers will also be eligible for monthly prize wins over the first three months. Just two weeks ago, the Guyana Bank for Trade and Industry Limited (GBTI) opened its branch, situated right next door to this new entity.