History of GBTI
The Guyana Bank for Trade and Industry Limited has a rich and successful history of over 160 years that began with the establishment of the first commercial bank in British Guiana, the Colonial Bank, in May 1836, continuing with the operations of Barclays PLC.
The Colonial Bank, G.B.T.I.’s forefather, was reincorporated under the Colonial Bank Act 1925 as a result of its amalgamation with the National Bank of South Africa Ltd. and the Anglo-Egyptian Bank Ltd., and changed its name on 15th September 1925 to Barclays Bank (Dominion, Colonial and Overseas). The name was shortened to Barclays Bank D.C.O. on 22nd September 1954 and changed to Barclays Bank International Ltd. on 1st October 1971. On 1st January 1985 the Bank was registered as a public company and became known as Barclays PLC.
Barclays Bank opened branches in all three counties – Berbice, Demerara and Essequibo. The peak of their branch expansion was in 1962 when there were sixteen offices in existence (5 in Berbice, 6 in Demerara and 5 in Essequibo).
In 1987 the assets and liabilities of Barclays PLC were acquired by the Government of Guyana and renamed Guyana Bank for Trade and Industry Limited, whose doors were opened to the public on 1st December 1987. In January 1990 G.B.T.I. merged with Republic Bank (Guyana) Ltd. formerly Chase Manhattan Bank N.A. and in 1991 the Government converted the Bank into a public company, having issued a Prospectus covering issue for sale of 14,000,000 shares (70% of its shareholding) at $10.00 each.
In 1994 the Government sold its 30% shareholding to Secure International Finance Co. Ltd., making that Company the majority shareholder of the Bank with 61% of issued shares. On 15th December 1995 a rights issue of one share for every one share held was made, substantially increasing the capital base of the Bank.
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