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.