Head of International Banking at Bank One Carl Chirwa: Banking the Future in a Post-Covid-19 World

“Two years down the line, I can safely assume that most businesses - including banks - have had to tear up meticulously detailed plans and budgets,” says Carl Chirwa, head of international banking at Mauritius-based Bank One. The Covid-19 pandemic has ‘pulled a number’ on every business, government, and individual. As the saying goes: ‘You can plan a pretty picnic but you can’t predict the weather’.”

[caption id="attachment_21914" align="aligncenter" width="900"] Head of International Banking: Carl Chirwa[/caption]

Banking was a margins game, he believes. “We were essentially in the business of buying and selling money; we buy low and sell high to make a margin.”

“I immediately fell in love with banking as a career,” he says — and the “margin principle” remained largely true until the Global Financial Crisis in 2008.

Jerome Powell, chairman of the Fed, signalled at the onset of the pandemic that US dollar interest rates were likely to remain near zero until around mid-2022 — at which point the Federal Reserve is expected to stop asset purchases.

Margin compression is the “New Normal” and rates seem set to stay lower for longer. The global lockdowns triggered an economic hiatus that put pressure on banks’ interest-earning assets worldwide. Therefore, a NIM’s dependent banking strategy is no longer sustainable.

Future-proofed banks have already begun to pivot their focus towards a non-interest-income led revenue model, and are figuring out ways to generate fee-based revenues to sustain earnings.

“Fees need to be earned and justified,” says Chirwa. “This means solving real problems in real time, for which clients are willing to pay. Banks should try to solve problems, not push products.”

A fee-led strategy requires digital transformation. Digital transformation requires complete rethink of all internal processes”, he says. “Senior Leaders can no longer afford to delegate to a group of techies holed-up somewhere in an innovation lab that periodically reports to senior management.”

According to a recent survey by The Wall Street Journal, directors, CEOs, and senior executives consider digital transformation as their number one concern. Yet 70 percent of all such initiatives do not reach their goals.

“Fundamentally, it’s because most digital technologies provide possibilities for efficiency gains and customer intimacy,” says Chirwa. “But if people lack the right mindset and organisational practices are flawed, DT will simply magnify those flaws.”

He offers five key thought leadership lessons:

Figure out your business strategy — before investing. Let digital transformation be guided by the broader business strategy.

Leverage insiders. Rely on staff who have intimate knowledge about what works — and what doesn’t.

If the goal is to improve customer satisfaction, start with a diagnostic phase with input from customers.

Recognise employees’ fear of being replaced.

Emphasise that the process is an opportunity to upskill for the future.

Traditional hierarchies get in the way. Don’t be afraid to fail; it’s part of the process. Fail fast, fail small, and fail forward.

A snap survey with Bank One clients revealed six common requirements that clients are willing to pay for.

They are:

Digital on-boarding: A seamless digital customer on-boarding process.

Omni-channel user experience: Digital access to banking services.

Cybersecurity: Resilience here is key to client acquisition and retention.

Processing efficiency: Near real-time processing, tracking and enhanced visibility of cross-border payments.

Let price and value determine the main banker status in a depressed corporate earnings environment.

Certainty and risk management: Corporate treasurers and CFOs require access to relevant real-time tools and insights.


Barrick Gold Corporation: The Gold Standard in Sustainability - Bringing Socio-Economic Benefits to Host Countries and Communities

Barrick Gold Corporation is a good neighbour, a valued stakeholder partner and a responsible steward of the environment. It believes these factors are the critical building blocks for a modern mining company, as important in their own way as geotechnical expertise and free cash flow.

The Barrick approach to climate change is driven by site-specific strategies based on science and operational realities, rather than wishful thinking. It is constantly reviewed in the light of technological advances. Identification and realisation of the resulting opportunities have enabled the company to update its 2030 emissions reduction target from at least 10 percent to 30 percent versus its 2018 baseline. Barrick’s aim is net zero greenhouse gas (GHG) emissions by 2050.

The current GHG reduction roadmap includes energy efficiency measures across the group with ambitious plans for the use of more solar power and innovations such as the battery technology used to augment its hydropower stations in the Democratic Republic of Congo.

Barrick’s environmental strategy has paid substantial dividends, recording zero Class 1 environmental incidents for a third consecutive year, reducing Class 2 incidents by 38 percent, and exceeding its target of reusing or recycling at least 75 percent of its water in 2020.

With the Covid-19 pandemic driving more people below the poverty line, Barrick is maximising the social and economic benefits its mines bring to host countries and communities.

Barrick’s prompt and effective response to Covid-19 largely protected its business and people from the impact of the virus and provided a further chance for the company to demonstrate its commitment to partnership. Barrick has spent more than $30m on Covid-19-related community support and has prepaid more than $300m to date in taxes and royalties to ease the pandemic’s economic pressure on some host countries.

The company has established Community Development Committees (CDCs) at all its operational sites, which put communities at the heart of the decision-making process when it comes to community investment. There was a Barrick investment of more than $26m in such projects during 2020.

Barrick Gold Corporation is a sector-leading gold and copper producer. Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.

The company owns and operates six Tier One gold mines, assets with the reserve potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and total cash costs per ounce that are in the lower half of the industry’s cost profile. They are Cortez, Carlin and Turquoise Ridge in Nevada; Loulo-Gounkoto in Mali; Kibali in the Democratic Republic of Congo; and Pueblo Viejo in the Dominican Republic. Nevada Gold Mines, a joint venture with Newmont, majority owned and operated by Barrick, is the world’s largest gold mining complex. Barrick has gold and copper mines and projects in 17 countries. Its diversified portfolio spans the world’s most prolific gold districts and is focused on high-margin, long-life assets.


Italtile: Resilient South African Group Remains Strong, Optimistic and Locked-into its Ethical Stance

Founded in 1969, Italtile Ltd has always had a clear goal: to be the best manufacturer and retailer of tiles, sanitaryware and ancillary products in Africa, coupled with an unrivalled shopping experience.

[caption id="attachment_21920" align="aligncenter" width="900"] Financial Highlights. *Adjusted for once-off R39 million IFRS 2 charge related to the Broad Based Black Economic Empowerment transaction concluded in September 2019.[/caption]

“We drive our business with our core values,” CEO, Jan Potgieter says. “They inform our policies, practices and decisions. It is therefore rewarding that across all our operational metrics, including scorecards, KPIs, employee engagement and satisfaction surveys, we achieved, and in some instances, exceeded our targets. This is particularly noteworthy in light of our deliberate efforts to streamline the business and extract optimum productivity and value from our resources and assets.”

Italtile believes that effective governance is essential to an ethical and successful organisation. “We have enhanced controls in key areas of cybersecurity and health and safety. An independent safety, health and environment audit conducted noted improvement across the retail brands and supply chain audit results.”

The proudly South African manufacturer, franchisor, and retailer of tiles, bathroom-ware and home-finishing products has four retail brands: CTM, Italtile Retail, TopT and U-Light. These are supported by a network of 206 stores throughout South Africa and select sub-Saharan markets, including six online webstores.

Italtile’s target market is equally clear: homeowners across the Living Standards Measure 4 to 10 categories.

The retail operation is strategically supported by a vertically integrated supply chain of key manufacturers and importers, and an extensive property portfolio. Manufacturers are Ceramic Industries (Ceramic) and Ezee Tile Adhesive Manufacturers. The import businesses are Cedar Point, International Tap Distributors and Durban Distribution Centre.

People, Profit-share and the Pandemic

Across the Group’s operations the focus during the past year remained steadfastly on customer satisfaction and delivering an unrivalled shopping experience. “In light of the challenges posed by the pandemic, this proved very difficult at times, requiring personal sacrifices by many of our people,” says CEO, Jan Potgieter. It is the extraordinary individuals who work for Italile and commit to its high-performance culture that set the business apart from others, he says.

In keeping with the Group’s ethos of reward and partnership, every individual in the business is entitled to a percentage of the profits made in their respective business units. “This scheme incentivises our people to participate in the success of the business, and often has life-changing benefits for recipients,” says Potgieter. He adds that it is extremely satisfying that the Group was able to reward its team for their exceptional contribution to the results, through R290 ($18.1m) million paid out in profit share. This profit share scheme is additional to the share incentive scheme which employees are eligible for after three consecutive years of employment.

A home-improvement boom was fuelled by enforced remote working during the pandemic. With people spending more time in the home, and with more time on their hands, previously neglected DIY projects were addressed, while others adapted their properties to create multifunctional spaces.

[caption id="attachment_21921" align="aligncenter" width="892"] Italtile ten-year share price growth (%).[/caption]

Although discretionary income remained constrained in the low-wage inflation environment, several conducive factors encouraged homeowners to invest in their primary assets. There were favourably low interest rates, available funds previously earmarked for transport, travel and other recreational pursuits, debt-payment “holidays”, and short-term pandemic support funding.

