Non-deposit taking banking licence being sought

Durrant Pate/Contributor

First Rock Private Equity, based in Barbados, is setting up a banking operation in Guyana, further cementing its presence in the growing South American/Caribbean country.

First Rock Private Equity, which is part of the First Rock Group out of Jamaica, hopes to have the bank up and running by year end or early next year, according to Managing Director Chris Yeung. The company has applied for a non-deposit taking banking licence from the banking authorities in Guyana.

Yeung told Our Today that the application was submitted earlier this month, pointing out that the process of getting the licence was far advanced.

When questioned about the banking services that will be offered, Yeung responded that this would be revealed once the banking licence is obtained.

According to him, First Rock is very bullish on Guyana as evidenced by Dolla’s entry into the country.

”This proposed bank will further our bullishness, now expanding in banking with First Rock Private Equity,” he said.

Dolla Financial is a Jamaican grown publicly listed micro lender and a subsidiary of First Rock Group.

Yeung acknowledged that the regulatory process has been painstaking but is confident that all requirements will be met.

First Rock Private Equity has been growing the business through acquisitions and strategic partnership. Last year the company entered into a definitive agreement with Bahamian manufacturer and retailer My Ocean Limited to purchase a minority interest in the company.

First Rock Private Equity has agreed to purchase a 26 per cent stake in the Bahamian small and micro enterprise firm for an undisclosed sum. In February this year, First Rock Private Equity agreed to acquire an 85 per cent stake in a petroleum company in Trinidad and Tobago for an undisclosed amount.