Guyana remains optimistic of Citibank establishing a presence here and has promised the US banking institution to assist in making that a reality, even as the country prepares for another round of meetings in April.
“They are looking at the possibility of opening something here, given the potential and I was able to discuss with them the numerous possibilities here, more so now with oil and gas and they seemed very happy,” Bank of Guyana Governor, Gobind Ganga told Stabroek News.
“They are doing their due diligence…I told them whatever it is that they need or believe they are not clear on that they can contact me,” Ganga added.
He was quick to point out that Citibank is not a retail bank but may be looking at “providing funding to government institutions and things like that”.
The Bank of Guyana Governor said that he was pleased by the interest shown by Citibank in this country and offered help because Citibank has stood behind it, especially the Central Bank, for many years as a correspondent bank, while many others came and left.
“They have always been very helpful to us. They never pulled out as a corresponding bank. And remember, they remained a corresponding bank to the central bank when many others had given up. When Bank of America pulled out of here and everyone else, they stayed and have always been very helpful,” he said.
Last week, Minister of Foreign Affairs, Dr. Karen Cummings, said that Citibank, which is the New York, USA-headquartered consumer division of financial services multinational, Citigroup is exploring establishing a presence here.
A delegation from the bank had paid a courtesy call on the Foreign Affairs Minister during their visit.
The Citibank delegation had, according to the ministry, also met with representatives from the public, private and banking sectors in Guyana.
“We are happy and encourage foreign investors. If they want to set up a Citibank we are happy for that,” Cummings said as she stressed that it must first be in the interest of Guyana.
Cummings later said that that her government would be pleased about the investment. “They are on an exploratory mission. We spoke on different issues, and foreign investment. We are for that,” she had told this newspaper when contacted.
“They are coming to see what the prospects are. They have a branch in Trinidad and we are close by. Some of the persons were from that Trinidad office and others from the US. Right now with how things are and now the oil and gas, the hub is here,” she added.
Citibank setting up here could be a huge development for Guyana and the region which have seen an exodus of US and Canadian banks in a drive to de-risk their portfolios from the threat of money laundering, terrorist financing and other issues.
The banking sector here has experienced major issues with correspondent banking with the US because of the de-risking drive. This has increased the cost of transactions and introduced delays.
Another meeting with Guyana’s banking officials is scheduled for April, on the sidelines of the International Monetary Fund (IMF)’s Spring meeting, scheduled to be held in Washington D.C.
The Spring Meetings of the Boards of Governors of the IMF and the World Bank Group (WBG) are said to “bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, representatives from civil society organizations and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.”
Guyana’s Central Bank Governor is excited to meet the Citibank team again, although he says that he is not yet sure of the extent of operations the institution has planned.