Consumers have also become more risk-averse, and more decisive in their spending behaviour. In-store browsing and research of comparable offerings has given way to online searches. When customers do decide to transact in-store, they gravitate to trusted brands with one-stop-solutions.

“Our business model is well-suited to this new trend,” says Potgieter.

“Our offering is supported by multi-channel trading platforms. Our brands are trusted household names, and our supply chain meets the one-stop criterion.”

Italtile Group Performance

Despite the challenging trading conditions, the business delivered double-digit sales and profit growth across all its business units, merchandise categories and all trading geographies compared to the prior year. Significantly, the results achieved also outperformed those reported in pre-pandemic 2019.

Potgieter says while the business benefited from the home improvement boom, other key contributors to the strong results are the agile response of the resilient team members; the robust business model and integrated supply chain; the focus on continuous enhancement of the customer shopping experience and investment in innovation; and the ethos of profit-sharing and partnership with the Group’s people.

At the end of 2020, Italtile determined a focus for the year ahead, and the strategic imperatives that would allow achievement of the Group’s targets.

New stores were opened, and the revamp programme advanced. “During the review period, we opened 13 new stores and closed four non-performing stores, bringing the total retail network to 206 stores,” says Potgieter. A total of 11 new TopT stores and two franchised U-Light stores were opened. “In July and August 2021, we opened a further five stores which had been delayed by the impact of the pandemic.”

Stock Management

Strong demand and judicious management have served to improve stock turn across the various business units, most notably in the first nine months of the review period. The Group benefitted from its integrated supply chain, with 76 percent of total procurement sourced from local manufacturers and suppliers. “That allowed us to mitigate erratic global supply and shipping constraints,” notes the chief executive.

Optimal product mix and range was supported by the business optimisation programme, and the enhanced use of analytics was a focus area.

Marketing Campaigns

Notable spikes in sales over promotions and paydays confirm that the vast majority of Italtile’s customers are price-sensitive. “Our brands are tailored to bespoke marketing initiatives across the advertising platform spectrum to convey our price, value and service offerings. Disruptive campaigns differentiated us from our competitors and drove gains in market share and share of wallet.”

This was bolstered by the use of technology across trading platforms.

The Group’s IT unit makes a key strategic contribution, through developing market leading technological innovations across the Group’s multi-channel offering and operations.

ESG Credentials

“Our goal for the year was to reduce the Group’s carbon footprint and the consumption of non-renewable resources,” Potgieter says. This was achieved by increasing use of solar energy, harvesting rainwater, and recycling water in the factories. Solar energy installations have been fitted at 36 stores, two of Ceramic’s factories, and the Group’s support centre and training academy. Properties are constructed and renovated with energy efficient and environmentally sensitive practices and materials.

Technology has helped operations to meet targets, cutting the consumption of non-renewable resources and “recovering, recycling and reusing” where possible. Ceramic’s factories rank among the most energy efficient in the world, and rehabilitation of its raw material quarries is conducted concurrently during use and end-of-productive-life stages.

Eco-friendly tiles, taps, shower heads and toilets are all designed to minimise the use of natural resources, contributing to a significant carbon footprint reduction for the Group and its customers. The Group’s recently launched low-carbon footprint Eco-Tec tile range is recognised as a leader in the manufacture of eco-sensitive products.

Social impact is another vital factor in the business. “Our ‘proudly South African’ ethic is a key theme in our stores and communications campaigns,” says Potgieter, “and we further our support for the economy by selling high quality products manufactured by local people, creating employment, training, and skills development. About three quarters of all merchandise sold by our retail brands is locally produced.”

With the Group’s Italtile and Ceramic Foundation, R121m ($7.5m) was invested in skills development, education, sporting infrastructure, bursaries, conservation and outreach programmes for disadvantaged and disabled people. “A key component of these programmes is that they are consequential, sustainable and measurable,” Potgieter says.

The Group’s commitment to transforming the business from within is based on management’s continuous focus on a range of meaningful interventions. Exceeding its targets, the Group achieved a Broad Based Black Economic Empowerment rating of level 2, equating to 96.84 points out of a potential maximum 100 points – a creditable achievement.

Italtile Future Outlook

Investing in the future is a major strategic thrust. Current capital expenditure projects include the continued roll-out of new stores, upgrade and construction of new facilities, and expansion of the Group’s sustainability and energy programme.

Potgieter says, “We are confident that if we execute retail excellence disciplines better at every customer touchpoint and reduce existing inefficiencies in our business, we will build further momentum to deliver sales, profit growth and a gain in market share.”

While the pandemic is likely to continue to impact the South African economy, “We are satisfied that our strategies, responsive systems, hands-on management team and resilient business model will allow us to respond nimbly to future challenges.”


Supporting Clients & Thriving in Challenging Era: BIAT’s on the Ball

The past two years have been exceptional — and during an unprecedented set of global challenges, Tunisian bank BIAT has showcased its resilience.

Financial strength and good decision-making have allowed it to face the repercussions of the crisis, and flourish. By mobilising all BIAT teams, it has given continuous support to its 960,000 clients through a commercial network of 205 branches.

“We have put in place support measures for the benefit of our 39,000 business and professional clients through the Moltazimoun initiative, launched in 2020 to help preserve the economic fabric and jobs in Tunisia,” says CEO Mohamed Agrebi.

“This has resulted in the granting of more than $380m (1.1bn dinar) of support credits over all regions of the country.”

Several key achievements have marked the past two years.

BIAT Digital Transformation

The year 2021 was marked by the launch of the first version of the digital offer MyBIAT. Developed in close collaboration with customers, MyBIAT offers digitalised services to facilitate the processing and monitoring of remote banking operations. With a functional and intuitive design, MyBIAT is a secure banking application that complies with the latest technological standards.

Acquisition of Tunisie Valeurs

In March 2020, BIAT Group strengthened its position by acquiring Tunisie Valeurs, a financial institution specialising in asset management, stock market intermediation, financial engineering, and treasury securities. “Through this transaction, our positioning on capital market activities has been consolidated,” says Agrebi. “Our corporate offer is more complete, with tailor-made support for our clients from experts in the market.”

New Branch Concept

In 2021, BIAT launched its new branch concept, which reflects the expertise the bank offers its clients in terms of relational support and innovation and digital services. “Two pilot sites have already been implemented. In addition to the added value provided by the expertise of our sales teams, we wanted our branches to embody our values of transparency and commitment,” says Agrebi. “We also wanted the process to be more welcoming and user-friendly, for a smoother customer experience.”

Social Responsibility

“In terms of social responsibility, we are aware of the country's need for solidarity and cohesion. With this in mind, we made a donation of $6.37m (18.3 million dinar) to the 1818 fund, set up to fight against Covid-19.
“We have mobilised additional funds to finance the acquisition of medical equipment and mobilise other equipment necessary for health services.”

Rehabilitation of Schools

BIAT took part in the first joint social responsibility action of the Tunisian banking sector, initiated by APTBEF to help public schools. “We have taken charge of the rehabilitation and fitting-out of five schools in Kef and Kairouan,” Agrebi notes. “All the work has been completed and will allow more than 1,000 students to continue their school year in good conditions.”

BIAT Foundation and BIATLABS

As part of its CSR approach, BIAT continues to support entrepreneurship through various structures. “Our objective is to contribute to the development of the entrepreneurial spirit of young people,” says Agrebi.

Incubator BIATLABS has enriched its programme, and celebrated the graduation of another class of young entrepreneurs. The BIAT Foundation has continued to support young people via programmes focused on entrepreneurship, education, and culture. The fifth edition of SPARK CLUB, the BIAT Foundation's entrepreneurial programme for young people aged 15 to 18, helped more than 600 young people to transform their ideas into projects.


Société Générale Guinée - Guinean Gold: a Private Bank That Has Won Trust of Public

Société Générale Guinée has a century-and-a-half of history — and a go-ahead CEO who has overseen impressive growth.

[caption id="attachment_21928" align="aligncenter" width="900"] CEO: Thierno Ibrahima Diallo[/caption]

Société Générale Guinée was created in 1985 and is today the West African country’s leading private bank in terms of equity, credits, number of branches — and results.

It is primarily owned by Société Générale Group, which holds 58 percent of shares. Remaining shares are held by private shareholders.

“The solid financial position of Societe Generale Guinée allows us to better manage regulatory ratios such as legal lending limit,” says CEO Thierno Ibrahima Diallo, “and to provide optimal capacity to satisfy the needs of our commercial customers.”

