The New Building Society (NBS) Limited has extended it services to the residents of Upper Corentyne communities in East Berbice, Region Six.
Last Saturday, the entity opened at Corriverton a branch of its operations costing 0M. The opening ceremony was attended by Finance Minister Winston Jordan, who commended the Chief Executive Officer and Directors of NBS for making such an investment in the town of Corriverton.
Minister Jordan noted that the opening of this Corriverton branch comes at a time when sugar, one of the main economic activities in the region, is in “deep trouble”, as there is a steep decline in the premium price being paid in the European Union Market.
Finance Minister Winston Jordan cutting the ribbon with young Annanmika Ramdat as Directors of NBS look on
The minister pointed out that Government has, to date, invested $32B in the sugar industry, besides creating a white paper that would ensure the industry engages in sustainable sugar production. He pointed out, however, that the NBS would have a key role to play in revitalising the fortunes of sugar, an important sector to Guyana’s economy.
Minister Jordan is quoted by the Government Information Agency (GINA) as saying, “Although your mission is to provide your customers with the best mortgages and savings products, it is expected that, at this troubled time, your support to Berbice (would) involve a great amount of thinking and innovation, to ensure that appropriate financial products and services are delivered to the communities.”
Jordan pointed out that banks such as NBS usually have unique perspectives on the communities in which they are situated, by investing heavily in community development projects and local businesses. It is also important that the NBS promote financial inclusion by providing financial services at affordable costs to vast sections of disadvantaged and low-income groups, Minister Jordan said.
“Your task is to ensure appropriate and quality financing is accessible and affordable to low income and other vulnerable groups that are excluded from the formal financial system,” he explained.
Additionally, Minister Jordan said the provision of, and access to, adequate housing is a core element of social welfare and economic development in any country. He added that housing is one of the three basic needs for survival, with clothing and food being the other two.
“Housing also has the potential to translate into poverty reduction, since the acquisition of a home can provide the collateral that is necessary to access financial products and services from the formal financial institution,” the minister explained.
Chairman of NBS, Floyd McDonald, in brief remarks said, “Our Society is committed to the provision of mortgages and related services to the benefit of all Guyanese, in particular as it relates to the enhancement of a national housing project.”
The New Building Society Limited (NBS), first established in 1940, has since opened seven branches across Guyana. Four of those branches are in Berbice, while other branches are located in Georgetown, Essequibo, and Mackenzie, Linden.
The assets of the NBS, upon establishment worth $153,000, today stand at more than $61B. In each of the last three years, the bank has made a profit of more than $1B.
Also present at the event on Saturday were Corriverton Mayor Krishnand Jaichand, NBS Chief Executive Officer Anil Kishun, and members of the Board of Directors.
