| Guyana’s financial institutions have remained strong despite regional and external developments - Finance Minister |  |  |  |
| Written by GINA | |
| Sunday, 20 October 2013 20:27 | |
FINANCE Minister Dr Ashni Singh speaking at the opening of the Republic bank’s Lethem branch on Saturday noted that government has long recognised that a strong, well-managed, well-regulated, vibrant and dynamic financial services sector is critical to the economic health and well-being of Guyana as such it has sought to ensure the establishment of a strong legislative and regulatory framework.
He added that the administration is happy that the sector has responded in the very positive way that it has, as he joined residents of Lethem, Region Nine (Upper Takutu/Upper Essequibo) to officially welcome a Republic Bank branch at Manari Road. The  The spanking new Republic Bank Lethem branch “Today we see a financial services sector that has proven that it is well-managed with sound, stable and strong institutions, and it is no accident that at a time when the global and regional economy have been put to the most severe test in living memory, financial institutions operating in Guyana have withstood the regional and external developments, have remained strong and have been an outstanding example,” Dr Singh stated. He said that Republic Bank is a regional leader in financial services across the Caribbean, and since its entry in Guyana it has contributed in a very significant way to raising the standards in the country’s financial services sector, introducing new products, improving quality of service and improving access to services across the 10 administrative regions. “The Bank is a valued and respective member of the corporate community; it is an important member of the financial services sector, an important employer and provider of services,” Dr Singh posited.  Finance Minister Dr Ashni Singh (right) and Republic Bank’s Managing Director, John Alves on a tour of the Lethem branch Construction of the $185M edifice began in November 2012 and it will be opened for business from today with a staff complement of eight highly-skilled professionals. Officials from the bank, as well as the minister, spoke of Guyana’s bright economic prospects which the banking sector and other investors have recognised and are responding to favourably. The financial services sector by itself,can contribute significantly to the growth and development in the economy by improving access to financial services. Republic Bank’s Managing Director, John Alves said that the decision to extend their services to the Region Nine community was guided by their strategic plan for continued expansion. Meanwhile, Chairman of the bank’s board of directors, Nigel Baptiste spoke of a promise fulfilled and vision realised. He said that the opening of the Lethem branch is a clear demonstration of the bank’s continuing commitment as a partner in the economic and financial development of all corners of Guyana. Lethem residents will have a wide range of financial products and services including: deposit and checking accounts, electronic banking, various forms of lending, and foreign exchange and money transfer facilities. “Our vision for expansion and accompanying strategies, are strongly aligned with the trends shaping the local, regional and global economies. Among local developments are increased opportunities for home ownership and expanding small and medium businesses…” Baptiste pointed out. Republic Bank’s ties with Guyana date back to 1836, as it was the first commercial bank to start business in the colony of British Guiana, the first indigenous commercial bank and the first bank owned by the indigenous private sector.
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| Last Updated on Sunday, 20 October 2013 20:31 |
