Former Senior Advisor to the International Monetary Fund (IMF) Asgar Ally says that Guyana needs smaller banks but should also court a large western bank to start operating here if it wants to attract large foreign investments.
In the interim, Ally, who served as Finance Minister under a previous PPP/C administration, says that well-known regional banks, such as the National Commercial Bank of Jamaica (NCB), could also bring big players, while creating competition and more local access to financing.
He believes that Guyana’s projected growth in addition to investment potential from the petroleum sector will attract large investments and will create an environment for positive competition in the banking sector.
