The idea of a private sector bank was conceived by Dr. Yesu Persaud in the late sixties. It was held in abeyance but reactivated in 1991, at a time of Glasnost and more international openness.
The process of liberalization had just begun, with the shift from rigidly controlled to a more open economy emerging. Dr. Yesu Persaud’s entrepreneurial instincts, coupled with his solid understanding of the economy, led him to the view that there was a need for a truly Guyanese bank—a bank that would capture the latest technology and provide export trade finance, all while offering high-quality, personalized and competitive products and services. Indeed, Dr. Persaud envisioned a bank that would serve as a catalyst for growth.
It was the beginning of another chapter in Guyanese history - the first private sector indigenous bank was in the making. Demerara Bank Limited was incorporated on 20th January, 1992. A share capital of $250M was required. Dr. Yesu Persaud’s vast personal and indeed corporate connections (local and foreign) acquired through his chairmanship of Demerara Distillers Limited, were tapped into to secure backing for this venture. It received overwhelming support and was very largely over-subscribed.
On 12th November, 1994, Demerara Bank Limited was declared open by His Excellency, Dr. Cheddi B. Jagan, President of the Cooperative Republic of Guyana.
Today, Demerara Bank offers a wide range of commercial banking services to its corporate and individual clients through its Corporate Office and six branches strategically located across the country, as well as various ATM locations and Point of Sale Terminals.
Demerara Bank remains committed to Dr. Yesu Persaud’s vision and takes pride in providing innovative and superior banking services, which includes savings and term deposit accounts, loans, money transfer services, cambio services and Internet banking services. Additionally, Demerara Bank offers a special loan scheme geared towards Guyana's Go Green Initiative and is proud to be the first commercial institution to operate its Corporate Office solely on solar energy and has converted most of its locations to solar energy to reduce its carbon footprint. Demerara Bank is the only principal member of VISA in Guyana and offers VISA credit, and soon, VISA debit, cards. Demerara Bank is also committed to supporting causes related to sports, education, health and safety as well as other areas of community development in keeping with its corporate social responsibilities.
“We are committed to meeting the ever changing needs of our clientele and to always provide superior banking services.”
- Dr Yesu Persaud, Founder