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Built from scratch… DemBank stands tall at 25
In 1994, Demerara Bank Limited (DemBank) opened its doors on Camp and South Roads. It was described as the country’s first truly, fully
The top officials with staffers at the DemBank’s Corporate Headquarters, Camp Street yesterday.
indigenous bank. There was the Guyana National Co-operative Bank which was the first indigenous Bank. These were followed by the Guyana Agricultural and Industrial Development Bank and
Today, DemBank is celebrating 25 years…with much to shout about.
Not only has the bank been continuously making profits, and set to approve a 140 percent dividend for shareholders for the last financial year, but it is planning its eight branch for next year…at Mahaica.
Yesterday, iconic businessman, Dr. Yesu Persaud, whose brainchild DemBank was, admitted that it was never easy starting a bank and breaking into a market that was closely guarded.
Today, the newest kid on the block has just under 15 percent of the banking pie. The big players were mostly foreign controlled, in the 80s.
Today, DemBank has over 200 staffers.
Three of its facilities are fully solar-powered and off the grid of the Guyana Power and Light Inc.
Both Persaud and his Chief Executive Officer, Pravinchandra Dave, disclosed yesterday, that back in the early 90s, the idea of an indigenous bank was deemed a difficult task
The technical, financial and managerial challenges all had to be overcome.
On top of things: DemBank’s CEO, Pravinchandra Dave and Chairman, Dr. Yesu Persaud.
“In last 25 years, I can claim we are the most successful bank in Guyana,” said the CEO emphatically yesterday.
Dr. Persaud was not a businessman of ordinary means. He was the Chairman who helped build the Demerara Distillers Limited (DDL) and El Dorado rums into the household and worldwide-renowned names.
He has been making moves to start a bank since the 70s but was brushed aside and even cautioned by friends and business colleagues. But he persevered and turned a deaf ear to the negativities.
Today, it has paid off. In the beginning, the customers were slow in coming.
DemBank turned its attention to Stabroek Market, pleading with businesses there, and one by one, brought them on board.
Today, a number of the biggest businesses have taken their accounts there and are in no hurry to leave anytime soon.
According to Dave, DemBank’s profits had never gone down in the last eight or so years.
In the last year alone, the bank has paid over $1.2B in taxes, one of the items on its balance sheet.
The CEO also boasted yesterday that the share price of the bank has grown strongly from a lowly $3 in the 90s to $68 now, one of the safest wealth creators in Guyana.
He paid kudos to Dr. Persaud’s stewardship as chairman.
DemBank’s Corporate Headquarters on Camp Street.
Over 90 years old now, the businessman’s other initiatives like the Institute of Private Enterprise Development (IPED).
Pointing to the recent challenges of the anti-money laundering laws that were passed, Dave said that DemBank managed to overcome the hurdles.
It was not that hard as the bank had a very robust compliance system.
“We have services where you can send money to 134 countries in their own currencies.”
Dave also insisted that DemBank also has about the best rates in the country when it comes to lending and on savings.
The last year has been excellent again with deposit growth tagged at 16 percent.
The bank is now looking at how it can play a role in oil and gas, targeting small entrepreneurs.
“It will not be easy in the oil and gas market. You don’t create business overnight. You must have a plan… what to produce; where, whether you have you got the skills,” the Chairman said.
According to Dave, DemBank is continuing to play its role to reduce cash by pushing more use of its ATMs, the use of cards in the supermarkets, the use of debit and Visa cards and other online transactions.
“Starting from scratch in the Guyana society was a task out of this world,” pointed out Dr. Persaud.
When all the other banks were facing high non-performing loans, Demerara Bank managed to keep its losses down to single digits in this area, well below the industry average.
The bank is now pushing ‘green’ loans for solar panels for homes and businesses and exploring financing electric cars.
Looking down the road, the bank is also looking to reduce the amount of time customers spend conducting transactions…an issue saddling thousands of customers at other financial institutions.
“So yes, we are here to stay. We have stood the test and we are not going anywhere,” Dave said yesterday.
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