The bank has some 600 corporate clients and boasts strong penetration of large businesses both local and international. Streamlining the service to these clients — and 101,505 private customers — are 326 dedicated employees and a team of professionals that is 2,488-strong. These staff members operated from 24 strategically located branches across Guinea, which sits on a crescent extending into the Atlantic Ocean. The country’s mineral wealth could theoretically make it one of the continent’s richest countries.

With its impressive network of branches, which cover the country’s four main regions, SG Guinée is at the centre of a thriving financial hub. The large corporate branch is located at the society’s headquarters in the capital, Conakry. It has been operating for one-and-a-half centuries — so its processes have been continuously streamlined over those 150-odd years.

Société Générale Guinée provides a wide range of innovative products and services with a particular focus on SMEs — as well as the larger clients which choose its services. “The aim is to anticipate and satisfy their needs,” says Diallo.

Thierno Ibrahima Diallo was born in Senegal, and graduated with a degree in Banking, Finance and Insurance Engineering from the Ecole Supérieure Des Affaires De Lille 2.

He also holds a diploma from ITB (Institut Technique de Banque). The fluent French- and English speaker started his professional career in 1998 in the Société Générale Group. He cut his teeth in the world of international finance in the Senegalese subsidiary, becoming head of international payments processing and heading research into the optimisation of the customer experience.

Two years later, in 2000, Diallo joined the CIC-Crédit Mutuel group as a customer manager for SMEs. In 2005, he joined the Est-Parisien business centre of Crédit Industriel et Commercial (CIC) as a corporate account manager.

In 2007, Thierno Diallo joined the ABN AMRO Bank group as a key account manager in its asset finance department based in Paris (ABN AMRO Commercial Finance). In 2010, he was promoted to head of the key accounts division.

Diallo has experience from a range of high-powered appointments. In 2013, he joined SAS LPP Coffrages Group as export development manager. In this role, he was responsible for the creation of a subsidiary operation in West Africa.

In 2014, he returned to the Senegalese subsidiary of the Société Générale Group as manager of large corporate clients. In 2015, he was promoted to head of corporate clients.

In 2018, Diallo was appointed director of the Central African Audit Hub (AFC)-IGAD/IRB/AFS, which includes Cameroon, Chad, Congo and Equatorial Guinea.

He took over the regional management of the Central and Eastern Africa Audit Hub (AFCE) in 2019. This position had an even larger scope, covering six countries (Cameroon, Chad, Congo, Equatorial Guinea, Madagascar and Mozambique).

Since September 2021, Thierno Ibrahima Diallo has been managing director of the Guinean subsidiary of the Société Générale Group.


stc: High Ideals, and a Series of Firsts for Kuwait

Kuwait Telecommunications Company (stc) believes the pandemic highlighted the importance and necessity of a strong telecom infrastructure.

[caption id="attachment_21933" align="aligncenter" width="900"] CEO: Maziad Alharbi[/caption]

“People were eager to stay informed with the latest news updates and maintain open communication lines with their loved ones,” said CEO engineer Maziad Alharbi, adding that “businesses quickly realised the importance of adopting a digital culture and accelerating the path towards digital transformation.”

Telecom services are a crucial component in the road to normalcy, with an increasing push towards digitalisation.

Once Covid-19 was declared a pandemic, stc realised the criticality of effectively implementing its business continuity plan. As the world recognised the redefined role of digital transformation, telecom companies found themselves on the brink of a digital revolution. “This was a significant time for stc and the telecom industry as a whole,” said Alharbi. “Prior to the pandemic, stc had been implementing its own digital transformation strategy. The level of knowledge and experience the Company accumulated in its years of operation proved useful in impactful contributions to the local economy and government initiatives.”

stc had been focused on strengthening its 5G infrastructure in Kuwait and expanding its network coverage to 98 percent of the populated areas. This allowed the company to manage the increased demand for 5G and connectivity during lockdown periods.

“We were ready and managed to enable remote operations for various industries including the health, education, and financial sectors,” Alharbi noted. In early 2019, stc was one of the leading telecom companies to commercially deploy a nationwide 5G network — with over 1000 5G NR sites supported by a massive device ecosystem of more than 100,000 devices including 5G CPEs.

This marked one of the largest 5G commercial rollouts in the world. stc’s 5G innovation strategy opened the door to new business prospects in the realms of ultra-broadband, IoT and smart city services.

“Due to the prolonged impact of the pandemic, we focused on elevating the user experience by enhancing our 5G coverage. stc started delivering Sub-3Ghz 2.1Ghz 5G NR with nationwide implementation by late 2020, focusing on indoor and weak coverage spots.”

As a pioneer telecom operator in the MENA region, stc strengthened its position by launching the commercial E2E 5G SA network in the Middle East. This aided the Company in providing high-rise buildings with better coverage, increasing uplink bandwidth, and improve user-traffic latency.

Ensuring Customer Safety

The strength of the 5G network enabled stc to provide customers with connectivity solutions for work, education, or entertainment purposes. The advanced upgrades applied to stc’s network assisted the Company’s business arm, solutions by stc, to expand its offering.

“We provide our customers with complete control and access to manage their accounts,” said Alharbi. This goes hand-in-hand with our digitisation strategy and was supporting the government direction during the pandemic. Promotions and offers were introduced to meet the needs of communication, entertainment, and VIP customers. The digitised experience, backed by the latest technology, stems from stc’s commitment to support the Kuwaiti community.

“The level of uncertainty the entire world was facing when the pandemic hit is a crucial point to consider when looking at the response strategies we implemented,” said Alharbi. “We used our expertise to streamline operations and maintain the level of quality and service we commit to our customers.”

“The strategic steps stc took to preserve its competitive and empowering work culture were essential in getting us to where we are today.”

One of the main functions was implementing a three-level business continuity plan.

Business Continuity Planning

The business continuity plan consisted of three scenarios. The first, Situation Under Control, was based on employees being present at stc’s head office. They would have the ability to communicate and interact through routine channels, while abiding by health and hygiene controls.

The second scenario, Social Distancing, reflected work protocols during the partial curfew period. Work-from-home procedures were initiated with only essential staff at the headquarters.

Scenario three, Lockdown, saw all operations shifted to remote working, with the closure of stc’s headquarters and branches.

Employee Training

In line with the continuity plan, stc HR introduced online learning through LinkedIn and other platforms. The team ensured that employees had the proper tools and resources, including hardware and secure, cloud-based storage. IT and HR allowed employees to perform remote requests and seek approvals, in addition to the virtual application (VAPP) that was introduced to integrate remote working.

“Now, with the gradual return to normalcy, we have embraced the developments to instil a performance-driven culture built on efficiency,” said Alharbi.

“We take pride in our extensive CSR program, where we can effectively give back to our community, especially during times of need.”

In Kuwait, private businesses backed the government’s Covid-19 precautionary and relief plans. “We launched a series of social and awareness initiatives targeting health, safety, and social awareness. stc launched a social media campaign that involved influencers, doctors, and specialists to encourage residents to stay home and adhere to the government guidelines.

stc Supporting the Kuwait Community

In another initiative, stc launched its “Far Yet Close” campaign. This provided stc customers and personnel staying at Khiran Resort and Al Joan Resort at Julai’a with unlimited local voice calls to ease the quarantine protocols. Customers could connect with loved ones, while spreading awareness of the pandemic. stc also visited Kuwait International Airport to distribute face masks, sanitisers, and information leaflets.

“Stay Safe” is an stc initiative aimed at reducing the spread of rumours and disinformation. The Company worked with the Ministry of Health and dedicated a page on stc’s official website to news and announcements from verified sources, in addition to an emergency contact directory and Covid-19 statistics.

Other initiatives included a blood drive, equipping stc branches with safety supplies, and distributing hand sanitisers, face masks, and safety supplies to the Ministry of Interior.

stc collaborated with the Communication & Information Technology Regulatory Authority (CITRA) to give customers free unlimited local calls and 5GB daily data usage for a one-month period. Returning citizens were greeted with 25,000 free prepaid lines with internet bundles and free local calls.

Another notable initiative was establishing a data link connection between the International Hospital and the Ministry of Health (MOH) data centre. stc partnered with the Tarahom Volunteer Team during Ramadan to distribute 7,000 iftar meals to paramedics across Kuwait.

The #today_we_can initiative focused on spreading awareness on the importance of acting today for a better tomorrow, with the aim of supporting community members in need.

“Our CSR program remains a top priority,” said Alharbi, “as it showcases our commitment to support and serve the Kuwaiti society.”

