Citibank gets approval to open local office

United States-based financial institution Citi has received regulatory approval from the Bank of Guyana to establish a representative office in Georgetown, marking a significant development in the country’s expanding financial sector.
In a statement published on its website on Friday, Citi said the approval allows Citibank, NA, to formally establish a presence in Guyana after maintaining business relationships with the country for nearly three decades without a physical office.
According to the company, the move is intended to strengthen its support for Guyana’s rapidly growing economy, particularly in areas such as infrastructure development and export financing.
“After almost three decades of a close relationship with Guyana without an on-the-ground presence, this new office is strategically established to enhance the delivery of products and services in the country and to strengthen our collaborative partnerships with the Government, its agencies, financial institutions and the private sector. This underscores our commitment to supporting the nation’s economic growth and the development of LATAM,” Head of Citi in Latin America, Julio Figueroa, said.
Citi stated that the Georgetown office will help facilitate access for clients and partners to international markets while supporting Guyana’s broader economic development and financial infrastructure.
Head of International at Citi, Ernesto Torres Cantú, said the establishment of a local presence will allow the institution to better understand Guyana’s business environment and provide support to both international investors and local companies seeking opportunities abroad.
“The expansion of our unparalleled global network marks a milestone for Citi. An on-the-ground presence enables a strong understanding of local business dynamics, the culture, the regulations, and how to help clients navigate any environment. This allows us to provide unique solutions to global clients looking to invest in Guyana and support the ambitions of Guyanese clients growing abroad,” Cantú stated.
The approval follows months of discussions between the Government of Guyana and Citi regarding investment opportunities and the expansion of international financial services in the country.
In November 2025, Citi had announced plans to establish a representative office in Guyana, pending approval from the Bank of Guyana. At the time, the company said Guyana’s economic growth and investment climate presented a strong opportunity for expansion.
The Government had welcomed the announcement, describing it as evidence of increasing international confidence in Guyana’s economic outlook and investment environment.
Senior Minister within the Office of the President with responsibility for finance, Dr Ashni Singh, had previously said the move reflected ongoing efforts to modernise the financial sector and strengthen the legal framework governing banking and financial services.
The establishment of representative offices by foreign financial institutions became possible following amendments to the Financial Institutions Act passed in 2024.
The legislation created provisions for international financial institutions to establish representative offices locally as part of broader reforms aimed at modernising Guyana’s banking sector and improving access to global financial services.
President Dr Irfaan Ali had also announced earlier this month that the Bank of Guyana had licensed three major international financial institutions to operate representative offices in the country. Those institutions included Citibank and OneAmerica from the United States, along with Crown Agents from the United Kingdom.
During that announcement, the president said the entry of major international financial institutions signalled deeper integration of Guyana into the global financial system and increased competition within the local banking sector.
Citi currently operates in more than 180 countries and jurisdictions and provides financial services to Governments, corporations, institutions and individuals worldwide.