Republic Bank to open new state of the art branch
By Chamanlall Naipaul
Guyana Chronicle
February 28, 2007
REPUBLIC Bank is set to establish a new state of the art branch at Camp and Robb Streets in Georgetown through the injection of some $1.3 billion -- an indication of its intention to remain in Guyana and to do so with integrity, Managing Director Michael Archibald said yesterday.
To mark the official launching of the project, Finance Minister, Dr. Ashni Singh turned the symbolic sod at a simple ceremony witnessed by officials of Republic Bank and representatives of the private sector.
In the feature address, Singh asserted that the initiative taken by the regionally-based Republic Bank is an expression of confidence in the future of the Guyanese economy.
According to the minister, the activities within the banking sector are a “barometer” to measure economic development and the move by Republic Bank to venture into such a massive investment is cause for much optimism, and in accordance with the government’s emphasis on developing a strong, robust and modern financial system.
In this respect, he acknowledged the 4.7% growth in the economy last year with an inflation rate of 4.2%, but noted that very importantly was the significant increase in loans/advances to the private sector to the tune of 16.7% over the previous year.
He added that this increase was not due to increases in lending to the traditional sectors but there were increases of 11% and 24.5% to the services and manufacturing sectors respectively, and this augurs well for the future.
Singh also said that the response from the private sector has been encouraging.
He reiterated the government’s commitment to work with the financial sector to modernise it and recalled that the administration in recent times has passed several pieces of legislation to further advance the process of building a modern and robust financial system. These, he said, included the Bank of Guyana Act, the Financial Securities Act as well as the establishment of the Office of the Commissioner of Insurance.
This, he added, has led to closer supervision of the financial sector and the laudable practice of greater collaboration between the Bank of Guyana and commercial banks in the regulation of this sector.
The minister noted that apart from the $1.3 billion being a tangible and direct investment in the local economy by Republic Bank, it has significant relevance to local firms, observing that Republic Bank has been relying on local contracting companies and commended the bank for adopting such a policy.
In the context of the Caribbean Single Market and Economy (CSME), Singh said the project is an example of intra-regional investment which is one of the benefits of the integration process. He pointed out too that the bank has been involved in rotating its staff around its various regional branches which provides Guyanese professionals with additional exposure to the business world.
Archibald said the project had its genesis in the growth and success of the bank and its commitment to providing an improved quality of service to its customers.
He explained that its branches at Savage, Camp and Water Streets are now incapable of providing its customers and staff with the necessary level of comfort and, for two years, the bank had been looking for a suitable site to establish a new branch which would boast modern state of the art facilities and provide the requisite level of comfort to both its staff and customers.
Eventually, a deal was clinched with the A. H & L. Kissoon firm for the purchase of the Camp and Robb Street site.
Archibald expressed his gratitude to both staff and customers for their “immeasurable patience” in putting up with the discomforts at the various branches.
The Managing Director said the construction period of the new banking facility is 14 months and it is expected to be up and running during the first half of next year.