GBTI commissions new Port Mourant branch

Dec 09, 2013 News

After- hour banking, Saturday openings, and top- notch security drive-thru are among the services being boasted by the Guyana Bank for Trade and Industry Limited (GBTI), as it opened its spanking new $40M Port Mourant, Berbice branch on Saturday.
Chief Executive Officer (CEO) Mr. John Tracey stated that nine new branches of the bank were aimed to be opened during the bank’s Strategic Plan 2012-2016. This new branch follows the establishment of the GBTI Port Kaituma branch in Region One in February. The bank’s loan portfolio grew from $13.1B in 2009 to $35.3B in 2012. The total assets of the bank grew from $53.9B in 2009 to $87.6B in 2012m, while the total deposits grew from $45.8B in 2009 to $77.2B in 2012and profits after tax grew from $991M in 2009 to $1.8B in 2012, almost doubling of profits in a space of just a few years.

L to R: Mr. Ally; Mr. Stoby; Dr. Singh; Mr. Mahadeo and CEO Mr. Tracey

Mr. Tracey added that the new branch boasts improved security as well, “so if you are doing deposits, you can drive in and the gates [are] locked behind you and you can drive out through the back on a private road, so it has all the features that we want to provide security which is important in this day and age.” Throughout the branch network, he noted, that “we have opened on days when other banks are not opening, so we will be opening on Saturdays and on some Wednesdays when some businesses are closed…so we hope that this brings a difference to you…”
GBTI, he noted, is a technology- driven bank, “and we wanted to bring the latest technological products and services to you…we still have products and services that will allow you to not come to the bank at all.” This means that customers can conduct mobile banking.
The company has reached a point, he added, when “we have to look to rental if we are going to continue the strategy of branching.” This is based on solid research being conducted by the company which studies the locations before actually setting up shop there, “and it’s fortunate that we got this place to rent, because inasmuch we are spending as much as $40M to renovate, it is still much cheaper if we had to build our own buildings, which would cost no less than $300M.”
Chairman of the Board of Directors of GBTI, Mr. Robin Stoby, S.C, said that the bank has played a key role in “its already well- established network of eleven branches.” Stoby said that this twelfth location will bring immense value and opportunities to Berbice. The key strategy of the bank in Guyana over the years has been to ensure that micro- enterprises and the family- owned businesses, “traditional in Guyana and so much a central part of the lives of the communities,” receive the full support and guidance of GBTI. Apart from the financing that the bank has made available, numerous business workshops have been conducted at all locations, where baking and financial issues were discussed, as well as requirements for banking finances. This is an annual activity, “and we intend to do so at this location in the very near future.” Additionally, there is a strong focus on the provision of financing on housing development through the bank’s Low- Income Housing Loan Plan, “an essential part of the community’s right that people be given their own place in which to live and call their home.”

The new GBTI Port Mourant branch

Minister of Finance, Dr. Ashni Singh, apologized for the absence of His Excellency President Donald Ramotar, who has left Guyana for South African to attend the Memorial Services of Late Nelson Mandela. Dr. Singh praised GBTI’s “fine example of the health and strengths of the financial sector in Guyana.” He commended the bank’s increased in profits, deposits and such figures from 2009-2012.
Prior to the cutting of the ribbon to the new facility by Dr. Singh and students of the Port Mourant Primary School, appreciations and presentations were made to Mr. Ghoeblall Mahadeo, Branch Manager of the new branch, as well as to members of the Port Mourant community. Remarks were also made by Deputy Regional Executive Officer (DREO) of Region 6, Mr. Imran Ally as well as Mr. Seon Noel, Manager- Administration GBTI.