Over the past two years, stc achieved several significant milestones. One of which was receiving approval from the Communication and Information Technology Regulatory Authority’s (CITRA) for a mobile virtual network operator (MNVO) licence to launch Virgin Mobile Kuwait. Virgin Mobile Kuwait will use stc’s network, with stc acting as a Host Facilities Based Provider with Virgin Mobile Kuwait, making it the first virtual telecom service in the country.

Under the direction of its business continuity team, stc received the latest version of the ISO Certification in Business Continuity (ISO 22301:2019) after completing a vigorous auditing process performed by TopCertifier.

stc was the leading operator in the Middle East to launch unlimited 5G roaming for all post-paid, prepaid and enterprise customers across all GCC Countries. By subscribing to the roaming service, customers were able to enjoy ultra-fast 5G speeds without any additional charges.

The 5G network operates on a 2.1 GHz frequency band, the first of its kind in Kuwait. This improves customer experience and allows for the exploration and development of 5G vertical industry applications. The stc system is considered one of the best ICT solutions for SMEs. The 5G DA will provide them with fast GTM connectivity. The service is also a preferred choice for larger enterprises due to its ability to serve as a primary link and fibre back-up.

stc unified its 4G and 5G packages, allowing customers to switch at no additional cost. “This transition allowed us to showcase the strength of our 5G network while providing B2B customers with reliable high-speed internet to manage their businesses online, in addition to offering advanced ICT solutions to fulfil the needs of the enterprise sector.”

Enabling Transformation

stc strives to accelerate vertical transformation by constructing advanced Business Support Systems to fulfil a range of industry transformations. “This stems from our commitment to fulfil the needs of start-ups, SMEs and larger enterprises by offering flexible, automated, scalable, guaranteed, and reliable solutions.”

These solutions can accelerate digital strategies into the 5G platform, allowing the introduction of new solutions and business processes. During the pandemic, stc launched its 5G LIVEBUS, a smart and safe bus supported by 5G connectivity. This vehicle combines advanced and integrated safety solutions for business owners and their employees. The initiative targeted all sectors and institutions within the country, especially transport.

Through its specialised business arm, solutions by stc, stc focused on introducing lucrative digital solutions to support its B2B customers. solutions by stc aims to provide customers with world-class connectivity and IT solutions, paving the way for digital transformation in businesses.

In collaboration with Futures Communication Company, solutions by stc released digital and cloud-based solutions allowing small businesses to develop and activate their own online stores through a dedicated mobile application. The company also introduced Office 365 and Google products to support businesses in streamlining their workflows.

The offering line under solutions by stc was extended to large and medium sized B2B customers to help manage safety measures and protocols. The team introduced thermal cameras, monitoring bracelets, remote collaboration tools and a fleet management solution.

“Our primary goal is to assist our customers in realising the added value created by adopting technologies and digital solutions that can transform and optimise the way they do business,” said Alharbi. “We have dedicated a team of professionals to provide around-the-clock assistance. The support team specialises in assisting business owners as they implement new systems.”

The shift to digital solutions has taken the business model towards new areas of sustainable growth. “We continue to explore new applications that apply the latest tech to enhance operational and financial performance.”

“We witnessed a massive transformation in the telecom industry triggered by the pandemic. This came in the form of increased demand for competitively priced plans, whether voice or internet, connectivity solutions, ICT solutions and innovative products.”

“We witnessed a massive wave of demand from the telecom and digital solutions sector, with the opportunity to use our resources to find solutions that meet the needs of corporate customers. This was a trend experienced worldwide and is now considered the future of doing business in most sectors.”

The growing demand for 5G and 5G enabled products has opened the doors to a world of potential opportunities in terms of accessibility, innovation, and expanded network services. The 5G revolution has set the bar at a higher level in terms of solutions.

“I believe that these two key transformations will play a great role in the future of stc,” said Alharbi. “We have set up a clear transformation journey to cater customer needs and enrich their experience with stc, all defined in our Corporate Strategy AHEAD. We invested early on in building the strongest 5G network in Kuwait and have been implementing our own corporate digital transformation strategy.”

“Using our experience and expertise, we will continue to set our sights on meeting the needs of our customers in a way that empowers and enriches their lifestyles, while assisting our corporate customers in achieving the diverse objectives under their unique digital transformation strategies.”


Abdullah Al-Othman & Geidea: FinTech Supports SMEs and Saudi Vision 2030

Abdullah Al-Othman is the founder and chairman of Geidea, a leading fully licensed provider of digital payment solutions. He is committed to Geidea’s vision of delivering accessible, affordable and customer-centric payment solutions for everyone.

[caption id="attachment_21937" align="aligncenter" width="900"] Founder & Chairman: Abdullah Al-Othman[/caption]

One of Saudi Arabia’s prominent and most promising young business leaders, Al-Othman’s career started out in real estate in 2008. His initial success in this sector, and a passion for all things digital, encouraged him to invest in a fintech venture, and eidea was born in 2011. Initially launched to improve the efficiency and availability of digital payment channels in the Saudi market, Geidea began by providing software, payment terminals and ATMs to banks. It went on to receive various government licenses and approvals in 2013, thus facilitating rapid expansion.

By 2016, his company cemented its position as one of the largest service suppliers in Saudi Arabia and the wider Middle East - capturing more than 75 percent market share in the sector, by delivering 400,000 terminals and serving over 80,000 clients.

Since then, the company has focused on offering small merchants a complete suite of payment, ecommerce and business management tools to help them grow and scale. Geidea remains committed to Saudi Arabia’s vital and expanding SME sector – as well as helping the country reach the targets set out in the Saudi Vision 2030 plan.

Al-Othman is also founder of AO Holdings, a family investment house founded in 2019, and co-founder of Lemar United Real Estate, an international development company focused on the commercial sector. Lemar has executed high-profile real estate projects across Riyadh, including the Arcade Centre on King Fahad Road, and the three million square-metre Malga neighborhood.

In addition to his business ventures, Al-Othman is a member of the Business Entrepreneurs in the Chamber of Commerce, an institution that encourages commercial solidarity among businesses and protects their interests. He holds a bachelor’s degree in Information Technology from King Saud University and an MBA from Al Faisal University.


Q&A with Talal Ghandour, Metito Chief Investment Officer and Managing Director: Water, Water, Everywhere? Not Always True, but Metito Strives to Ensure Clean and Safe Supply

CFI.co in conversation with Metito CIO and managing director Talal Ghandour. He explains why water is a precious and profitable resource…

[caption id="attachment_21940" align="aligncenter" width="900"] Metito Chief Investment Officer and Managing Director: Talal Ghandour[/caption]

You spent 23 years with the Bank of America Corporation, and now you’re a CIO and MD in a completely different industry. How has the transition been?

Bank of America is a great organisation to work for, but water is our most valuable and critical resource. With Metito’s vision and role as a key player — and its growth plans — I felt it was an opportune time for me to join the family business.

With financial experience gained over the years, I bring a complementary skillset to the management team. We work on realising Metito’s strategic plans through sustainable investments and a realignment of resources to secure organic and inorganic growth.

I’ve only been with Metito for nine months, but I’ve been extremely impressed by the professionalism, integrity, and outstanding work ethic of our employees, and how they are valued. It’s a company committed to its clients, and to the environment. It’s been a fantastic start to my Metito career.

As a former financier and now an industry insider, tell us your views on water’s investment potential…

The industry holds immense potential, given global scarcity issues and general underinvestment. To keep up with projected demand, the world will need $500bn in water infrastructure every year until 2030.

A comprehensive and collaborative approach between all stakeholders is key to addressing the demand-supply gap. There needs to be sustainable infrastructure to achieve the UN’s Sustainable Development Goals, including clean water and sanitation, food security, health, and clean energy. Water scarcity is now centre-stage and improving its efficient use is vital. Metito is perfectly positioned to benefit given its position as a world leader in intelligent water- and wastewater management solutions.

Given the financial challenges of underdeveloped countries facing the problem of access to clean water, what are your recommendations?

The scale of underinvestment in the sector is well documented. Governments and the private sector have key roles to play. Tackling the supply-demand gap is multi-faceted. It is essential to have the right legal and financial infrastructure to enable private sector involvement. Non-revenue water must be addressed through operational efficiencies of existing infrastructure assets, and the development other greenfield life-line projects.

Metito is a pioneer in this space. It commissioned the first water-treatment plant in Sub Saharan Africa, a bulk water supply project in Kigali, Rwanda. That was under a public-private-partnership, a 25-year concession securing 40 million litres of clean water per day, covering 40 percent of Kigali’s water needs and significantly improving water quality for a million residents.

Other key factors include education, improved consumption habits, a better understanding of the reuse of water and wastewater, the introduction of renewable energy sources, innovative, sustainable financing solutions, and continued advances in commercial technologies.

Parameters for the evaluation of companies’ performance are changing in public and private domains. How do ESG and sustainability principles affect the way Metito operates?

