The aesthetics of Guyana’s capital has been lifted with a new $2.6B Guyana Bank for Trade and Industry (GBTI) corporate office which opened today in the vicinity of High and Young Streets, Kingston.

            During a grand opening ceremony at the location, President Bharrat Jagdeo officiated with the customary ribbon cutting in the presence of Prime Minister Samuel Hinds, Minister of Finance Dr. Ashni Singh, GBTI’S Chief Executive Officer (CEO) John Tracy, shareholders, management and staff of the bank.
            GBTI credits their new office as a premiere financial institution that is open at a time when the future prospects and needs of Guyanese are high because of the growth in the economy.

The new GBTI Corporate Office at the corner of High and Young Streets

            Among the various services offered by the new corporate office is a drive through ATM which is a popular feature for major banks in the Caribbean.
President Bharrat Jagdeo lauded the Edward Beharry group of companies and other shareholders involved in the new edifice, highlighting the vibrancy in Guyana’s private sector.
“I’ve made it clear that a private sector that has drive, vision and wants to change this country is the private sector that we should work with,” President Jagdeo said as he reflected on the past where the state took hold of most of the economy.

A section of the gathering at the opening of GBTI’s new office

The President dispelled all doubts that the new corporate office outweighs the demand, expressing optimisms that GBTI will “outgrow the facility” within a short space of time.
He believes doubtful sentiments are often held by persons in society who are limited by vision and as such are not interested in expanding the asset base of the country.
“They think our people will not rise to the challenges… so we will not have new malls because our population is too small… we shouldn’t have a big restaurant like New Thriving because people will not go there to eat and we must not have new hotels in the country because people will not stay their. We have to dream bigger, we have to ensure that we are not limited by the past,” President Jagdeo said.
The health of Guyana’s financial system is one which President Jagdeo said is heavily influenced by circumstances at the global level which in recent years have been marked by tribulations.

Minister of Finance Dr. Ashni Singh speaking at the opening of GBTI’s new Corporate Office

He said Guyana managed to maintain stability in the economy throughout the period and today has one of the strongest economies in the Caribbean Community (CARICOM) region despite Guyana investing some of its assets in “toxic” banks abroad.
He called for keen attention to be paid to transactions at the global level, noting that if there are no changes at the global level countries are likely to reinvest in markets that are “toxic.”
GBTI has been playing an integral role in enabling several financial initiatives such as mortgage lending under the government’s Low Income Housing programme, administered the $1.8B rice financial facility and recently partnered with the Ministry of Human Services and Social Security to launch the $500M Women of Worth (WOW) loan facility.
In 2006 GBTI opened its Lethem and Providence branches and a Grove branch in 2009. The banks assets currently total $59B while its capital reserves stand at $6B.

President Bharrat Jagdeo speaking at he opening of GBTI Corporate Office opening ceremony

GBTI’s Chairman Robin Stoby said branching remains the pillar of the bank’s customer service strategy
He announced the upcoming launch of a new Web Banking Service which will allow customers to access banking accounts from the comforts of their own homes.
Minister Singh said GBTI’s success stories stand testimony to the modernisation of the country’s financial sector. He said there was a time in the not too distant past when none of the country’s banks were computerised, there were no issuance of ATM or other cards and services through the telephone and Internet mediums were impossible.
“Today when we go into almost any bank in Guyana we are able to obtain services of the type and quality that you would not only expect to receive in most major financial metropolises. Indeed the transformation that has taken place in our financial services sector is evident for all to see,” Minister Singh said.

Prime Minister Samuel Hinds and Minister of Finance Dr. Ashni Singh witness as President Bharrat Jagdeo joins youths in cutting the ribbon to open the new GBTI Corporate Office

Economic transformation is a goal which Minister Singh said Government will continue striving to achieve simultaneous to efforts to achieve macroeconomic stability.
 He said the country’s exchange rate has been strikingly stable, external debt has been reduced while external reserves increased and there has been a decline in interest rate.
Some of the credit Minister Singh said must be given to the government’s legislative framework such as the Modern Central Banking legislation, Modern Securities Industry Act, Anti Money Laundering and Countering the Financing of Terrorism Act and the more recent Credit Reporting Act.
Minister Singh said the country’s sound financial sector must not be trivialised as he alluded to the many austerity measures taken by larger developed countries such as cutting wages and salaries of the work force.