Prompted by residents’ pleas…
-Government’s plans for East Bank also taken on board
REPUBLIC Bank (Guyana) Limited, in response to the appeals of its customer base and in an expression of confidence in Government’s housing drive, launched its newest branch, located at Diamond on the East Bank of Demerara, in the latest demonstration of the rapid urbanisation of this growing community. The Bank, which will commence operations tomorrow, had its ceremonial sod-turning on August 27, 2009, with construction commencing in March of the following year. On December 31, 2010, the Bank received its Operating Licence. It will be staffed by a complement of 15 persons, and will offer the same products and services as all of its branches, inclusive of retail and commercial deposit and credit facilities, residential mortgages, foreign banking services and card business, electronic banking, Online, telephone banking and automated teller machines, and safety deposit and night depository services.
The new Bank promises customers a spacious, modern and comfortable environment, while providing every available banking service. “Customers are assured that this new branch would give them the same friendly and efficient service that would be provided by a team of highly-skilled professionals,” banking officials said in a brochure distributed prior to the commencement of the formalities.
Speaking at the opening, President Bharrat Jagdeo said: “I wish to congratulate Republic Bank for this milestone. I know that the Guyanese public is accustomed to having very high standards [from this Bank]… and that they will continue to meet those standards at Diamond as they seek to bring better services to people.”

Forging linkages
He said that Republic Bank will always have a special place in Guyana. “It is a Bank that has tremendous knowledge of another market that we are trying to break into; a market for capital expertise and technology as we move to implement our strategic vision for Guyana. And for you to understand what I mean, I need to outline how closely our strategic vision could be aligned to the Republic of Trinidad and Tobago, and the special knowledge that Republic Bank [has] because of its extensive asset base in that economy,” the President said.
“We need partners from abroad through equity and through greater access to financing, and Republic Bank can be the conduit for channelling, first of all, the confidence that you have in Guyana to that market, and helping us to structure the deals that will be part of this glorious future,” he added.
Noting that it is only a matter of time before Guyana, like Trinidad and Tobago, boasts its own gas and oil and gas industry, President Jagdeo said: “We don’t have any expertise to develop this sector and monitor it the way we should. We started building capacity, but for the first five years, we will have to import everything needed, inclusive of services and capacity, and the best place to do this from is Trinidad and Tobago.”
Besides noting that the spinoff services that will be needed for that sector will also require financing, the President said that another plan of the government is to bring Guyana closer to Brazil and expand the market we already have with that country.
“In the Caribbean, we have about six million people; about 15 million if you include Haiti. We can’t grow the numbers significantly, but we can grow our chances of making money through increasing disposable income or through the partnerships, extending the reach of our borders through structured trade deals and through structured integration arrangements. This is what Guyana is seeking to do; to extend CARICOM’s frontier in the south through our integration with northern Brazil,” he said, adding:
“We will bring in a few million people into our market area… And for Trinidad and Tobago, with its aggressive manufacturing sector, I think that they need that as much as we do to expand production.”
According to the President, companies in Trinidad and Tobago are looking to Guyana to be the bulwark for accessing the Brazilian market, and that Republic Bank could help to generate interest and provide the connection to investors in this regard.
Said he: “There are several other areas, but these are three that I think Republic Bank may have a special advantage over [its competitors] who may not have the expertise in the Trinidadian market because they have not operated there. I anticipate that Republic Bank could become this important conduit to sell our vision abroad, particularly in the markets where they are active, and also bring the capital in.”

Banking closer to home
Managing Director, Mr.  John Alves, told invitees to the opening ceremony that the event brought to fruition a process that commenced in October 2007 with a vision, which was advanced in July 2008 “when our Board of Directors approved the purchase of the 1.5 acres of land on which this $560 million facility was built.”
Republic Bank’s decision to establish a presence in the Diamond community, Alves said, was primarily guided by its strategic plan for continuing expansion to serve its growing customer base. “We were further prompted by mounting appeals from our customers along the East Bank for the convenience of a Republic Bank presence closer to home,” he said.
Further, he said, the Bank continues to be supportive of, and have confidence in, the Government of Guyana’s plans for the East Bank, particularly those having to do with infrastructural and social development, “some of which are already evident for this burgeoning community.”
Alves said the Bank sees itself joining with the residents and entities to aid and support the personal, business and community growth potential, “and further solidify our relations with our stakeholders in this community and its environs.”

Bank of choice
When the branch opens its doors to the community tomorrow, he said, it will be looking forward to being the bank of choice for every banking need at every level. “The community will also find our seasonal campaigns and customer incentives very exciting,” Alves said, adding that there will be special giveaways for every new customer of the branch – that is while stocks last – as well as monthly prizes over the first three months for several lucky customers, with every new customer becoming eligible for a prize draw.

East Coast/Lethem branches coming
Also speaking at the opening was Chairman of the Republic Bank (Guyana) Limited Board of Directors, Mr. David Dulal-Whiteway, who noted that in recent years, the Bank has opened new facilities in Georgetown, Vreed-en-Hoop and Anna Regina, and announced the coming of some new ones.
“… we have upgraded our branches at Linden and Berbice, [and] even as we bring our signature service to the East Bank community, I am pleased to say that our expansion plans continue apace. East Coast Demerara and Lethem branches are on the horizon,” Dulal-Whiteway said.
Calling the Diamond edifice more than just a state-of-the art branch, he said what the Bank is doing in essence is building a bridge that connects the people of the East Bank to their money and lifework “to their business and to us, with the assurance that we will safeguard it.”
He said the Bank’s ‘Number One’ priority has always been to reach out to engage and uplift the communities it serves. “That is why we are here today. While we can look at today as a landmark achievement in Republic Bank’s expansion drive, this new branch symbolises our desires and aspirations to serve you better,” the Chairman said.