Metito has always been committed to working with governments, industries, and communities to meet environmental and water via sustainable infrastructure solutions. With the increased demand for water-reuse projects, Metito is a key enabler of a circular economy, and pioneered decarbonisation projects in desalination.

We address the energy-intensive process of desalination in two ways. Firstly, through high-value engineering and working with providers of membrane technology to improve efficiencies. Secondly, through the use of solar energy to offset the energy intensity.

Since the foundation of the company, Metito has been committed to creating a cleaner environment. Sustainability has been a key driver in our global operations. We’ve been producing sustainability reports since 2006 to measure our performance, and we’ll continue to innovate and work towards a greener future.

We have low staff turnover and high employee engagement. We ensure the implementation of policies that define and reinforce ethical practices, and work with governments to achieve national water-security ambitions.

Globally, COVID-19 has hindered investment plans for many organisations. Has Metito had problems, and if so, how is recover going?

The critical role we play was highlighted by the pandemic and the heightened need for clean and safe water. We experienced almost no disruption to our business. Metito has developed megaprojects on a fast-track basis across key emerging markets (Egypt and KSA). We’ve grown our staff numbers by 25 percent since the start of 2020.

Listening to our clients during trying times, and delivering on their needs, was central to our growth.

What’s next for Metito?

We’re focusing on growing recurring revenue streams and growing profitably. We’ll be diversifying our business offerings and expanding into countries where we see opportunities.

We look forward to continuing the work of increasing global water security.


Digital Transformation Shapes the Future of AUB

Digital transformation is set to have a profound impact on the future of global banking networks such as Ahli United Bank.

[caption id="attachment_21943" align="aligncenter" width="900"] Ahli United Bank[/caption]

Ahli United Bank (AUB) was created in May 2000 out of a merger between Al-Ahli Commercial Bank and United Bank of Kuwait. In addition to its base of operations in the heart of the Arabian Gulf in Bahrain, the Bank boasts a robust banking network covering the UK, UAE, Egypt, Kuwait, Iraq, Libya, and Oman. In addition, AUB owns the leading insurance providers Al Hilal Life and Al Hilal Takaful. AUB provides the full suite of retail, corporate, treasury, investment, private banking, wealth management, Islamic banking, as well as conventional and Takaful life insurance products and services with an enhanced Shari’a compliant business contribution.

The Bank aims to acquire banks and regulated financial services companies in the Gulf countries (core markets) with minimum targeted 10% potential market share to be achieved through mergers, acquisitions and organic growth. AUB also aims to acquire complementary banking and regulated financial services companies in secondary markets, enjoying strong cross-border business flows with Gulf countries or with economic structures similar to the Gulf countries.

As part of its international expansion objectives, AUB maintains a UK presence as a non-regional banking arm to profitably complement regional expansion and support commercial, private and investment banking activities and explore a complementary PBWM focused Swiss banking platform to increase OECD footprint. AUB also maintains a reputation as a premier pan Gulf-Middle Eastern retail/corporate/private bank with focus on sustainable & responsible banking.

One of AUB’s key objectives is to entrench prudent and disciplined risk and cost management culture involving standardized policies and methodologies, scalable infrastructure, and stringent risk /cost/benefit analysis in all decision-making processes supported by a strong data analytics and human resource base.

Digital Transformation at Ahli United Bank

The banking industry has been transforming over the past few years to meet the rapidly changing digital needs of its customers. AUB is one of these global banking networks that has accelerated its digital transformation strategy, designed to improve the operational efficiency of the bank, and enhance the services it provides to retail customers, private banking clients, small and medium- sized companies, and larger multinational corporates and financial institutions.

AUB has transformed its services to meet the changing needs of all these customers and to compete with fintech companies. As AUB faces such competition, it is critical for the bank to transform digitally to grow and evolve its business. AUB recognizes and understands the shifting needs of their customers. This understanding of what the bank’s customers need is the strongest basis on which to build and implement the most effective digital transformation strategy. Digital transformation around the advice, service, and products AUB provides must be based on its understanding and responding to the changing and specific needs of its customers and clients.

Ahli United Bank has drawn up a strategy, designed to move the bank forward into the future by improving efficiency, enhancing customer satisfaction and gaining a competitive edge by equipping AUB Group with fully digital banking capabilities (“A-Z” Concept) as well as inculcating broad-based data driven culture capabilities (“Organized Actionable Data”).

In recent years, AUB has been at the forefront of digital transformation. The Bank’s relentless push towards the adoption of FinTech services has won it the recognition of leading industry publications. On the financial front, the Bank has performed remarkably well even in the face of financial downturns, as manifest in the multiple accolades it has won for financial performance, growth, and digital innovation.

Among the latest wins, AUB has been named Best Global Network Bank – GCC 2021 by the CFI.co Awards Programme. AUB was recognised as the Best Global Network Bank – GCC 2021 based on its achievements, innovations, and performance over the last 12-month period.

AUB’s GCC network is a well-managed business model supported by its continued focus on delivery of core earnings, and a robust risk management system. Its intelligent spend strategy has paid off amply in the form of resilience against current market volatility. The recognition from CFI.co, a pioneering financial publication with high reporting standards, comes as recognition of a devoted team. AUB continues to reap the benefits of its customer-focussed approach as well as implementation of digital solutions that truly empower its clientele. This award marks the latest addition to a long string of recent accolades the Bank has garnered from leading industry bodies.

Digital Transformation of Retail and Private Banking

The challenge of understanding the needs of customers is that they can be so varied. This is particularly true in retail banking, where Ahli United Bank has been driving digital transformation across the business. This is done through multiple initiatives to cater for their customers’ diverse requirements. For example, AUB opened its first digital branch in Kuwait, became the first bank in Bahrain to provide video and WhatsApp banking, launched a VIVR (visual interactive voice response) offering, and initiated the implementation of digital onboarding for savings accounts. The digital transformation developments have taken on greater relevance during the pandemic. But they also represent the future of retail banking where multiple needs are met through a digital offering.

The same is true for private banking, but what is interesting about wealthier customers is how different their needs become from on generation to the next. Recognising these differences, and responding and innovating accordingly, is very important when pursuing digital transformation in this business, which is traditionally characterised by the frequently high level of human service between a bank and its customers.

One important area in private banking where enhanced data analytics is transforming the customer experience and empowering their decisions is in investment and wealth management. The main power in any private bank’s value proposition is the advisory service it provides to clients. Much of the power behind that is data and the analytics applied to it. Through digital solutions, customers can see this analysis at any given point, and with automated notifications alerting them to any material changes in the performance of their investment portfolio, they are much more in control.

However, this is not only about managing short to medium- term financial goals. Customers are also able to think, plan and invest for the long term, thanks to digital enhancements. Protecting wealth for the next generation is a key priority. AUB’s clients want to understand what is likely to happen in the future and how that could potentially impact their investments and net wealth. Data analytics can provide some of the answers, which is of great value to the bank’s customers.

Digital Transformation of Corporate Banking and Treasury

One of the most technologically advanced areas within AUB has been its corporate banking business and treasury operations. Annual investment in these areas has been rising in recent years and continues to grow to keep pace with technological advancement and client demands.

AUB’s corporate banking services include corporate, trade and property finance, corporate banking, and Shari’a compliant banking products. Its treasury business covers money market and foreign exchange services, hedging and trading solutions, structured and Shari’a compliant treasury products.

In both businesses, the nature of client demand is shifting rapidly, requiring an equally fast response from the bank. Innovating speed is never easy, which is why AUB has been increasing its investment in, and partnerships with, innovative start-ups and technology platforms.

Buying or investing in a ready-built technology solution is often the most efficient approach. However, AUB would also build some of these solutions, especially if their uses rely on highly sensitive proprietary data or technology infrastructure.

AUB has been developing such solutions while also moving towards being a more sophisticated, data-led adviser to its corporate clients, supported by the provision of technology platforms and digital applications that securely enable them to transact and analyse their own data.

Much of the finance function in companies today is automated, where technologies like artificial intelligence and machine learning are used, for example, to forecast cashflows and expected sales revenues. In addition, financial data and information is commoditised, so everybody has the same market and pricing visibility.

Ahli United Bank continues to innovate its market-leading digital cash management solution called B2B. This desktop and mobile solution can be customised to suit different accounting systems and enable efficient management of payments online.

Banking is becoming more and more like utility. What differentiates one bank from another is the customer experience and access to data provided by the bank. The ability clients possess to utilise their own data will help them define their future.


QIC: Digital Drive, Innovation, a Long History and Regional Expertise

Qatar Insurance Company is a publicly listed composite insurer with 57 years behind it.

