Republic Bank moves into Triumph with opening of new $1.5B branch

Republic Bank Guyana continues with its expansion drive and on Sunday, the company opened the doors to its new branch at Triumph on the East Coast Demerara.

The facility comes with a $1.5 Billion price tag, but with more businesses opening doors on the East Coast Demerara and more houses being built, the location is sure to see hefty returns.

President David Granger who spoke at the opening, encouraged the local banking sector to expand more across Guyana and to also encourage the use of bank cards.

He said “there is still great potential for the provision of financial services further eastward and westward so as to drive the economic development of this part of our coastland… The commercial banking sector must take bold and innovative means to bridge the gap between the services available on the coastland and those available in the hinterland”

The President spoke of the importance of banking services to the development of the newly-designated capital towns; Bartica Lethem and Mabaruma.

He pointed out that outside of Bartica, the only two hinterland communities with bank branches are Lethem, where there is a Republic Bank branch and Port Kaituma, where there is a Guyana Bank for Trade and Industry branch, and as a result, residents have to make costly trips to access vital services.

“The lack of access to banking services in un-served areas presents a serious constraint to income generation activities. It is also a factor limiting the economic development of those regions. My Government is committed, over the long-term, to ensuring universal access to financial services throughout Guyana,” President Granger said.

Chairman of the Board of Directors of Republic Bank, Mr. Nigel Baptiste said that the opening of the Triumph Branch solidifies the Bank’s vision to strengthen relations with the communities between West Berbice and Georgetown. He added the bank’s expansion plans are strongly aligned with the trends shaping the local, regional and global economies. Mr. Baptiste also said that among local developments are increased opportunities for home ownership, the expansion of small and medium enterprises and growing confidence in the local economic prospects.

The services offered at this branch include: retail and commercial deposit and credit facilities, residential mortgages, personal banking, foreign banking services and card business, electronic banking and night deposit facilities.

First Lady, Mrs. Sandra Granger, Minister of Business, Mr. Dominic Gaskin, Minister within the Ministry of Finance, Mr. Jaipaul Sharma and Minister of Public Telecommunication, Ms. Catherine Hughes also attended the event.