NCB Capital Markets Limited, the investment banking arm of Jamaica’s largest financial services provider, is hoping to establish a physical presence in Guyana and help the country meet its financing needs as an increasing number of large projects are pursued.
The company has applied for Securities Dealers License with the Guyana Securities Council and its Chief Executive Officer (CEO) Steven Gooden believes that application is “pretty much advanced.”
For context, a securities dealer is not a commercial bank. Instead, investment services are offered ranging from equity financing, bonds and guarantees.
And Gooden believes that if the company gets the greenlight to operate from a physical location in Guyana, the local financial sector and investors in Guyana will benefit significantly.
“The infrastructure needs for Guyana is huge and with the growth that we are seeing…the financial system here is just not large enough to support that growth.
“The likes of an NCB Capital Markets would come in not only to provide financial solutions but facilitate the movement of money,” he explained.
Much of the financing options in Guyana are linked to the commercial banks operating here. Those banks require collateral before money is lent.
Gooden, however, explained that the financing services that can be offered provide investors and business people with more financing options.
It is important to note that this company is already providing financing solutions in Guyana- albeit from overseas. The company has financed developments in the agricultural and construction sectors, and is providing support to the Guyana Shore Base Inc. Because the company operates overseas, however, its services are limited.
“…we can only provide US dollar financing solutions.
With a license here, we can provide local currency financing solutions, we can also offer wealth management products and services,” the CEO explained.
The company already has a presence in Barbados, Jamaica and the Cayman Islands.