Since 1964, Qatar Insurance Company has been addressing the needs of the MENA region — and in the past decade, its network has expanded to cover Qatar, UAE, Oman, Kuwait, United Kingdom, Switzerland, Malta, Italy, Singapore, Bermuda, and Gibraltar.

QIC has been a core contributor to the development and diversification of the Qatari economy. It has become the undisputed regional leader in commercial insurance for energy, marine and aviation, property and commercial, medical, and motor fleets. With cover for auto, medical, life, travel, home, and boat, QIC has built a reputation for unrivalled service delivery over the years.

QIC is rated “A” by S&P and “A (Excellent)” by AM Best, which underscores the group’s financial strength and stability.

International Business

The group’s international business operates under the banner of QIC Global, and generated over $2.8bn in gross premiums in 2020.

QIC Global has four major subsidiaries.

Qatar Re
This global multiline reinsurer writes all major property, casualty and specialty lines of business. Seasoned underwriting and finance professionals in the Qatar Re teams provide clients with technical and business expertise gained across all market sectors.

With headquarters in Bermuda and offices in Zurich, London and Singapore, Qatar Re is always close to the world’s major reinsurance markets — and the core operations of its clients. Since 2016, Qatar Re has been one of the world’s 50 largest reinsurance companies (Source: AM Best).

Antares
In 2014, Qatar Insurance Company acquired Antares Holdings Ltd, a specialty insurance and reinsurance group operating from the famed Lloyd’s market in London. QIC is the only Middle Eastern insurance group to own an integrated insurance vehicle in Lloyd’s.
Antares delivers a global, diversified range of underwriting services in Property, Reinsurance, Casualty, Specialty, and Marine and Aviation. It ensures efficient and effective service for its clients, focusing on quality, security, continuity, and consistency in risk-transfer.

QIC Europe Ltd
Established in 2014, QIC Europe Ltd (QEL) is the group’s Malta-based, pan European, non-life insurance and reinsurance subsidiary with branch offices in London and Italy.

Zenith Insurance and Markerstudy Insurance Company
In 2018, Qatar Re acquired Zenith Insurance plc (ZIP) and Markerstudy Insurance Company Ltd (MICL) from UK-based Markerstudy Holdings. The transaction made Qatar Re one of the leading participants in Britain’s motor insurance industry, with a market share of over five percent.

Financial Performance

QIC has a stable track record of profitability throughout its 57 years of operation. With over $3.5bn in gross written premium in 2020, QIC continued its market-leading position in the MENA region.

In Q3 2021, QIC posted a net profit of $140m, a 491 percent rise compared to the same period in 2020. The group’s gross written premium increased by four percent to $2.74bn from $2.64bn for the same period in 2020.

Qatar Insurance Company Digital Transformation

QIC has been at the forefront of this transition for the Middle Eastern insurance industry. It remains focused on enhancing its digital insurance offerings, and introducing innovative, technology-enabled services for ease-of-use.

Recent Developments

In Q4 2020, QIC carried out a successful initial public offering of its life and medical insurance subsidiary, QLM Life & Medical Insurance Company (QLM). QLM’s share price surged 24 percent on the first day of listing, and the shares have continued to perform well.

Anoud Technologies

Qatar Insurance Company administers its insurance business through an internally developed end-to-end IT platform called Anoud. This has enabled QIC to lead the digital transformation of the industry in the Middle East — and distinguishes the group from its regional competitors.

In 2020, QIC established a wholly-owned IT services subsidiary called Anoud Technologies (Anoud Tech). It markets an integrated insurance IT platform called Anoud+ to third-party insurers. Anoud+ provides them with a comprehensive management solution for all programmes.

Covid Cover

QIC was the first insurance company in Qatar to introduce Covid-19 cover in its travel insurance products. This innovation gave a breath of life to the travel industry and pace-of-mind to travellers to-and-from Qatar and the MENA region. The cover includes medical expenses, hospitalisation, quarantine, and trip cancelation fees.

When Group Management has to Drive Profit — and Deal with a Pandemic at the Same Time…

In 2021 — another difficult year for a world in the grip of Covid — QIC Group management orchestrated a return to outstanding financial performance.

The leadership team guided the group so well, and led the revision so successfully, that a net profit of $140m was achieved in Q3 — a 491 percent rise compared to the same period in 2020.

Under the guidance of the Qatar Insurance Group’s chief executive, Salem Khalaf Al-Mannai, a group-wide digital transformation programme took shape.

“The primary objectives were to improve customer experience, modernise the group’s offerings, and introduce an agile methodology of delivering new and innovative insurance products and services,” Al Mannai says.

With the interests of existing and potential clients in Qatar and beyond at heart, the management group set to work.

Along with the constant drive for improvement, there were other pressing matters to address; the group’s response to the Covid-19 pandemic, for instance. “Our aim in 2020 was to guide the group,” the CEO says, “and offer the safest, and most trusted insurance services to retail and corporate customers.”

The preparation and consideration paid-off. QIC was able to maintain business continuity and offer unbroken service to its clients and customers, despite the challenges of the pandemic.


Fitch Ratings: Enduring Focus on ESG and Sustainability Projects at Leading Credit Ratings Provider

For over a century, Fitch Ratings has been building and creating value for global capital markets around the world.

[caption id="attachment_21952" align="aligncenter" width="900"] Head of Sustainable Fitch: Andrew Steel[/caption]

The firm’s rigorous analysis and expertise have led to the development of market-leading tools — methodologies, indices, research and analytical products — which help investors to manage risk and fund growth.

With growing attention from policymakers and investors on ESG issues, market participants recognise that the long-term sustainability of operations matters more than ever. “Attitudes and actions on climate change, diversity, and human rights affect the risk-return profile of an investment portfolio,” says global head of ESG Research Marina Petroleka, “and an issuer’s brand and reputation.”

Fitch Group has responded in a comprehensive manner to this shift in ESG’s importance, initially through the launch in 2018 of a Sustainable Finance Group within Fitch Ratings. This was closely followed in 2019 with the launch of ESG Relevance Scores, the first integrated cross-asset ESG-scoring system for credit ratings. “ESG factors guide individual credit rating decisions across Fitch’s entire rated universe,” adds Andrew Steel, global head of sustainable finance.

At all stages, Fitch has engaged with issuers and investors to ensure that its products and services match their requirements. The evolution of Fitch’s ESG offering culminated in the launch in September 2021 of Sustainable Fitch.

This new business line is a centralised hub for all of Fitch’s products and services, including ratings which assess ESG performance and the profile of entities and their debt instruments. “It was designed with investors in mind,” says Petroleka. “The ESG ratings are produced by teams of trained analysts who create granular, comprehensive and transparent reports and datasets.

[caption id="attachment_21951" align="aligncenter" width="899"] Global Head of ESG Research: Marina Petroleka[/caption]

“There has also been expansion of our ESG data feeds, through Fitch Solutions, and an increase in specialised research through a dedicated team.”

Steel is at the helm of this activity. Now head of Sustainable Fitch, he was previously global group head of sustainable finance at Fitch Ratings. Andrew Steel is also responsible for the leadership, development, and co-ordination of all Fitch Group ESG initiatives.

“With the only service in the world that directly leverages more than 100 years of best practice in rating methodologies and analytical excellence,” he says, “we saw the need to use that expertise to develop integrated analysis and data services to help market participants uncover true ESG risk and accelerate ESG integration.”

Steel has 30 years’ experience across ratings, banking, private equity and corporate treasury and embodies the analytical expertise of Fitch Ratings. His deep knowledge of equity and debt markets was in some ways the launchpad for Sustainable Fitch.

“Investors want transparent, cross-comparable ESG ratings that look beyond labelling or targets to assess ESG fundamentals,” he says. “We made sure our approach is informed by the market structure, with outreach across investors, issuers, regulators, NGOs and others.

“This resulted in Sustainable Fitch, providing investors with best-in-class ESG ratings, supported by data and analysis and backed by consistency, comparability, coverage and granularity.”

Marina Petroleka, meanwhile, brings with her the research acumen needed to analyse the ever-expanding issues facing the world of ESG. She leads a growing team of global research analysts undertaking detailed research and credit-relevant analysis on ESG themes and cross-sector trends.

Petroleka also supports and provides input for ESG-related research in all Fitch’s analytical group areas. She previously held senior research roles in Fitch Group, including EMEA regional credit officer for Fitch Ratings and global head of Industry Research for Fitch Solutions.

“The strands which make up ESG conversations are ever-growing and it’s vitally important that the research stays one step ahead,” she says. “Our ESG research team enables just that. It provides global coverage of thematic and cross-ESG issues, in developed and emerging markets in APAC and Latin America. It also enables exploration of transmission mechanisms in credit risks.”


