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 thirty-eight years of quality service to the Guyanese public. HIHT has been modernized and after some adjustments to its reserves shows strong growth and profitability.

Hand in Hand Investment Co.
The Hand in Hand Group proposes to float a new company specifically for the purposes of long-term investments such as real estate holdings.

BACKGROUND- HIH TRUST

The Hand-in-Hand Trust Corporation Inc was first established as a Department of the Guyana National Co-operative Bank and then was incorporated as the GNCB Trust Company Limited, a wholly owned subsidiary of the Bank with a share capital of $10,000 on 29th December, 1971. This was increased to $100,000 on 4th September, 1973.

A decision was made in 1977 to have the GNCB Trust Company reconstituted as the GNCB Trust Corporation under COFA in accordance with the GNCB Trust Corporation Act no. 13 of 1977 whereby all the shares held by the G.N.C.B. were transferred and vested in the Co-operative Finance Administration (COFA).

By Order No. 26 of 1987 the authorized share capital was increased to $10,000,000, divided into 100,000 shares valued at $100 each and a decision was taken by the Board to have the sum of $6,500,000 of the reserves which amounted to $6,522,369 as at 31st December, 1986 converted into 65,000 shares as at 1st September, 1987. The issued shares of the Corporation was 65,501 shares as at 1st September, 1987.

Again by Order dated 6th day of December, 1996 the authorized share capital was increased to $250,000,000 shares valued at $100 each which was accompanied by the Capitalisation of reserves for the said share capital to be fully subscribed.

On the 5th day of December, 1998 by an Order the Honourable Minister of Finance deemed the Trust Corporation as a public Company Limited by shares with effect from 6th January, 1999.

On the 10th day of November, 2002 the Trust Corporation was privatized resulting in Hand-in-Hand Mutual Fire Insurance Company Limited acquiring 90% of its shares. Subsequently HIH Fire sold some of its shares to Hand-in-Hand Mutual Life Insurance Company and Guyana Co-operative Insurance Service Ltd.

The Government of Guyana retained 10% of the shares which will be transferred to the employees of the Trust Corporation.