Citibank to establish representative office in Guyana

– Govt says move is testament to growing global confidence in local economy

After years of eyeing the Guyanese market, Citi Group, a leading global banking institution, has announced its intention to establish a representative office in Guyana pending regulatory approval from the Bank of Guyana.
In a statement on Friday, the United States (US)-based multinational financial services company said this strategic initiative is driven by Guyana’s exponential economic growth, particularly in infrastructure and export financing, and its increasingly attractive investment climate.

With a well-established presence in over 90 countries and jurisdictions across the globe, Citi aims to leverage its extensive scale and expertise to contribute significantly to the Guyanese economy.
According to the banking institution, the opening of a representative office in Guyana will enable Citi to help its clients and partners access global markets and help support the growth, development and financial infrastructure of the country.
“We are very excited about the prospect of establishing a presence through a representative office in Guyana,” Citi’s Head for Central America and the Caribbean, Pablo del Valle, said.
He went on to note, “Guyana’s growth trajectory and vibrant investment landscape present a compelling opportunity for Citi and further complement our unmatched global network. We are committed to working closely with the Bank of Guyana and other stakeholders to build strong and lasting relationships.”
Since 2023, the Guyana Government has been in talks with Citi over investment opportunities here. Earlier this year, it was announced that Citi was among two major US banks that are looking to set up representative offices here soon.
Then in June of this year, a visiting delegation from Citibank, the primary banking subsidiary of Citigroup, was in Guyana to engage various Government officials in Georgetown. That team was led by Citi Country Officer and Banking Head – Trinidad and Tobago, Mitchell De Silva.

Govt welcomes move
Following Citi’s announcement on Friday, the Guyana Government welcomed the move, stating that it is a clear testament to the rapidly expanding opportunities in Guyana and the strong international confidence in the country’s economic trajectory by one of the world’s largest financial institutions.
According to a statement from Senior Minister with Responsibility for Finance, Dr Ashni Singh, the attraction of major global companies like Citi is a direct result of the strong leadership of President Dr Irfaan Ali in positioning Guyana as a premier and stable destination for international investment.
“This development also underscores the PPP/C Government’s efforts to engage with the global community and build a resilient, modern, and diversified economy,” the missive detailed.
Moreover, it was noted that the establishment of Citi’s representative office is also a direct result of the tabling and successful piloting of the Financial Institutions (Amendment) Bill 2024 by Minister Singh in February of this year. That amendment allows for the establishment of representative offices by foreign financial institutions and is in keeping with the Government’s broad agenda to build and strengthen the legal framework and modernise the country’s banking sector.
“This new development will provide immense benefits for the Guyanese economy. It will help facilitate greater access to global financial markets for Guyanese businesses and introduce new, sophisticated financial products and services to Guyana’s market. This new presence will bolster Guyana’s financial infrastructure and contribute significantly to the country’s ongoing development,” the Finance Ministry stressed.
It also welcomed the Bank’s commitment, as signalled by its Head for Central America and the Caribbean, to working closely with the Guyana Government and other stakeholders to build strong and lasting relationships. The Ministry said del Valle’s reference to Guyana’s growth trajectory and vibrant investment landscape, which present a compelling opportunity for Citi, further complement the banking institution’s unmatched global network.
Minister Singh emphasised that his Government, led by President Ali, remains committed to working with all stakeholders, including the private sector, in supporting business development in Guyana, as we continue to create an enabling environment for fostering development.
Last year, Vice President (VP) Dr Bharrat Jagdeo had noted that while Citi has closed several Latin American branches to reduce risks, it was still keen on setting up 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,” the VP said at a November 21, 2024, press conference, adding that “discussions [were] ongoing.”
At the time, Jagdeo had pointed to the need for more retail banking in Guyana.
“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,” the VP had stated.
According to its website, Citi is a pre-eminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the US. Citi does business in more than 180 countries and jurisdictions, providing corporations, Governments, investors, institutions and individuals with a broad range of financial products and services.