PGM Global Inc: Global Recognition Rewards Niche Services, Transition Management, and a Comprehensive Strategy

PGM Global Inc was founded in Canada as an institutional, agency-only broker-dealer — and for more than half a century, it has provided expertise to institutional clients around the world.

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Continual evolution has allowed the firm to meet the needs of its extensive client base. Most recently, it added a temporary asset-management service to its core services.

“As a private, employee-owned firm, we are committed to serving our global clients — over 200 strong,” says CEO Patrick Belland. “We focus on a few select services: global securities execution, transition management and global portfolio strategy.”

PGM Global prides itself on a comprehensive offering, and emphasises excellence. “We work with our clients from the initial stage of global portfolio advice through to implementation,” says Mario Choueiri, head of Global Transition Management. Choueiri has been with PGM for 15 years and has guided the firm’s expansion into the US, a process now in its eighth year. “The focus is on rigorous project management, coupled with unparalleled client communication,” he says.

“The success of the business has been driven by commitment and dedication to client goals. We tailor our service offering to best meet our client needs, and always provide full transparency on our pricing and trade execution.”

Aidan Garrib, head of Global Macro Strategy and Research, believes global financial markets are so intertwined that even bottom-up investors need to consider the macro in their investment process. “Our ability to distil the important drivers of financial markets and communicate their impact to investors has never been more important,” he says.

“The opportunity to provide a differentiated global portfolio strategy service motivates our team to provide custom work. Clients’ investment needs have become broader and more complex, driving the need for truly global advice.”

“By combining our services and working together, we’re able to meet those demands and help them to meet their investment objectives and implementation needs.”

Belland adds: “Under the leadership of Mario Choueiri and Aidan Garrib, we offer a client experience that remains fully transparent and conflict-free.”

Belland has been with the company for close to 30 years, through many changes and challenges. “Respect and communication are the foundation of our culture,” he says. “As a leader, I strive to ensure that employees are included and engaged in our overall mission, making sure that recognition comes from teamwork and client satisfaction.

“By encouraging employee ownership, we strengthen that level of commitment and sense of worth. Having employees bring ideas forward and lead new initiatives creates a broad sense of leadership.

“Communication, respect and recognition provide the opportunity for everyone to be a leader.”

PGM aims to extend its leadership in a niche market by remaining client-centric, and truly global.


The Fog of War: The Tragic Triumph of Hope Over Experience - The Folly of Great Powers

Wars of conquest seldom end well for the would-be conqueror even if waged against a weaker neighbour. Somehow, those to be subjugated always seem to find unity in a resolve to spoil the plans and designs of the aggressor. Their plight is not dissimilar from the one that motivated colonised people to take on the world’s largest empires – and eject them from their native land.

The world wonders what President Vladimir Putin was thinking when he ordered his army south to reclaim Ukraine for Russia. Surely such an experienced and skilful political operator – and accomplished chess player – must have realised the utter folly of the move.

Even if Russian armour could have crushed the opposition in a matter of days, as was apparently planned, occupying a sizeable country with some 44 million uncooperative inhabitants would demand resources far beyond those available to most, if not all, great powers, including Russia.

Was President Putin suffering from megalomania or did he feel particularly lucky, expecting some grumbling and a slap on the wrist from the West before resuming business as usual? Whatever his considerations, President Putin seems to have miscalculated the consequences – both military and political of the assault.

NATO unity held firm and was strengthened by the imminent accession of Sweden and Finland. Both countries submitted their formal request for admittance earlier today. If the idea was to create a buffer between Russia and NATO, that turned out not as anticipated with the alliance more than doubling the length of its border with the country.

Trapped

President Putin blundered into the same trap that proved fatal to Napoleon and Hitler: an army may secure a succession of battlefield victories, but winning the subsequent peace is less straightforward. Embarking on a campaign of conquest is the easy bit: what to do with the spoils not so much. It’s a question not often asked by adventurous warlords who tend to focus on entry – not exit – strategy.

The problem for President Putin is, of course, that he proved unable to successfully finish the easy bit of his ‘military-technical operation’. Worse, Finland and Sweden merely shrugged off Russia’s explicit threats of another such operation in reprisal for their slide into the arms of the enemy alliance. The non-verbalized but clearly signalled message from Helsinki and Stockholm to President Putin: You and whose army?

Before succumbing to the temptation to gleefully elaborate on the apparent clumsiness and incompetence of the Russian military, it must be remembered that the United States also suffered rather humiliating defeats and setbacks whilst waging ‘small wars’ such as those it fought in Vietnam, Afghanistan, Somalia, Lebanon, and to a lesser degree Iraq. It was, however, quite successful against Grenada (1983) and Panama (1989).

There is a difference, and it is rather crucial: since the Mexican-American War of 1846-48, the United States has not fought a war of conquest. Americans usually win their wars rather easily but often lose the peace that follows.

Historian Alan Tooze concludes that since 1914 no war of aggression seems to have yielded a positive outcome for the ‘first mover’. Russia’s leadership ought to have known, from historical experience, that soldiers generally fight much fiercer whilst defending their home turf. By contrast, invading soldiers often fail to understand or appreciate the aims of the war they are ordered to fight and may not be sufficiently primed to keep shooting straight.

The (formerly) formidable reputation of the Russian army was built on its defensive wars against French and German invaders. It fared badly in Afghanistan which may be a failed state by any measure but continues to reaffirm its reputation as the graveyard of empires.

Not Stalin

Much as he tries, President Putin is unable to equate his plucky Ukrainian counterpart as a modern-day Hitler. The suggestion is simply too preposterous. President Putin is also not Stalin who, after a bit of initial sputtering, rallied and inspired the nation – and forged it into an unstoppable fighting machine. Now, the role of heroic defenders of the fatherland is reserved for Ukrainian soldiers.

Writing in the Indian Express, the enfant terrible of Indian academics Prof Pratap Bhanu Mehta wondered how it is that powerful countries still think they can win asymmetric wars despite their “terrible record.”

The only exception to the rule seems to be wars with a well-defined objective such as the First Gulf War (1991) to liberate Kuwait when then-US President George HW Bush wisely stopped his army from advancing deep into Iraq. Twelve years later, his son George W Bush, the 43rd US president, was less cautious and waded into what soon became a quagmire.

The Revenge of the Underdog

The latest military technology may also favour the underdog. High-precision portable missiles have been very effective against armour as have small kamikaze drones that hover over the battlefield until a suitable target is found and destroyed.

Fighting in small mobile groups as opposed to massed forces, the Ukrainian military is not only nimble and hard to catch, but also tightly integrated with excellent communication between units. Now equipped with heavy artillery and armour from Western backers, and a constant flow of real-time intelligence, the Ukrainian army can begin to strategize a way to eject the invader.

Without a ladder to climb down, President Putin faces an unmitigated disaster should his forces be pushed back to the pre-2014 border. Not only would he have much explaining to do to a public fooled into believing this was a just, short, and glorious war; he would also rule over a country crippled and impoverished by sanctions and banned from, and ridiculed on, the global stage. It is hard to see how President Putin – or, indeed, Russia as a great power – can survive such a scenario.

Referring to the demise of Britain as a world power after the country emerged victorious from World War II, popular historian AJP Taylor (1906-1990) illustrated the paradox facing all great powers: “Though the object of a great power is to be able to fight a great war, the only way of remaining a great power is not to fight one.”

That lesson is not lost on the world’s newest great power. After suffering defeat in Vietnam – yet another graveyard of empires – in 1979, China has been reluctant to flex its military muscle.

Though its armed forces have been significantly modernised and expanded – and constant rumblings of war can be heard in Beijing – the Chinese leadership seems to recognise, now more than ever before, that military adventurism is risky by definition. When the shooting starts, the first victim is not the truth, but the plan.


SegurCaixa Adeslas: A Strategy Based on Value Creation — and a Track Record of Innovation

Current affairs are not allowing the economy to breathe. We had not yet overcome the health emergency of the pandemic when fresh events have cast a cloud over the future.

In this scenario, the insurance business is increasingly important — in all facets of life.

Aware that the social demands are opening significant business opportunities, SegurCaixa Adeslas has doubled its efforts to provide a response to its customers’ needs. The Spanish insurance company, belonging to the Mutua Madrileña Group and in which CaixaBank has an ownership interest, has focused on a strategy to create value for its insured parties. One of the central components of this plan is digitalisation, which has made its services more accessible.

In 2021, Adeslas’s customers made 4.8 million virtual medical consultations. One of the key projects in technological transformation is Adeslas Salud y Bienestar, the company’s digital health centre, which has obtained 500,000 registered users thanks to the traction of their new functions, which are accompanied by video-consultations, telemedicine services, electronic prescriptions, online appointments, healthcare provider list queries relating to proximity or inclusion in health plans, among others.

