Global banking giant Citibank is considering establishing an office in Guyana, according to Vice President Dr. Bharrat Jagdeo.
This development signals a growing international interest in Guyana’s burgeoning economy, driven by its expanding oil and gas sector.
During his weekly press briefing on Thursday, Dr Jagdeo explained that the Government has already engaged a representative of the financial institution, and while the administration was optimistic about the establishment of a local branch, an office will be equally effective.
On this point, he highlighted that the office coupled with Guyana’s growing economy will play a crucial role in enhancing financial services by providing access to international expertise, advanced banking solutions, and global networks.
Additionally, the initiative has the ability to boost foreign investment by increasing investor confidence in the local economy, facilitating international trade through better financial infrastructure, and supporting businesses with access to capital and resources.
“We had discussions with Citibank about the possibility of having a commercial bank here and they told us they’ve exited the entire retail banking in the entire Latin America. The only place they had a presence in was in Mexico, and I think they may exit that too”.
“So that’s retail banking but they’re still open to a representative office here in Guyana, which would allow them to be able to provide loans to Guyanese business through a representative office. So those discussions are ongoing, and we hope that we can do things,” the Vice President stated.
Although details regarding timelines and the scope of Citibank’s operations remain under wraps, the Vice President assured that the government is committed to creating a conducive environment for such ventures.
VP further explained that work to digitise the local market will continue as the Government forges ahead with plans to attract larger banking institutions to Guyana.
“So, to get more financial sector sophistication, deepening the financial sector, we’ll work with the local players. We’d have to create and then try to get new entrants into the market. We expect that by the digitization of biometrics and moving to a digital society, we may be able to better intermediate credit in the future and have a faster way of intermediating it, but through digital means too. So, a lot of that kind of discussion is ongoing. We’re hoping to have more retail banking in Guyana from the large banks.”
Guyana’s economic transformation, fueled by its oil boom, has made it a focal point for foreign investment.
Citibank, a leading financial services provider with operations in over 100 countries, has a reputation for supporting economic development in emerging markets. Its interest in Guyana underscores the country’s rising profile on the global stage.
Dialogue with Citibank commenced back in September 2023, which provides credit cards, mortgages, personal loans, commercial loans, and lines of credit.
