In a bid to take advantage of oil discoveries and production now underway in Guyana, United States-based Bancroft Financial, LLC has set up shop in the South American country.
Just last week, on January 15, the American company announced the formation of its subsidiary, Bancroft Management Partners, LLC, which will serve the real estate, infrastructure, financial services, transportation, and hospitality industries in Guyana, as well as oil and gas companies.
“Bancroft Financial established Bancroft Management Partners and Guyana Growth Fund to offer investors a way to participate in what it expects to be one of the most compelling economic growth stories in the world over the next decade,” a statement on Bancroft Financial’s website said.
“We have been keeping up with developments in Guyana for a long time, developing key relationships, and building an inventory of projects and opportunities that will benefit from economic growth being driven by the world-class oil and gas discoveries in Guyana.”– CEO of Bancroft Financial, Jeffrey Van Putten
In particular, the newly established company will identify, evaluate and finance investment opportunities as it provides both capital and advice on business transactions.
In a press release from the company, CEO of Bancroft Financial, Jeffrey Van Putten, noted: “We have been keeping up with developments in Guyana for a long time, developing key relationships, and building an inventory of projects and opportunities that will benefit from economic growth being driven by the world-class oil and gas discoveries in Guyana.”
“With the initiation of first production in Q4 2019, we believe that now is the time to start introducing sophisticated investors to compelling opportunities in Guyana” he added.
Bancroft Financial, LLC has since appointed Guyanese-born David Mahmalji, a founding partner, to lead Bancroft Management Partners, LLC.
“The addition of David to our team enhances our efforts and profile significantly and we are pleased he chose to partner with us. Mr Mahmalji brings tremendous international business experience and local know-how combined with many decades of experience operating successfully in nations around the world undergoing major periods of economic development,” Ralph Curton, chairman of Bancroft Financial, LLC, stated.
According to Bancroft Financial, Mahmalji has 33 years’ experience with Hunt Oil Company, having worked in senior international positions in Africa; Southeast Asia; Europe; Middle East; North, South and Central America, including four years in Guyana.
What’s more, Mahmalji has also worked with government and industry personnel in several countries while sourcing resources and executing projects to become profitable. Bancroft Financial underscored that the head of the new company “brings decades of experience and deep understanding of the social, political and business dynamics of the country”.