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By Leonard GildarieDemerara Bank Limited yesterday launched a spanking new $460M facility at Diamond, and announced plans to be the first financial institution in the country to open a branch on the East Coast of Demerara.The announcement was made yesterday by DemBank officials.The commissioning, attended by President Bharrat Jagdeo, several members of the Cabinet and business sector, now makes it three banks that have branches in the area, a development that Government is hoping will spur business growth along the corridor.Invites socialising in Dem. Bank’s new branch at Diamond yesterdayThe Grove-Diamond housing scheme has been described as the fastest growing of its kind in the country and Government is mulling plans to develop the area into a township.According to Jagdeo, Government is now planning to build a boulevard running west of the three banks and alongside the East Bank Demerara public road, an initiative to further beautify the area,DemBank, in addition to offering its normal services, will also be introducing Visa and moving its Admin and Audit offices to the Diamond location.Chairman of the Bank, Dr. Yesu Persaud, who grew up in the area, apologised for the seeming lateness of the commissioning of the branch which he said could be blamed on intense planning and attention to details.Recalling the developments that led to the explosion of growth of the Demerara Distillers Limited which is sprawled on a huge complex in the Diamond, Persaud noted that the failure of the Guyana National Cooperative Bank and GAIBANK had further propelled the idea for a truly indigenous bank.Initially the idea was turned down. He later approached the then President, Dr. Cheddi Jagan, who bought the idea and the bank was issued licence to operate in 1994.It was significant that in the first year, the bank turned a small profit.Solid performanceSince then, DemBank has come a long way, losing some of the senior officers on the way and hiring its now Chief Executive Officer, Pravinchandra Dave, who was returning home to India after his stint at Bank of Baroda.With four branches in the three counties, the bank is solid, he said, already returning money to its initial investors and now paying significant dividends.According to the businessman, DemBank is confident of the opportunities in Guyana, since the intentions are to create employment and further develop that confidence.DDL is a prime example, gradually branching off, now even bottling for a major Mexican company. It was disclosed that the company had facilitated the construction of a new line of equipment and 20 more were hired.Costs“Nothing in my book is impossible,” Dr. Persaud said.The official, in a clear message that DemBank was mindful of the money it invested in the branch, pointed out that it only cost $460M– money well spent.Also there was President Adviser and former Minister, Reepu Daman Persaud, who grew up in Diamond.President Jagdeo, in his address, noted that plans to “urbanise” the East Bank Demerara are fully on stream.Ten developers are currently working with the Ministry of Housing to develop housing schemes behind Eccles and Providence and it is the hope that by mid 2012, some 15,000 house lots will be ready for distribution.Front lands in the Diamond area, bought from GuySuCo, will also be converted into house lots, the Head of State disclosed.Speaking on developments for the East Bank Demerara corridor, the President said that the designs for the four-lane highway continuation from Providence to Diamond have been completed and bids will be going out for this in the near future.Cautious GuyanaHowever, referring to the Dr. Persaud’ s assertions that the bank made a profit in the first year, the President pointed out that this was true also of a number of other businesses.Over the past five years, the financial sector has seen a huge growth in deposits moving from$155B to $248B.International reserves have moved from US$277M, over the same period, to US$780M.Regarding, the soundness of DemBank, the President said that this is true for the other banks.The global financial crisis seriously affected several Caribbean countries, especially those that depended on tourism. Many of these countries have been forced to implement tax measures, while Guyana because of its systems, which has been criticised as being “stingy”, was relatively insulated from the shocks.While Trinidad and Tobago is saddled with owing US$3B to over 200,000 person in the CLICO saga, Guyana has paid over $3B to 4,000 policy holders with only 300 left to be processed.The President also expressed relief that Guyana was cautious in its overseas investments with solid local financial “instruments” holding much confidence for investors.Regarding the perception that overseas countries seemed much better as investment haven, Jagdeo stressed that Guyana, unlike many states, holds no foreign currency controls; boasts of an attractive labour market and an attractive tax regime.Even Ansa McAl, one of Trinidad’s biggest companies which has regional reaches,Kris Jenkins College Jersey, has acknowledged that Guyana is attractive.Taking a jab at some politicians who talk about their ambitious plans, Jagdeo warned that it is easier said than done, pointing to the Berbice Bridge which took 50 years of talking but is now a reality.He also urged for attention to be paid to the global financial situation where fuel and commodities are reaching record levels again, a situation which at one time pressured Guyana’s food security.The President added that the lending interest rates have come down from an alarming 38 per cent a few years ago to now 11 per cent, a heartening sign.
