Republic Bank opens $1.2B branch at Williamsburg

Mar 11, 2024 News

Kaieteur News – The $1.2 billion Republic Bank Williamsburg branch in Region Six (East Berbice-Corentyne) has been defined as a wise investment by His Excellency Dr. Mohamed Irfaan Ali, since it supports the government’s plan to expand and diversify the economy of the region.

Speaking at the symbolic ribbon cutting and unveiling of the facility’s commemorative plaque on Saturday, the head of state noted that much development is on the cards for the region, in the form of world-class training centres, public infrastructure and private sector investments. The Berbice region is poised to play an integral role in the government’s gas development strategy, especially in the transport and logistics sectors.

President noted the creation of the Mabura to Lethem roadlink, connecting Guyana and Northern Brazil as an important foundation for the region’s development trajectory. “That is why President Lula (Brazilian President Luiz Inácio Lula da Silva), Guyana and Suriname, we are discussing now, how we can expedite the connectivity. We’ve already started 121 kilometres of the road. But we already understand that we need to have a fixed Berbice bridge,” the head of state noted, highlighting that the bridge will connect French Guiana, Brazil, Venezuela and even Columbia, opening up a series of investment prospects”, President Ali said.

According to the President, the banking and financial sector is currently standing on very strong foundations, as a result of a carefully crafted plan by his administration. The modern $1.2 billion banking hall will offer efficient services to customers. This, he said, can energize further advancement of the local economy by supporting investments. However, he highlighted that there is a need for the banking sector to modernise its services.

“The banking sector needs to do a lot more in the modernisation process and we (government) have to support that by [a] legislative mechanism, by educating the public, moving from cash base transactions to more electronic transaction. These are things that are critical, not only for the modernization of the financial sector but for safety and security,” the head of state underscored.

In concluding his feature address, the head of state congratulated the financial institution for their significant achievement, noting that it is responding to the needs of the market. “They are responding to an economic need, they are responding to a futuristic need and I would say that you have made a perfect decision, you have made a wise decision by investing here and any investor, any member of the private sector that invest in this region, you’re making an economic and financial decision that is wise and prudent,” he remarked.

Meanwhile, Chairman of the Board of Directors, Nigel Baptiste said this milestone solidifies the institution’s vision of strengthening relations in the East Berbice-Corentyne region.

The establishment of a branch in the Williamsburg Village community development was driven by the advancement of communities. More scenes from the formal opening of the multi-billion financial institution “Our core objective, beyond the provision of financial services, is to pursue meaningful relationships and make a difference in the communities that we serve through our various customer education and empowerment programmes as well as our community relations,” Baptiste affirmed.

The state-of-the-art financial institution was meticulously designed, built and equipped at a cost of $1.2 billion and has employed a team of 29 professionals to ensure seamless delivery of its services. This new Berbice branch is the largest of its kind and in addition to the standard banking services offered, it also has Automated Teller Machines (ATMs) that are equipped with two machines and a provision for a third. This feature will ensure that customers always have easy access to cash while enjoying the comfort of the spacious and modern banking hall. (DPI)

President Dr. Mohamed Irfaan Ali unveiling the facility’s commemorative plaque on Saturday

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French Guiana, President Ali, President Luiz Inácio Lula da Silva

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