Republic Bank (Guyana) Limited's history spans 180 years, originating in 1836 as the British Guiana Bank, which has several firsts: It was the first commercial bank to start business in the colony of British Guiana. It was the first indigenous commercial bank and it was the first bank owned by the indigenous private sector.
In 1914 the British Guiana Bank was purchased by the Royal Bank of Canada and became the second foreign-owned commercial bank in the history of the country. In 1984 after 70 years in Guyana, the Royal Bank closed its operations and sold the bank to the Government of Guyana. Thus came into being the new financial entity – the National Bank of Industry and Commerce Limited, which was converted into a public company when the Government sold approximately 50% of its stock to local private sector interests. National Bank of Industry and Commerce Limited is the only bank in Guyana that has changed from local ownership to foreign ownership then, full circle, to local ownership again.
The establishment of the first private indigenous bank to operate in British Guiana was on November 11, 1836. Business commenced in Georgetown on February 16, 1837 and in New Amsterdam on March 06, 1837. Prior to this establishment the economy of the country was not conducive to banking as both external and internal trade were largely on a barter basis. Many products such as tobacco, sugar, cotton and rum, were used in exchange for other goods. Money was not yet accepted as a medium of exchange. Towards the end of the 18th century, however, Berbice, Demerara and Essequibo began to experience economic growth and with it, an increase in the circulation of money.