At Saturday commissioning…
CHAIRMAN of the Board of Directors of Guyana Bank for Trade and Industry (GBTI), Senior Counsel Robin Stoby said, Saturday, that the institution aims to make visionary leadership, hard work, customer service and the constant introduction of new products and services the hallmark of its operations. At the same time, it would ensure that all Guyanese enjoy the best in banking convenience, he told the gathering at the commissioning of its new corporate office in Young Street, Kingston, Georgetown.
Mr. Stoby said the bank has been working to build itself as the premier one in the country. “Today represents the culmination of a major stage of that vision.”
He continued: “GBTI is conscious that the future carries new and different challenges, thus we have adopted this strategy to be able to be in a position to better address the financial and other business needs of local industry and maintain the bank’s leadership in the local financial sector.
“This corporate office, ladies and gentlemen, comes at an appropriate time, in terms of the future prospects and needs of the business community and our country and represents an achievement of the strategic plan laid out by the Board for involving the bank as a strong financial player in the country’s growing economy.”
Stoby pointed out that the bank is an approved mortgage lender under the Government’s Low Income Mortgage Loans and has disbursed $500M, for that purpose, since 1995.
He recalled that, in 2007, the bank administered the important $1.8 billion European Union (EU) rice financing facility aimed at increasing the efficiency and sustainability of that industry, which accounts for nine per cent of this country’s total real Gross Domestic Product (GD) that was, at the end of 2009, the third largest earner of foreign exchange.
Stoby said the bank was approved as a small business lender under the Government’s Small Business Financing Programme and has just launched the $500M ‘Women of Worth’, the acronym of which is WOW.
He also recounted: “We have done so in meaningful partnership with the Ministry of Human Services and Social Security, to give single parent women access to finance to start their own businesses.
“We launched our Biennial Business Conference in 2006 and continued it in 2008 as part of our move to bring the business community of Guyana to the economic policy makers in order that there could be meaningful discussion on ways of facilitating growth.”
He said GBTI introduced, for the convenience of its customers, the Visa Travel Debit Card in 2006; the Visa and Local Dollar Credit Card in 2007 and the Quick Cash Local Dollar Prepaid Card in 2008.
The bank opened the Lethem, Rupununi and Providence branches in 2006 and the Grove branch, also on East Bank Demerara in 2009 and Stoby said branching remains the pillar of GBTI’s development strategy.
He said the bank has taken bold steps to desist from operations out of rented premises, with the establishment of full service buildings that are landmarks in their communities and offer enhanced comforts and convenience to customers.
Stoby added that renting premises at Grove and Lethem will be discontinued to make way for full service facilities being constructed.
According to him, the Lethem operations are part of a broad strategy in offering businesses there opportunities to tap into what is available for trade with the Brazilian market and other business relations with Guyana.
Stoby said, with GBTI’s network and its corresponding relationship with commercial banks in Brazil, it is gearing to break into the largely untapped market.
“Our financial strength is a direct result of our core philosophy…a steady, disciplined approach of managed growth, prudent business decisions and responsible lending practices, supported by a remarkable team of professionals.”
He said the bank’s assets totalled $59 billion while capital reserves stand at $6 billion, as at June 2010.
“Since opening our doors in 1987, we have rapidly grown to become one of the healthiest and most successful banks in Guyana, in terms of growth and profitability,” Stoby boasted.