Demarara Bank CEO retires after 22 years of service

See below full statement from Demerara Bank Limited:

Demerara Bank Limited is announcing the retirement of its Chief Executive Officer, Mr. Pravinchandra Dave with effect from December 31, 2023.

Throughout his remarkable 22-year tenure as CEO, Mr. Dave has proven himself to be a man of character, embodying the principles of transparency, integrity, and accountability. His legacy is one of unwavering courage and exemplary dedication to the organization’s success. His departure signifies the end of an era characterized by visionary leadership and remarkable achievements.

Joining the bank July 1, 2001 as an international banker, with vast knowledge in banking operation especially in the areas of investment and credit, he adeptly guided its growth, transforming it into great success and being one of the best financial institution in Guyana.

When Mr. Dave joined, the bank was a one branch operation with an Asset size of  G$11 Billion and Net Profit of G$107 Million, today the bank is having nine branches countrywide with a modern platform in technology, Assets of over G$150 Billion and Profit greater than G$4 Billion as at September 2023.

Demerara Bank is considered the best managed Bank in Guyana having the highest rate of return on Assets, best return to the shareholders and Capital Adequacy Ratio and the notable milestone of zero non-performing loans for two consecutive years under his strategic guidance.

A pioneer behind the institution’s bold leap into the digital era, he has spearheaded innovative initiatives that have revolutionized the traditional banking landscape. His vision was to leave a legacy that will outlive him and generations to come, setting the pace for greater growth and development. Beyond the financial landscape, Mr. Dave’s impact resonates in the organizational culture he fostered—a culture defined by integrity, innovation and excellence.

His tenure witnessed the rise of a robust and skilled management team, a testament to his commitment to nurturing talent and fostering professional growth culminating in the appointment of the Bank’s new CEO, Mr. Dowlat Parbhu.

Mr.  Dowlat Parbhu, a son of the soil and has been with the bank since 2007, serving in various capacities with the General Manager being the most recent. Under the guidance of Mr. Dave Mr. Parbhu has been an integral part of  the Bank success story and his capabilities and strategic insights have significantly contributed to the bank’s growth and financial prowess. Mr. Parbhu expressed enthusiasm, stating, ‘I am honored to lead Demerara Bank Limited and look forward to building on the incredible legacy established by Mr. Dave.'”

The Chairman, Board of Directors and Management wish to express their appreciation to Mr. Dave for his vision and hard work that led to the growth of the bank. They wish him a successful retirement with an abundance of health, happiness and prosperity. They warmly welcome Mr. Dowlat Parbhu to the helm, wishing him every success and assurance of their full commitment.