Six years after considering an exit from Guyana, Bank of Baroda has opened a new headquarters in Georgetown and is looking to expand lending to small businesses, farmers and renewable energy projects.

During the commissioning of the building Friday evening, President Dr Mohamed Irfaan Ali recalled that the bank had considered leaving Guyana in 2020, when his administration took office

He said keeping the bank in Guyana was among the government’s early priorities.

“I’m much happier standing here launching this new headquarters with you than just six years ago in 2020, listening to you wanting to exit the market. It’s a completely different day today,” Ali said.

The opening also marked 60 years since Bank of Baroda began operating in Georgetown in March 1966.

The new head office and Georgetown branch are at 85 Carmichael and Quamina Streets, North Cummingsburg.

The bank moved from its previous location at Avenue of the Republic and Regent Street.

Bank of Baroda Managing Director and Chief Executive Officer Dr Debadatta Chand said the bank’s total business in Guyana grew from G28.7 billion in the 2022–2023 financial year to more than G51.2 billion in 2025–2026.

He also reported deposit growth of more than 31 per cent, advances growth of over 22 per cent and a profit of G$774 million. The bank’s non-performing assets, he said, had fallen from approximately G$340 million to G$38 million.

“Our decision to move into these new premises reflects our determination to improve the quality of our services and prepare ourselves for the next phase of growth,” Chand said.

He identified opportunities to finance farm equipment, agro-processing and warehousing, as well as rooftop solar and other renewable energy projects. The bank is also looking to increase financing for small and medium-sized businesses and companies in the oil and gas supply chain.

Ali urged Bank of Baroda to draw on its parent company’s international capital to lend more to Guyanese businesses, particularly small enterprises.

“Small business lending can be good banking,” he said.

Ali also said commercial banks would partner with the Guyana Development Bank to provide financing of up to G$10 million for qualifying businesses. He linked access to credit with job creation and called on banks to direct more savings towards investments that expand local production.

Chand said Bank of Baroda is also interested in helping introduce digital payments based on India’s Unified Payments Interface. The initiative is part of a wider agreement between Guyana and India to develop a real-time payment system. Ali has said the system is expected to launch by the end of 2026.

Chand said the bank’s involvement would depend on the necessary regulatory and technical arrangements.

Bank of Baroda also operates a branch at Mon Repos Mall on the East Coast Demerara.

Photo Credit: NCN