BOASTING a modern state-of-the-art facility, Citizens Bank on Friday opened the doors of its new $2.5B corporate headquarters and main office at lot 231-233 Camp Street and South Road, with the intention of broadening access to financial services.

With a customer base of over 49,000, Managing-Director of the Bank, Eton Chester, explained that the growing need for expansion led to the realisation that there was need for a new branch. He said that in 2012, this new location was identified and determined to be appropriate for the needs of the financial institution. Citizens Bank commenced operations in 1994.

And on Friday, the bank was successfully commissioned by President David Granger following a ceremonial programme. Chester explained that the 37,000 sq ft building has four floors constructed at a cost of $2.5B. He revealed that the new headquarters boast modern features, including a skyline and a panoramic elevator to cater for comfort of staff and the bank’s increasing client base.

He said that the branch operations will be housed on the ground floor, while the first and second floors will house e-departments, including: credit, finance and treasury, human resource and administration, legal and compliance, internal audit, management information systems, and risk management.

The third floor will accommodate a training centre, a modern space-saving registry, and a staff cafeteria. “The building has raised the bar where corporate infrastructure is concerned,” Chester told the gathering of just over 100.

Confidence
But in examining the impact of such an investment, President Granger posited that this is a reaffirmation of its confidence in the country and a reassurance of the relevance of the sort of service it can render to the banking sector. He described Citizens Bank as an “indigenous bank,” reasoning that it is part of the long lineage of banks initiated by the British Guiana Bank, which was incorporated 180 years ago. That was the start of the banking system, he said.

The President explained that these types of banks have vital roles to play in ensuring that financial services become more inclusive. “Banks have an obligation to be responsive to the needs of all sectors of society. Indigenous banks in particular, have a duty to micro and small-scale enterprises which traditionally have felt excluded and marginalised from the foreign banking system,” he told the gathering.

Referencing the colonial period, he noted that the financial exclusion of large segments of the population from banking services, create social exclusion and social exclusion exacerbates poverty and marginalisation. However, he was keen to point out that Citizens Bank is different.

Having ascribed the title of being an indigenous bank, the President said that the indigenisation of the commercial banking sector provides greater access to financial services; promotes the intermediation of funds through the productive sector; and witnesses the provision of banking services to geographic areas which previously had little to no access to financial services.

As such, he urged that the indigenous banks not become “clones of foreign commercial banks,” but seek to transform the character of their operations by aligning their services to meet the needs of local businesses, and local communities and local entrepreneurs, particularly the micro, small and medium- scale enterprises.

Complementing the efforts of these banks, he said, is the government, which stands ready to support micro, small and medium-sized businesses, because they provide employment; promote innovation and entrepreneurship; empower marginalised groups; generate export earnings; and contribute to improved social accounts, such as the reduction of poverty.

Added beauty
Meanwhile, Minister of Finance, Winston Jordan, agreed with the managing-director, pointing out that the building adds to the beauty of the country and the highly commercialised area where it is situated.

“This is a milestone in the relatively young history on Citizens Bank. Despite being in operation for just over two decades, Citizens Bank has expanded immeasurably, offering an array of banking products, providing a variety of services and competing effectively with the older and more established banks in Guyana,” he said.

The minister described the bank as having become a household name in Guyana, due to the fact that the institution has committed itself to becoming an important player in the financial system. Additionally, he noted that this is testimony to the level of confidence the institution has in the macro-economy.

“In the course of your journey, you have emerged as an efficient and profitable institution. These reasons provide adequate justification for you to move to a more spacious building in addition to better servicing the growing demands of your customers,” Minister Jordan said.

He pointed out too that the structure of the banking sector has evolved over the years to accommodate changes in the economy. One of the most visible changes, he said, is the expansion of local and foreign banks and their branches, which lend credence to the view, that there exist strong institutions in a politically stable and thriving business environment.