Residents of Williamsburg (East Berbice-Corentyne) can now conduct transactions at Republic Bank (Guyana) Limited’s new $1.2 billion facility which was unveiled yesterday by Head of State Irfaan Ali during a ribbon-cutting ceremony.
Trinidad-based Republic Bank’s Chairman Nigel Baptiste and Managing Director Stephen Grell said that the Williamsburg facility, which is the largest of its kind in Berbice, is approximately 14,700 square feet and is geared at providing the highest quality of service in Region Six.
Grell informed that the new branch is outfitted with solar energy panels, wheelchair accessibility, a spacious parking lot, and other state-of-the-art facilities.
According to Baptiste and Grell, Republic Bank (Guyana) Limited is one of the longest-operating financial institutions here with approximately 186 years in existence in its various incarnations and is working assiduously to deliver efficient and user-friendly services.
President Ali in his feature address said that the new branch will complement the growing economic landscape and needs of Region Six. He congratulated the banking institution for its significant achievement and noted its importance, especially since the state and the private sector will be investing billions of dollars towards the economic development of the Berbice region.
The President observed that the banking sector here is still old-fashioned even though there is sufficient liquidity to capitalize on. He also noted that several banks are utilising digital platforms to conduct banking services and transactions, and suggested that others follow suit to keep pace with the constant and rapid evolution of technology.
Commercial banks, he urged, must divert to electronic-based transactions instead of being cash-based.
“We have to find a way, an innovative mechanism that we deploy to tap into the liquidity that exists in the system, there is more room for improvement when it comes to modernizing the services at many banking institutions. Persons should be transacting their businesses more efficiently since we see how technology is advancing rapidly, commercial banks must gravitate more to electronically based transactions rather than cash-based.”
Ali is of the belief that these mechanisms once utilised in the right way, can propel banking institutions in the direction of having sophisticated methods of transactions, which will attract more investments from global and commercial banks. While acknowledging that the banking sector is solid, he was adamant that local commercial banks can stimulate further growth in the economy by supporting more investments.
The President said that the banking sector’s return on equity at the end of 2023 was 15.1% while the return on assets was 2%, and according to him, these figures have exceeded the statutory requirements.
Republic Bank has approximately 12 branches namely Anna Regina, (Region Two); Diamond, (East Bank Demerara); New Amsterdam; Rose Hall; Linden (Region Ten); Lethem (Region Nine); Vreed-en-Hoop (Region Three), Camp Street ( Georgetown); Water Street (Georgetown); Triumph (East Coast Demerara); D’ Edward (Region Six); and Corriverton (Region Six).
Republic Bank (Guyana) Limited registered $4.91b in after tax profit for the year ended September 30, 2023, $627m or 14.6% above the previous year’s figure.
According to the bank’s audited financials Baptiste said that the bank had recorded a “strong performance” and as a result the board has recommended a final dividend of $1.575b ($5.25 per stock unit).
