Demerara Bank Limited, the country’s lone indigenous bank has announced the appointment of Dowlat Parbhu as the bank’s new Chief Executive Officer (CEO), effective January 1, 2024.

Parbhu will be taking over from Pravinchandra Dave who will be retiring at the end of this year.

Demerara Bank Limited has been in existence for 29 years.

Out of those years, Dave has served in the capacity of the CEO for 22 years: a period which produced record growth profits for the bank.

For the financial year ending September 30, 2023, the bank recorded an after-tax profit of more than $4 billion.

“This is my last function. I am here to announce…that I will be retiring from the bank at the end of this month after 22 years of service to the bank,” Dave announced on Friday.

He was at the time addressing the opening ceremony of the bank’s Leonora, West Coast Demerara branch.

Dave described Parbhu as a “well-groomed, well oriented, well trained” individual.

Parbhu has been serving Demerara Bank Limited for 15 years. He has held senior positions in the credit department and is currently the bank’s General Manager. He is also currently leading the Bank’s Digital Transformation through a recently announced relationship  with Global Financial Cloud Provider Salesforce.

At the opening ceremony, President Dr Irfaan Ali said he is happy to see Parbhu being named the new CEO.

“I am elated to learn of the elevation of Dowlat and I would describe him in one word: competent,” President Ali said.

The Head of State lauded Demerara Bank Limited for its continued contribution to the country’s development.

Like Parbhu he said that he has witnessed many young individuals from the bank grow to become leaders.

“This bank is not only about an individual. I have seen many young people in this bank grow into leadership and are leading tremendously well,” President Ali said.

Demerara Bank Limited slogan is “come grow with us”.

“The bank slogan is not grow with us. It is come grow with us. That is a proactive word. It is a word of partnership. It is an invitation…to grow with the bank…because the bank rightfully position itself as part of the collective whole,” President Ali noted.

Demerara Bank Limited was incorporated in 1992. To date, the bank has nine locations across the country.