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Advertisers Barama Company Limited
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Demerara Bank Limited: the first commercial bank established by private sector
The bank was incorporated on Jan. 20, 1992 as a private limited liability company under the Provision of the Companies Act, Chapter 89:01, and was licensed to carry on the business of banking on Oct. 1, 1994. The bank offers a complete range of banking and financial services and operates under the Provision of the Financial Institutions Act (1 of 1995).
As the mission statement of the bank reflects, the bank is committed to meaningful involvement as part of its obligation to society. Its initial contribution in this regard is to enhance and beautify the immediate environs of the bank at South and Croal streets. The building is a new, elegant structure, reflecting a stable and contemporary image, conducive to financial transactions in a modern banking environment. Demerara Bank Limited with its state-of-the-art facilities is designed to incorporate efficiency and convenience allowing service to customers in a professional yet friendly manner.
Technology and information systems are state-of-the-art
Demerara Bank Limited has attained a pre-eminent role in introducing relevant banking technology to ensure that service excellence objectives are continuously achieved. The Royal Integrated Banking System banking application developed by the Royal Bank of Canada and supported by Online Financial Inc., residing on an IBM AS/400 computer, provides comprehensive information on the status of accounts. A Microsoft Windows NT local area network of IBM personal computers allows personnel to access the functionality of the Microsoft Office, which can extract information from the AS/400 using Microsoft's Open Database Connectivity for use in extrapolations, charts and complex reports.
A RIBS banking application allows functionality for all areas of the retail banking operations as well as in-house check printing, signature display and capture and archiving of reports and statements on optical media. RIBS allows the bank to function in real time thus enhancing the total security of the system.
The master teller automated teller machine and money master ATM Card were introduced to Guyana when the bank opened in November 1994.
The ATM was the first of its kind in many ways - it was the first real time banking service ever to be introduced to the Guyanese public and has since received an overwhelming response. This 24-hour banking service has proven to be very convenient for customers, allowing them to make withdrawals, deposits and balance inquiries. The master teller ATM service consists of an Interbold 4785 ATM and the ITM/400 ATM interface, which provides cardholder-processing functionality, as well as an interface to RIBS.
The Money Master debit card service makes use of the same functionality of the ATM interface. Point-of-sale stations made up of Verifone Tranz 330 Terminal, Printer 250 and Pin Pad 101 are installed in more than 50 locations around Georgetown.
Export Trade Finance Facility services the export-oriented sector
The provision of the Export Trade Finance Facility is in keeping with the bank's declared objective at its official launch on Nov. 12, 1994 emphasizing the bank's commitment to contribute to the economic development of this country and to provide the financial infrastructure to facilitate the growth and development of a stronger and more diversified export sector. This facility launched on Feb. 2, 1995 targets the export-oriented sector with an aim to provide inexpensive and competitive access to credit. Under this facility bona fide exporters using foreign trade instruments such as documentary letters of credit and bills for collection can access credit at 11.75% per annum.
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Table of Contents President Bharrat Jagdeo pursues foreign and local investment, builds confidence in private sector |
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"The launching of Demerara Bank Limited is a matter of great pride to all Guyanese. It is the first time in Guyana's history that a commercial bank was wholly conceived, established and developed by the private sector," said Komal Samaroo, director and chief executive officer.