Financial institutions grabbing Guyana’s goodies 

Feb 24, 2025 Features / Columnists, The GHK Lall Column

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Hard Truths…

By GHK Lall

Kaieteur News- O Lord, Guyana is now in for it.  As if the already swollen American invading army is not enough, the word now is that foreign financial institutions (FFI) will soon be putting out their shingles.

I read Bank of America, JP Morgan, even Citigroup.  Yes, I am going right to the top, with swarms of B-listers coming to Guyana from America.  It could be coming to America, a version of it, with much moolah to be made.  Bottom line is bottom line, and let that priority be made straight from now.

Banking needs?  Come to Uncle Sam, as friendly and welcoming as the corner druggist.  Though I envision that the priority of the FFIs would be commercial and institutionally grounded (the real money is there), there could be what is called retail banking services offered. That is, doors opened to the little people.  Like me.  I would welcome such a development, for it would compel banks operating here to follow the leaders, or fade away.

Investment banking opportunities abound here, and I could point them to the right people.  Some are very much in the public domain; a few trusted ones operate in deep background under deeper cover.  Think Deepthroat of Richard Nixon’s Watergate fame.  I nod in the direction of the man from Florida, who doubles as family, while carrying on as fixer and collector.  It’s a nice gig, and I am putting in some heavy work to land such a deal.  The double-dealing is where I draw the line.  It is what puts people like me on a Blacklist and on the outs with the movers and shakers that call the shots in Transparency International’s Guyana.  The preference is be on the outs with such noble folks; it would be my ‘in’ with the incoming foreign financial institutions.

Though the Bank of Guyana may recoil at, and object to, the very idea of me being anywhere near the foreigners, someone that knows how both sides-domestic and international-conduct their business, has unmatched utility.  Suits will have to be dusted off, shoes shined, and white shirts properly ironed.  The old, rusty CFA and other Yankee sheepskins will also have to be dug up and displayed.  Goldman Sachs or Blackrock would pick up the tab for CFA fees.  It is their business being facilitated, through a shot of American can-do attitude, and Guyanese insights.

Shifting the focus to a wider perimeter, there is something that must be said.  Foreign Financial Institutions (FFIs) do have an unerring nose for profits.  Like sharks drawn to the smell of blood, there are none better than the Wall Streeters and prowlers poised to take American Air to sample GT financial fare.  It would be a boon to the expats.  Nobody has to lug a suitcase full of cash through Customs anymore.  Service with a smile (and a wink and nod), and all for only a small cut of the action.  The foreigners should not get too much business from locals.  Once they take anti money laundering requirements seriously, that could be bad for business.  Why should the FFIs care, when there are droves of Americans and Europeans with all kinds of cash, and all kinds of ideas about how to explore and exploit lucrative opportunities in oil rich Guyana.  If anyone harbored the misgiving that I left out gold rich, please perish the thought.  For that is the sector where many a side deal and side business could function, almost at will.

It was inevitable that the outside hawks would arrive here, and get down to business.  There is a crying need for quality banking services, and expert financial counsel.  Everything in the open, nothing on the shady side.  Of course, money is not a problem here, and veteran financial staffers have succumbed every now and again to the side attractions that are part and parcel of the job.  Guyana is not only a depot from which oil is shipped.  It has also earned a solid reputation for being a transshipment point for other goods.  The cash flow from that is huge, and it is always looking for a legit and confidential resting place.  Like I said, some financial people have taken the bait and trapped themselves in other locales right in this hemisphere.

Private business, public business, it’s all here in cash lavish Guyana.  I predict debt instruments being floated to help local businesses gather capital.  The Bank of Guyana could even outsource its T-Bill auctions to the foreigners.  Why, there could even be an IPO or two to give a new flavor to local private venturers.  Ram and McRae could find itself having to manage with unwanted and ill-timed competition for advisory service business.  Mr. Christopher Ram’s marathon column in SN, now closing in on its 200^th inning, could have company, but with a twist.  Not so much about what oil is not doing for Guyanese, but what Exxon is doing for Guyana.  Even Stabroek News more-than-decent Business Page presentation could be challenged by newsletters and commentaries from the Americans, who are the best in that kind of product.

Personally, it would be a change of pace to collect paychecks again.  No greed here, $25,000 a month would be an acceptable, livable wage.  American, naturally.

(Financial institutions grabbing Guyana’s goodies) 

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• Bank of America, Citigroup, hard truths, JP Morgan

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