Bank of America is set to sever its ties with Guyana banks in an effort to increase its concentration on larger customers, enjoy a higher level of liquidity and separate itself from potential risks. The bank said it would end all business relationships with the country’s largest commercial bank, First National Bank, which has been mired in controversy over allegations that it helped launder money for drug cartels.
Bank of America is set to sever its ties with Guyana banks in an effort to increase its concentration on larger customers, enjoy a higher level of liquidity and separate itself from potential risks. As a result, banks in Guyana may find it difficult to provide smooth transactions between Guyana and North America, however, other US banks have reportedly approached the country to take over in the place of Bank of America.