Citibank, the New York, USA-headquartered consumer division of financial services multinational, Citigroup is exploring establishing a presence in Guyana says Minister of Foreign Affairs Dr Karen Cummings.
A delegation from Citibank yesterday paid a courtesy call on the Foreign Affairs Minister who later said that that her government would be pleased about the investment.
“They are on an exploratory mission. We spoke on different issues, and foreign investment. We are for that,” Cummings told Stabroek News yesterday, when contacted.
“They are coming to see what the prospects are. They have a branch in Trinidad and we are close by. Some of the persons were from that Trinidad office and others from the US. Right now with how things are and now the oil and gas, the hub is here,” she added.
Citibank setting up here could be a huge development for Guyana and the region which have seen an exodus of US and Canadian banks in a drive to de-risk their portfolios from the threat of money laundering, terrorist financing and other issues.
The banking sector here has experienced major issues with correspondent banking with the US because of the de-risking drive. This has increased the cost of transactions and introduced delays.
The presence of a US bank would also significantly boost competition in the industry.
A statement from Cummings’ office said that over the past two days the Citibank delegation has met with representatives from the public, private and banking sectors in Guyana.
“We are happy and encourage foreign investors. If they want to set up a Citibank we are happy for that,” Cummings said as she stressed that it must first be in the interest of Guyana.
On the company’s website it boasts of its massive portfolio spanning several continents and its active presence in over 100 countries.
“Citi’s Institutional Clients Group is comprised of diverse, talented professionals globally located in more than 100 countries and jurisdictions and territories, collectively representing an unparalleled international network of financial skills and capabilities serving targeted clients,” the company says.
“Our clients are top corporations, financial institutions and governments in countries and jurisdictions around the world and our mission is to help them achieve their goals. We do so by providing strategic, financing and operational insights and executing tailored product/service solutions, both across our borders and domestically,” it adds.
It states too that its Institutional Clients Group is organized into four groups: Banking, Capital Markets and Advisory, Markets and Securities Services, Private Bank and Treasury and Trade Solutions.
“No other institution can match our combination of global insights, client relationship management services, geographic reach and local and cross-border product expertise,” the bank states.
