–President Ali says as multimillion-dollar branch opened at Leonora
–emphasises government’s commitment to expanding local banking sector

HUNDREDS of Region Three residents will now have access to easy banking services following the commissioning of Demerara Bank’s $485 million branch at Leonora.

During a feature address at the commissioning ceremony, President Dr. Irfaan Ali noted that the government has been creating an enabling environment for the local banking sector to expand.

Reflecting on statistics from 2018, the President said: “Banks do not become successful by themselves. It is the policy framework, it is the government, it is the fiscal planning and if you look at one indicator in September 2018, our non-preforming was almost 12 per cent; our non-performing loan now is just three per cent.”

He noted that Demerara Bank Limited (DBL) has positioned itself as a part of the collective whole that will advance the economy.

“I want to congratulate the board and management of this bank for their responsiveness to national development. Every time I throw an idea to the management of this bank, the first response is, ‘We’re coming over.’ And my policy is very open. Once it’s for development, the door is open,” President Ali said.

He further urged the bank’s management to continue advancements through innovation, reorientation and integration.

“These are three things that are elements of success in today’s business. If you cannot innovate, you are going to fail. You have to continuously do what you’re doing better; more efficiently, less costly and easy for the people, but you can’t innovate without reorientating yourself.”

Turning his attention to integration, the president said: “With the modernisation of the financial sector, Guyana must become a major hub for financial services.”

The President noted that in the coming years, the buildings established to support the banking sector will be known as ‘back offices’ as the country pursues newer technologies.

“Two [to] five years from now, these buildings will be converted into what will be known as back offices. You’ll have faceless banks, but you’ll have the people in there; you won’t see them, but they will be doing the important back-office work. But much more important than that, this building will be providing more jobs, because we will create the infrastructure for near-shoring and financial services,” President Ali explained.

Meanwhile, Senior Finance Minister Dr. Ashni Singh said Demerara Bank’s franchise has been on the forefront of private response to the government’s call in creating a booming economy for Guyana.

“You have partnered with this government on every major initiative, whether it be our low-income housing programme, whether it be our forestry revolving fund, whether it be encouraging you to roll out investments to bring banking services to communities that are underbanked,” Dr. Singh said, adding:

“Demerara Bank has been at the forefront of the private sector response to the environment President Ali and his government are creating.”

In brief remarks, the bank’s Chief Executive Officer (CEO) Pravinchandra Dave spoke about plans for greater expansion, as the bank will be celebrating its 30th anniversary in 2024.
With innovation at the centre, the bank will be perusing advance technology to upgrade its services and provide greater efficiency to its customers.

Founded in 1992 and opened for business on November 12, 1994, DBL is the first indigenous private sector bank in Guyana.

At the moment, DBL has nine strategically placed branches around the nation, including a Corporate Office that serves the Bank’s corporate clientele. It also has nine ATM locations, and provides a comprehensive array of commercial banking services.