Bank of Baroda opens second branch – signal of confidence in Guyana’s prospects – PM

Written by GINA

Monday, 26 March 2012 22:09

Source - Guyana Chronicle

Finance Minister, Dr. Ashni Singh and Prime Minister, Samuel Hinds seated with senior officials of the Bank of Baroda and the banking sector in Guyana, along with staff members of the Bank standing at back.

FORTY-SIX years after the establishment of the Bank of Baroda in Guyana, a second branch has been opened at Mon Repos, on the East Coast of Demerara.

After cutting the ribbon to declare the branch officially open on the bottom flat of the Mon Repos Mall, Prime Minister, Samuel Hinds said that the Bank of Baroda will now be seen as being fully integrated in Guyana.

He explained that initially, it would not have been unreasonable for Guyanese to think that the Bank was seen as catering only for Indian nationals and persons of Indian origin in Guyana, who were business-oriented. While this was not so, PM Hinds expressed pleasure at the commitment of the Bank to open its doors to welcome all Guyanese, through the establishment of the Mon Repos branch.

The Prime Minister noted also that the new branch signals a vote of confidence in the economic prospects of Guyana.

“It is a response and an indicator to the growth and development that has already taken place, and will also contribute to continued growth and development of our country.“

The new branch of the Bank of Baroda on the bottom flat of the Mon Repos Mall on the East Coast Demerara

Finance Minister, Dr. Ashni Singh, in his presentation, noted that the Bank of Baroda has been in Guyana for all of its independent life. He pointed that this fact is not insignificant, since it shows that Bank of Baroda has identified Guyana as a potential source of growth and as an important extension of its development.

“It should be a matter of pride and satisfaction to Guyana that the decision-makers of the Bank identified, so many years ago, our country as a centre of growth and opportunity,” said Dr. Singh. He commended the Bank for staying with Guyana through the most challenging years of its economy, and for recognising the work done in the financial system.

Dr. Singh also noted that Baroda responded swiftly on discussions on expansion one year ago, and in recognition of the vast developments on the East Coast of Demerara.

Meanwhile, Managing Director of the Bank, Dr. P. K. Kala, gave the assurance that the best kind of international banking facilities will be available at the Mon Repos Branch, while Chairman of the Board of Directors, Mr. D. Trivedi, noted that the Bank itself, despite global financial turmoil, has shown consistent growth rate.

He expressed confidence that the expertise and experience of the Bank will be used towards the development of Guyana and its people, and called on all Guyanese to be part of the Bank.

The new branch was established through an investment of between $40M to $50M, which includes the payment of five months rental to the Mon Repos Mall. Initial banking services will begin with six staff.

Last Updated on Monday, 26 March 2012 22:11