Citizens Bank Guyana Inc. has opened up a new billion-dollar branch – an expansion that was made possible through the Government’s efforts to create an enabling environment coupled with the modernization of the architecture and infrastructure to support the local banking sector.
Located on the intersection of Aubrey Backer Road and Mandela Avenue, Greater Georgetown, the new $1.8 billion Citizens Bank branch is a relocation of its Thirst Park operations. The new three-storey building is fully equipped and staffed with 27 employees ready to commence servicing the public from Monday, September 2.
Managing Director of Citizens Bank, Eton Chester, said the new branch contains many modern features and services – all designed to cater to efficiency, safety and security as well as the comfort of the bank’s growing customer base.
“Our new Mandela office is the quintessence of modernity, and as we continue to raise the bar where corporate infrastructure is concerned, all Guyanese can be proud of this modern and impressive structure. And this investment is ample testimony to our long-standing and dedicated commitment to contribute to the overall development of Guyana.”
“The new Mandela branch office comes at an appropriate time and is an achievement that ensued from the strategic plan of turning the bank into one of Guyana’s premier financial services providers. Additionally, it certainly fulfills our sincere need and desire to provide our services in an environment that reflects the value the bank places on its staff, customers and other stakeholders,” Chester noted.
According to him, this latest expansion of its operations was fostered by the enabled environment created by the Guyana Government.
“I believe that it would be remiss of me if I were not to underscore the fact that banking in Guyana is sustainable and operates in an enabling environment, and it is my firm belief that the growth of the banking sector is often indicative of growth in the economy,” he added.
Meanwhile, President Dr Irfaan Ali, who commissioned the new facility on Friday evening, stated that this significant expansion of the commercial bank demonstrates the commitment of the staff and management to grow the institution. It also highlights, he noted, the soundness of the local banking and financial systems.
“This is a bank that has exercised sound leadership and management, that has been able to grow and expand its operation and today is celebrating the opening of a new branch. It also tells us that our banking system is sound, our financial system is sound… This soundness is as a result of sound planning, is a result of creating the enabling environment and a constant modernisation of the architecture and infrastructure to support banking,” the Head of State noted.
He outlined the transformation of both the banking and financial sectors under successive People’s Progressive Party/Civic (PPP/C) governments since 1992, identifying significant increases in deposits, assets and credit to the private sector.
In fact, the president noted that a series of reforms in the financial sector by his administration alone has led to a 44 per cent increase in credit to the private sector from 2020 to 2023, which has triggered a ripple effect across various sectors.
“The first wave of reforms included the implementation of policies to improve the efficiency and competition of the financial services sector, policies to strengthen the prudential framework and bank supervision, policies to develop and deepen financial markets and the modernisation of the payment system,” he noted.
According to Ali, non-performing loans were at an all-time high in 2019 but have since reduced in 2023, reflecting a 145 per cent drop and a drastically improved capacity of borrowers to repay their debts. He further highlighted several initiatives such as low interest and increased mortgage ceilings, demonstrating his government’s dedication to improving access to financing.
Moreover, the president lauded the instrumental role that the country’s two indigenous banks – Citizens Bank and Demerara Bank – have played in the development, transformation and integration of the economy.
“We saw the establishment of a stock exchange, the expansion of bank branches throughout the country, and notable improvements, as I said, in the payment system. We saw tremendous improvement in access to credit for the regular man, and this is demonstrated by the number of homes we see being constructed, small businesses, [and] commercial activity,” the president stated.
As Guyana’s economy continues to expand at an unprecedented rate, President Ali charged that the banking sector needs to establish more innovative products and services to operate in an evolving financial environment.
“We rely more on the banking sector to innovate and to develop more products at less cost to help us to have the population access the government services and government products in a more efficient, reliable and safe manner. As the economy grow, we’ll be developing more products, more benefits to go to the population, and the financial system and the banking sector must be innovative. It must not be reactive but must be proactive in planning a system to meet this eventuality in our economy,” the Guyanese Leader stressed.
The new $1.8 billion state-of-the-art Citizens Bank branch features a customer services department, telling facilities, a drive-through ATM and a social zone to help customers learn how to use the bank’s digital features.
