By Svetlana Marshall

With a global footprint and a physical presence in more than 90 countries, including 19 in Latin America and the Caribbean, Citibank of the United States believes it is ideally positioned to help Guyana to achieve its development objectives, with opportunities in both the public and private sectors.

Two months ago, Citibank received regulatory approval from the Bank of Guyana to establish a Representative Office in Georgetown.

In an interview with News Source, Head of Citi Guyana, Mitch De Silva said the Representative Office has since been established, and steps are now being taken to cement the bank’s presence in Guyana’s Financial Sector.

It was noted that Citibank’s relations with Guyana dates back to the mid 1990s.

Mr. De Silva told News Source that the decision to establish a physical presence in Guyana was driven by the country’s robust economic growth.

“So, for Citibank scale is important. So, the scale of what is happening in Guyana is global in nature. The country requires a global bank with global solutions, global technology, global know how, and we think we could be very additive to the goals that you have and the aspirations that the Government of Guyana has, and the people of Guyana have to grow the economy and to achieve all that this new found wealth will allow you to do,” the Head of Citi Guyana said.

De Silva said that there are tremendous opportunities in the area of infrastructure development, as well as export financing here in Guyana.

“We also see a Private Sector that is thriving, and we believe that we can deliver products and services that can help their growth agenda and their initiatives. We see opportunities in the financial institution space as well to be correspondent bank to some of your financial institutions to help them with their own expansion. So, I think there are opportunities across the spectrum. We understand that there is a diversification initiative, Citibank is an enabler, we are a global business, we bring our clients to the countries where we operate, and our clients are not here now, reach out to us to understand what exists in Guyana. So, we will also be bringing Foreign Direct Investments through our network,” De Silva said.

The senior Citibank official explained that the bank offers a menu of products and services that would be ideal for Guyana. He added that the presence of the Representative Office in Guyana will help to enhance delivery of those services.

“We would leverage our expertise in export credit agency financing, which not only delivers low cost but longer attendance which resonates with borrowers. They are looking for funding that is as cost effective as possible with a payback period that is as long as possible. We also provide advisory services because many of the people we interact with here want to understand what they can achieve away from Guyana as they look to grow and expand,” he explained.

According to Mr. De Silva, while the local banking regulations do not allow representative banks to offer in-house products and services, Citibank intends to build on its presence here, understand the local market, and tap into existing opportunities that could see global cities being connected to Guyana.

Officials of the company are currently in Guyana preparing for the official launch of the local office while assessing the local market and its needs. The announcement of the bank opening its representative office in Guyana has been welcomed by the Government and the private sector.

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