Citibank open to establishing office in Guyana

The Government of Guyana in 2023 commenced talks with US-headquartered Citibank and other international financial institutions.

On Thursday, Vice President Dr Bharrat Jagdeo noted that while Citibank has closed several Latin American branches to reduce risks, it is still open to establishing an office in Guyana.

“They are still open to a representative office here in Guyana which would allow them to be able to provide loans to Guyanese businesses,” he said, noting that “discussions are ongoing.”

The VP said there is need for more retail banking in Guyana. As such, he said a meeting will be scheduled with the current commercial banks to “deepen the financial sector.”

“We are hoping to see more retail banking in Guyana from the large banks…We will work with the local players. We’d have to then try to get new entrants into the market,” he said.

Jagdeo noted that as Guyana transitions to a more digital society, with advancements in biometrics and e-banking, he is optimistic that credit intermediations will improve in the future.

Citibank is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York and later became the First National City Bank of New York.