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Hand in Hand Trust Corporation Inc. (HIHT)

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Hand-in-Hand Trust Corporation Inc. (HIHT)

In December 2002, HIH acquired 90% of the shareholding of GNCBT from the Government of Guyana. HIH viewed the acquisition of GNCBT as key move in pursuance of its corporate objective of providing a total package of financial services. It saw the acquisition of the shares of GNCBT as the basis of synergy between this trust company and the other members of the Hand-in-Hand Group of companies.

In 2004, GNCBT was renamed: The Hand-in-Hand Trust Corporation Inc. Efforts were directed towards retaining the existing goodwill of the GNCBT while at the same time capitalizing on the strength of the Hand-in-Hand brand with over one hundred and forty-six years of quality service to the Guyanese public. The acquisition of GNCB Trust Corporation came with government agreement to grant a commercial banking licence to the Trust Corporation, subject to regulatory approval.

For more information, please visit our website below:

Hand-in-Hand Trust Corporation Inc. Website

The Vision

The vision of HIHT is to become a successful commercial bank in Guyana, through the establishment of synergies with new investors who with their brand name and competencies can add value to the newly capitalised entity. We are proud to say that despite these challenges, we are back on track to realize our goals.

Ownership and Management

Hand-in-Hand Trust is majority owned (97%) by the three Hand-in-Hand Insurance Companies, the majority (72%) by the Hand-in-Hand Mutual Fire Insurance Co. Ltd., Guyana’s longest established insurance company (established 1865). It is therefore a private company under Guyana law.

Hand-in-Hand Trust is managed by a team of highly regarded professionals. Since its acquisition by the Hand-in-Hand Group in 2002, Hand-in-Hand Trust after making adjustments to loan loss reserves recorded healthy asset growth from US$1.83M at year-end 2003 to US$4.9M by year-end 2008.  In 2009, Hand-in-Hand Trust suffered a US$4M (approx.) loss in Certificates of Deposits held with the now infamous Stanford International Bank in Antigua. This resulted in a substantial diminution of capital adequacy for Hand-in-Hand Trust. This situation was immediately countered by a capital injection of US$2.5M by its sister companies within the Hand-in-Hand Group.

Hand-in-Hand shares ownership of Hand-in-Hand Trust with The National Industrial and Commercial Investments Ltd (3%). Under the share-purchase agreement, the government holds these shares for eventual sale to the staff members of Hand-in-Hand Trust.

Hand-in-Hand Trust offers a comprehensive range of trust services, savings accounts, pension administration, property management, mortgage financing, commercial loans, cambio and safety deposit boxes.

Share Holders

The Hand-in-Hand Mutual Fire Insurance Co. Ltd.

Hand-in-Hand Mutual Fire Insurance Co. Ltd was established in 1865 as the first indigenous insurance company, and holds the distinction of being the most dominant Property Insurer in Guyana. Hand-in-Hand Fire offers a complete range of Property, Accident, Marine, Liability and Motor Insurance including performance and bid bonds.

Hand-in-Hand Mutual Life Assurance Co. Ltd.

Hand-in-Hand Mutual Life Assurance Co. Ltd was established in 1966, coinciding with Guyana’s Independence. The Life Company, prior to 1991 concentrated on mostly Individual Life business. In 1991, attention was directed towards the development of another line of business, Group Insurance (Life, Medical, Pension).  This line of business grew rapidly.  Resources were directed towards enhancing the capabilities of this new section. Hand-in-Hand is now a leading provider of Group Insurance in Guyana. Recently, Hand-in-Hand Life has been making big strides in the Individual Life market as well. Hand-in-Hand Life offers a complete range of Life Insurance, savings, investment type, whole of Life and Endowment policies, and pension administration.

GCIS

Hand-In-Hand viewed the 1998 acquisition of 67% of the ownership of GCIS as beneficial for two reasons; first, as a move in pursuance of its corporate objective of providing efficient, adequate, modern and affordable insurance service. Second, the GCIS acquisition made HIH by far the biggest provider of Motor insurance in Guyana enabling the Group to translate its economies of scale into superior customer service and price advantages. GCIS is now a premier name in Motor and Property Insurance.

National Industrial & Commercial Investment Limited

NICIL was incorporated as a Private Limited Company under the Companies Act, Chapter 89:01 in July 1990. A new Companies Act was enacted in 1991 with effect from May 1995 by the Companies Act (Commencement) Order, No. 25 of 1995 and NICIL was registered as a continuing company pursuant to Section 339 of the new Act in 1998. NICIL is 100 percent owned by the Government of Guyana.

The primary objectives of the company were that of subscribing for, taking or otherwise acquiring, holding and managing the Government’s shares, stocks, debentures or other securities of any company, co-operative societies or other corporate body. This meant that all Government shareholdings in public corporations and companies including those falling under the Public Corporations Secretariat, and the Co-operative Finance Administration Institutions were to be transferred to NICIL. The objective was to have a unified and systematic management of Government’s shareholdings.