Latest update January 7th, 2025 4:10 AM
Feb 04, 2012 News
– Banks DIH Chairman
Chairman of Banks DIH, Mr. Clifford Reis has announced that a state-of-the-art modern Citizen’s Bank will be built in New Amsterdam shortly, adding to the other branches in Georgetown and Linden. He made this announcement while addressing the company’s shareholders at the 59th Shareholder’s function on the Banks DIH New Amsterdam tarmac on Sunday.
Reis noted that a Guyanese architect designed the building. The new bank, he added, would take between 18 months and two years to be completed. It will be built on the land adjacent to the New Amsterdam Qik Serv, but Reis sadly noted that the children’s playground would have to go. He promised that a new area would be identified for a play facility for the children of customers of the N/A Qik Serv Restaurant.
“Your company can move this banking industry to more communities in which we operate because we do believe that banking has become a part of our culture where people do not want to travel far distances”, he stated.
Reis noted the financial stability of the company by telling shareholders that “we have two billion dollars in the bank” and added that it gives out about $960M in credit every month”. “We’ve given this to our dealers and customers and this is done without any collateral…we do not ask dealers for their homes, cars, birth certificates. We take it on a handshake. And this is how business was done in the old days, with trust. You shook a man’s hand and you cooperated under those systems.” And we collected this money on time, and our company, last year only had a bad debt of $18M, or 000.1 per cent”. He noted the revenue for the company increased from $18B to $22B.
He stated the company’s regrets for the shortage of beer during December due to damage to a vital piece of equipment, which had to be repaired in Germany. This caused the company to fall short by 55,000 cases of beer
Reis said that the brewery would be upgraded this year. Last December, 441,000 cases of beer and malt were sold and this shows the high demand for the company’s quality products. “The beer department and sales in this country have moved to such a rapid position that we failed to prepare for it in December. Although we had the breakdown in December, still we sold 375,000 cases in one month”, he noted.
A new 1.7 megawatt generator is being imported. A new well is being drilled in Georgetown for the company and new trucks are being procured and bought. “Efficiencies in the business are there and putting all this together into one system it requires us to have technical people to work at Banks DIH”, he posited. He said that training is essential for the company and the employees are regularly involved in going to school and educating themselves in various arenas. Reis told the shareholders that more than likely recycling will become inevitably part of the company in about five years’ time since there is growing pressure for all international beverage companies to do so, in the wake of growing environmental problems. “It will become an environment problem and it will become worse”.
Area manager of Banks DIH, Mr. Reginald Matthews stated that the Demico Restaurant generated $79, 998, 587 last year, an increase of eight percent from the previous years “despite the opening of numerous restaurants, our sale continues to increase”. “Export sales through Berbice generated revenue of $35M”, he stated. “The branch has achieved a sale of 1,225,216 units, an increase of 8 per cent above the last period. The Berbice branch generated revenue of $1,743,385,133, an increase of 14 per cent above the previous year’s sale.
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