The Guyana Bank for Trade and Industry (GBTI) yesterday officially commissioned its Diamond branch, while promising to transform the banking sector along the East Bank of Demerara with its delivery of additional modernized services.
The $700 million facility is located directly opposite the East Bank Demerara Regional Hospital and both President Bharrat Jagdeo and Finance Minister Dr Ashni Singh hailed the bank for extending its services across the country during a simple ceremony.
Explaining the timing of the commissioning to a sizeable gathering, which included government ministers, members of the private sector and bank customers, GBTI Chief Executive Officer (CEO) John Tracey said the bank had several other important projects ahead. He noted that on January 17, GBTI will begin construction of its permanent Lethem premises. He added that the bank is hoping to take full advantage of the government-funded fibre optic cable from Brazil, which he said will allow the bank to roll out its services online to residents there.
Tracey also disclosed that on January 24 the bank hopes to roll out its Trade Finance Facility, which has been made available through a partnership with the private sector arm of the World Bank, the International Finance Corporation (IFC). A Trade Finance Facility provides a mix of normal commercial lending with specific Trade Finance under one lending facility and permits a customer to choose the most appropriate and cost effective borrowing mechanism in light of payment terms with buyers and suppliers.
Regarding the establishment of the Diamond branch, Tracey said GBTI believed in having a presence in a community to signify that it was a part and to contribute to its wholesome development. He underscored the bank’s commitment to providing dependable services to the community while contributing to sports, cultural, social and other forms of development. He pointed to the establishment of two tennis courts in the compound of the new facility, which will be made available to youths in the community.
Chairman of the bank’s Board of Directors Robin Stoby said that this latest investment is further testimony of GBTI’s commitment to development across Guyana. He said the bank was the first to respond to the needs of 50,000 residents and business owners along the East Bank when it established its branch at Providence in 2007. He said that the bank then proceeded to establish a temporary branch at Grove in November 2008, before establishing the Diamond branch.
The Diamond facility includes a drive-through ATM service, Stoby said, in addition to Safe Keeping and Commercial Deposits facilities. He announced that up until February of next year, there will be a waiver of bank charges (such as the ATM charge) at the facility as well as a lower safe deposit locker fees for the first year.
Stoby also announced the bank’s “Green Loans” initiative, which is geared towards financing low carbon products and services. Under this instrument, customers could borrow in excess of $50 million with a five-year repayment plan. Such financing, Stoby said, is available for solar energy products, water treatment recycling plants, water filters, hybrid motor engines, energy saving appliances, and wind powered projects. The interest rate is 8 to 11 percent per annum and there will be a 25 percent discount on lending services fees.
Hailing the bank as a “proactive corporate citizen,” Finance Minister Dr Ashni Singh said that GBTI has taken a lead role in pursuing developmental opportunities locally. He expressed optimism that the bank will make a huge contribution to the community and to the fast-growing East Bank region. Noting that the bank has grown significantly over the last few years, the minister said that this is undoubtedly due to the performance of Guyana’s economy which has experienced steady growth since 2005.
During his feature address, President Jagdeo commended the bank for its most recent construction and for the services it has offered to the country’s citizens, particularly with its Women of Worth (WOW) initiative. However, he questioned why similar initiatives were not taken to the East Coast of Demerara, where for lengthy stretches there are no banking facilities, despite the dense population. He urged banks to consider constructing banking facilities along the East Coast particularly in areas such as Mon Repos, Enmore, Buxton and Golden Grove with equal enthusiasm as they are currently building along the East Bank. He suggested too that there may be need for an agreed protocol among banks to ensure that their efforts are spread. Republic Bank and Demerara Bank are also slated to open branches at Diamond shortly.
Meanwhile, Jagdeo also appealed to the banks in the Diamond area to pool resources to build a lighted walkway along the road so as to improve the aesthetics of the area.
GBTI’s Diamond branch has been operational since the 18th of this month and currently has 10 employees. The building also houses the insurance companies Nalico/Nafico.
Earlier this year, GBTI commissioned its $2.6 billion Kingston corporate office.
During yesterday’s commissioning ceremony, Stoby presented four treatment beds to Health Minister Dr Leslie Ramsammy for use at the East Demerara Regional Hospital. The bank also pledged to provide the hospital with an ambulance.
