Republic Bank (Guyana) Ltd yesterday joined the growing group of billion-dollar developers with the turning of the sod for its $1.3 billion bank at Camp and Robb streets.
Set for completion in the first half of 2008, the two-storey building to house the bank’s Camp Street branch is expected to enhance the downtown area. The site of the new branch, adjacent to Republic Bank’s current Camp Street branch was the former AH&L Kissoon Furniture Store which was gutted by fire six years ago.
The decision was taken to build a new bank, Managing Director Michael Archibald said in his opening remarks, because it was recognized that growth and success rested on quality and a secure environment for customers.
Several years ago, the bank also recognized that both the Camp Street and Savage Street branches had outgrown their premises. Archibald said that in the case of its Savage Street location several upgrades to the infrastructure did not alleviate the frustration felt by customers.
A search for a suitable location began and last year a deal was struck with the Kissoon group, a long-standing customer of the bank, to purchase its plot.
This new facility will also ease congestion at the Water Street branch, since the Commercial Credit Unit there will also be relocated at Camp Street.
K R S Construction Co Inc of 124 Barima Avenue, Bel Air Park will put up the building and a representative of the company told Stabroek News yesterday that at any given time 60 persons would be working at the site. Local engineering firm Minelli of New Market Street is also among the contracted firms.
Finance Minister Dr Ashni Singh referred to the cost of the building during his feature address; and in an interview, Archibald confirmed the sum, adding that it also included the furnishings.
The construction, he noted, solidified the bank’s commitment to staying in Guyana and providing a quality service.
Minister Singh in his address described the venture as “extremely exciting”, “a very good sign” and as “an extremely important and positive development.”
The government, he said, has sought to create and sustain a favourable and conducive environment for the private sector. He cited several financial laws and the opening of the Commercial Court mid last year, while admitting that significant work still remained.
The increased lending by commercial banks in sectors like services and manufacturing was lauded by the minister and he urged that the underlying factors of this growth be studied.
Singh said Republic Bank was at the forefront of building its capital stock, with its New Market Street headquarters already contributing to modernizing the landscape. The cost of the new branch has surpassed the headquarters’ price tag.
He also posited that the investment was a signal of the confidence that the bank has in the future of Guyana.
Over the years, the sector has seen accelerated growth in technology, such as debit cards and credit cards offering international connectivity through Automated Teller Machines worldwide.
These developments, Singh said, augur well for economic performance and send extremely positive signals as the country moves forward.
Referring to the architect’s depiction of the glass-surrounded exterior of the building, Singh said that this “modern world class facility” would transfer the operating environment of the staff, customers and the environment. The property values of Camp, Robb and Regent streets are also expected to be enhanced with the completion of the facility.
Managing Director of AH&L Kissoon, Hemraj Kissoon said his company bought the site in 1957 and owned it until last year. AH&L Kissoon, he said, was pleased that a modern facility will be placed at the site. He also announced the impending upgrading of Kissoon’s Furniture Store across the street at the cost of US$1 million. He emphasized that with the bank being built additional impressive structures will add to the overall environment.
Prayers were said by representatives from the Christian, Muslim and Hindu religions, before the finance minister turned the sod.
