Bank of Baroda eyes expanding services as new Head Office opens

…records $774M profit in past year

With a 19 per cent growth rate recorded in 2025, the India-based Bank of Baroda (Guyana) Inc has cemented 60 years of operations in Guyana and is now looking to expand services being offered to customers.
This is according to Global Managing Director and Chief Executive Officer of the Bank of Baroda, Dr Debadatta Chand, during the inauguration ceremony of the Bank of Baroda (Guyana) Inc new Head Office at Carmichael and Quamina Streets, Georgetown, on Friday.
Chand noted that the new building reflects the bank’s continued confidence and long-term commitment to serving the growing need of the Guyanese economy. He explained that the shift from the Avenue of the Republic location also demonstrates the Bank of Baroda’s drive to improve the quality of its services and positions the financial institution for the next phase of growth.
This, he says, aligns with Guyana’s own rapid economic development, which has created tremendous opportunities.
“We see significant potential for the banking sector to contribute to this transformation, and we are going to play a big role here. Bank of Baroda wants to be an active participant in Guyana’s growth story. Our focus would be to strengthen the existing banking services while introducing a wider range of products and services suited to the requirements of the Guyanese people and of their businesses. We aim to enhance our digital banking, mobile and internet banking, card services, trade finance, remittances and also the convenient payment solution. Digital payment will also be an important area of focus,” Chand noted.

Agricultural entrepreneurs, equipment financing, agro-processing, warehousing, renewable energy, other green energy initiatives, small and medium enterprises (SMEs), and the oil and gas supply chain are some of the areas that the Bank has already set its eyes on.
In addition, the bank is also looking to work with the Guyanese Government on public projects.
“We aspire not only merely to operate as a commercial banking institution here in Guyana but to a trusted partner for the growth of this country,” Chand posited.
According to the Global Managing Director, the foundation for that trust was laid over the last six decades that the Bank of Baroda has been operating in Guyana – a journey he says that had its challenges, including the bank even contemplating existing in the local market just six years ago.

Banking performance
The confidence in the bank’s local operations is demonstrated in the positive results recorded in recent years, growing from $28.7 billion in 2022-2023 to over $51.2 billion in 2025-2026. In fact, last year the Bank of Baroda registered a growth of more than 19 per cent, with deposits increasing by over 31 per cent, advances exceeding 22 per cent and profits reaching $774 million.
Moreover, its non-performing asset moved from $340 million to now just $38 million. While welcoming these achievements, Chand contended that he recognised that there is much more to do to expand the bank’s portfolio in Guyana.
Similar sentiments were shared by Indian High Commissioner to Guyana, Chinmoy Naik, during Friday’s commissioning ceremony.
Citing the Bank of Baroda’s financial portfolio coupled with an 8500-plus customer base, he said there is still a long way to go.
According to the Indian diplomat, his country is ready to continue its contributions to the development and growth of Guyana, noting that the success of the Bank of Baroda augurs well for more Indian companies to come here.
“Given the economic growth rates of Guyana, this is the place to be. This is the place where investors should come. This is the place where trading businessmen should come… We want more Indian banks to come,” Naik contended.

Leveraging capital
But even as the diplomat called for more Indian banks to explore opportunities here, President Dr Irfaan Ali, during his feature remarks, has challenged the Bank of Baroda to expand its investments in Guyana.
Citing the strong performance of the local banking sector, which is demonstrated as recently as the first half of this year, the Guyanese Leader urged the bank to leverage capital from its India-based parent company to invest in the local economy.
“The Bank of Baroda, I believe, has the opportunity to leverage more of its parent capital in our local market, and that is what we want the bank to leverage – more of its parent or global capital in the local market, given the type of opportunities that are being developed across our local market,” Ali posited.
The President pointed out that the bank’s strong records were made possible by the enabling environment that his Government has created since 2020 – a time when at least two global banking institutions, including the Bank of Baroda, were considering existing in the Guyanese market.
“Guyana welcomes your investment, we welcome your confidence, and we welcome your continued participation in our country’s development. 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,” the Head of State noted, adding that this is a consequential chapter for the bank’s contributions to Guyana.
“We look forward to seeing that confidence that you have here translated into greater support for Guyanese enterprises, greater access to financing, and a wider range of opportunities for our people. Let this new headquarters become a centre from which new businesses are financed, new partnerships are forged, new entrepreneurs are empowered, and new opportunities are created,” President Ali stated.

Source: Guyana Times