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Bank of Baroda officially opens Mon Repos branch
Over $40M has been spent by the Bank of Baroda to open its second branch in Guyana, at Mon Repos, East Coast Demerara (ECD).
The new branch, which is located at the bottom flat of the Mon Repos Mall, is said to offer the same banking facilities as its head office in Georgetown, which includes internet banking, loans and more.
Kaieteur News understands that the branch is being housed in a leased building, and the bank will monitor operations to determine whether business in the area meets its satisfaction.
It was also stated that the newly established branch facilitates six workers and has commenced business operations since March 15.
Present at the official opening ceremony on behalf of the bank were Chief Executive Dhimant Trivedi, Managing Director Pradeep Kumar Kala and Chief Executive of the Offshore Banking Unit, Mukesh Wason. Special invitees included Prime Minister Samuel Hinds, who cut the ceremonial ribbon, and Finance
Bank of Baroda representatives with Prime Minister Samuel Hinds and Finance Minister Dr Ashni Singh during the opening ceremony of the entity’s newest branch
Minister Dr. Ashni Singh.
“The Bank of Baroda commenced its banking operation in Guyana way back in the year 1966 on March 31st… and it was one of the oldest overseas branches of the Bank of Baroda. In the year 1999 the overseas branch of Georgetown was converted into a wholly owned subsidiary of Bank of Baroda. The subsidiary is totally committed with the development and well being of Guyanese by providing all kinds of banking services,” said Kala.
The Managing Director assured that the entity would provide international banking standards at the Mon Repos branch. It was also noted that the head office in India has recorded continuous profits since its establishment in 1908. This newspaper was told that the bank’s total business as at December 31, 2011 was more than US$120B, with an operating profit of about US$1.5B for the last nine months of that year.
Tirath Singh, acting High Commissioner of India to Guyana, stated that the country is continuing to develop rapidly and expansions in various fields are being witnessed. The expansion of the India-based entity is testimony to this and is a welcomed development.
Prime Minister Hinds explained the history of the bank in Guyana. He said that it was first established to facilitate and serve Indian businessmen/businesswomen and the new branch represents the “full arrival” of the bank in the country.
The location for the new branch was chosen because of the thriving businesses in Mon Repos and there was only one other bank on the East Coast corridor, several villages away.
Further, it was noted that the Bank of Baroda and other banks should consider opening branches in other communities throughout Guyana, especially in the hinterland communities, though it may prove to be difficult.
This bank maintains a presence in 26 countries. In India alone, the Bank of Baroda operates out of 3500 branches and is the country’s largest international bank with 86 branches outside of India. (Kristen Macklingam)
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