In the current context, the need for certainty took the company to develop with CaixaBank the MyBox insurance product range, which maintains the premiums over three years. The fact that this formula was well received led to an increase in the arrangement of new policies in Health, Multi-risk and Car Insurance, in a strategy coordinated with the bank.

From a corporate viewpoint, SegurCaixa Adeslas occupies a central role in the shaping of the Spanish insurance business, based on its involvement in two operations of significant importance. Firstly, the Company became a significant player in the main movement of Spanish financial reorganisation. The merger of CaixaBank and Bankia opens the doors for SegurCaixa Adeslas to over 2,000 branches that provide a service to 6.8 million customers. The operation, of great complexity, promises to take the successful banking assurance model to another level.

[caption id="attachment_21968" align="aligncenter" width="590"] Health premium volume (in millions of euros). Source: ICEA[/caption]

Secondly, the entry of the Mutua Group into the distribution giant El Corte Inglés provides access to a portfolio of 12 million customers, half of which have a retail operator loyalty-building card. SegurCaixa Adeslas will have exclusivity in the health and funeral policies at over 2,000 sales outlets, which receive 700 million visits a year.

The operations will begin to reap their first fruits in the current year. In the past, SegurCaixa Adeslas deposited €4,156 million in premiums, which represents 4.5% more than in the previous year. The Company thus regained its growth rate in this manner, once again above the Non-life market average, following the turbulences created by the pandemic on a global scale. Despite the fact that the claim rate rose following the health emergency, the insurer recognised profit of over €421 million.


Augustin de Romanet, Chairman & CEO of Groupe ADP (Aéroports de Paris): ‘Keeping the World’s Gates Open’ —  Airport Chief Shares Insights and Aims

[caption id="attachment_21971" align="alignright" width="300"] Chairman & CEO: Augustin de Romanet. Photo: © Stéphane de Bourgies[/caption]

Recent years have been difficult across countries and industries, but Groupe ADP leader Augustin de Romanet sees a bright future for his business.

With nearly 80 years of experience, Groupe ADP is a worldwide leader in the airports industry. From engineering studies, master-planning, and design to the operation of complex infrastructures such as terminals, runways or luggage sorters, the group is active in every step of the value chain.

Its activities are structured around the pillars of airport activities (conception, organisation, and access), travel retail (duty free shops, food & beverages) and services (real estate, international airports development and information and communication technology).

Strong in expertise and its ability to overcome hardship, Groupe ADP’s chief executive is confident for its future, and aims to create a new sustainable airport model.

The 2025 Pioneers plan is a new strategic roadmap based on long-term vision and the transformation of airports towards multimodal energies hubs.

De Romanet’s faith rides with a passenger-centred approach for his business — and a fierce engagement in the fight against climate change. CFI.co put him in the hot seat to share his vision…

CFI.co: How do the challenges that the aviation industry faces affect your company?

Augustin de Romanet: The pandemic has generated further expectations from travellers. More than ever, they expect safe, sanitary and comfortable surroundings. Our focus is to maintain a high-quality standard at the airport by implementing appropriate health policies, technologies, and services. We have reduced waiting time during check-in and controls with digital tools such as biometrics. We strive for excellence of hospitality for travel retail and imbue our terminals with a positive ambiance.

We have developed multi-modality for public transportation solutions, boosting rail-air connections. Linking all these topics in “smart airports” is the drive to make the passenger to feel cosy and relaxed.

The priority over the 20 next years is to assure the sustainability of air travel by decarbonisation of the industry. As airports operator, we're pushing innovation through sustainable, flexible and modular construction, and introducing better operationnal practices to reduce carbon emissions.

With our new strategic roadmap called 2025 Pioneers, we're launching a long-term transformation to reinvent airports.

[gallery columns="2" size="medium" link="file" ids="21972,21973,21974,21975"]

How can the airport industry contribute to the fight against climate change?

First, it should be said that airport contributions to CO2 emissions are rather low. The impact is just five percent of the aeronautic industry’s emissions — which in total represents around three percent of global emissions. In Paris-Charles de Gaulles and Paris-Orly Airports, we reduced per-passenger emissions by 71 percent between 2009 and 2020. That said, we still have a crucial role to play in sustainable development. We will be a part of the change by supporting clean energies: biomass, green electricity, hydrogen and sustainable aeronautics fuels (SAF).

We are working on the concept of an energetic hub in airport to supply ground vehicles, public transport and airplanes with hydrogen or SAF. This kind of major change will take time, but our goal is clear: to reach carbon-neutrality by 2030 for all airports belonging to our network. Then we aim for zero-net emissions by 2050 for Paris-Charles de Gaulles and Paris-Orly.

How did the crisis re-shape your international ambitions?

We operate a network of 29 airports worldwide, and our ambitions remain intact and strong. We recently acquired Almaty airport in Kazakhstan via our Turkish subsidiary, TAV Airports. In 2020, we acquired a 49 percent stake of the Indian GMR Airports in New Delhi and Hyderabad. ADP’s international development will continue selectively as we maintain our ambition to keep the world’s gates open, despite the upheavals that the pandemic raised.

Tell us about your company structure…

From a strong-growth paradigm to a new airport model that is more sustainable, Groupe ADP is ready for take-off. We are a responsible corporate citizen, and customer-centred strategy shapes new horizons for passengers, stakeholders, and the environment.

Our focus on safety, customer experience and ecological transition is part of a new game that the group is ready to play.

The Covid pandemic has been hard on aviation. Groupe ADP’s total traffic hit 160 million passengers in 2021 — 41.9 million of them in Paris — which was just 45.6 percent of the 2019 total. It’s a gradual process, but we expect full recovery in Paris between 2024 and 2027. We have been able to adapt airport’s reception capacities, means of production, and commercial offer.

The passenger experience is central to Groupe ADP’s DNA. We pride ourselves on providing the highest standards of hospitality for travellers. We showcase our expertise in this area. In Paris, Groupe ADP labours under the slogan “Paris Loves You” to offer a singular, emotional and profoundly Parisian experience.

Paris-CDG Airport was last year ranked 15th in the Top100 Skytrax best-airports list. It was 94th in 2014. Groupe ADP addresses the main concerns of passengers, such as waiting times. We’re working closely with the Home Secretary to make the EES system as painless as it can be, while controls will be strengthened for all non-Schengen Travelers.

The pandemic also put the focus on travellers’ need to have a safe journey while transiting airports. How have you responded to that?

We implemented several targeted sanitary initiatives, for instance the opening of PCR and antigenic testing centres at Paris terminals and organising sanitary corridors during the peak of the first pandemic wave. As a result, 27 out of 28 Groupe ADP’s airports have received Airport Health Accreditation (AHA), certified by ACI (Airports Council International), the benchmark of the industry.

What impact has Glasgow’s COP26 summit had on ADP’s approach to the environment?

Groupe ADP has been involved in sharing greener horizons, by taking field measures and applying fierce engagement. All but one of the airports in the network have signed the Airports for Trust charter in favour of a more responsible and sustainable industry.

ADP was one of the first airport operators to develop renewable energy solutions such as geothermal, biomass or photovoltaic energy at Paris-CDG and Paris-Orly. And the work continues…

Groupe ADP’s goals are ambitious: carbon-neutrality by 2030 in Paris and most of airports managed outside France…

Action pillars have been leveraged: energy sobriety, durable construction, renovation of old facilities, transition towards renewable energies and reduction of emissions linked to mobility. Already, 33 percent of the light vehicles used at Paris airports run on electric or hybrid energy. We have 100 percent renewable electricity in Paris and Santiago airports, and pay attention to biodiversity, with no phytosanitary products used in Paris-Orly or in Liège.

The future is looking bright for Groupe ADP, because in a socially and environmentally sustainable way we implement our belief that a better world is an open one.


KBC Asset Management with CEO Johan Lema: ‘Everyone Invested’ Strategy Has Taken Belgian Firm to Prominence

Banking and insurance group KBC has a big, sprawling family: 41,000 employees and 12 million clients spread across Belgium, Czechia, Slovakia, Hungary and Bulgaria.

[caption id="attachment_21982" align="aligncenter" width="900"] CEO: Johan Lema[/caption]

The man at the helm is chief executive Johan Lema, who has years of experience in the financial sector, including strategy, merger and acquisitions, sales, banking, asset management, and private equity.

KBC Asset Management NV (KBC AM) acts as the group's investment arm, working with retail and institutional clients, developing products for intra-group distribution, and providing investment fund sales and advisory support.

KBC AM’s motto of "Everyone invested all the time" starts with the 293 employees at the Brussels-based office. The company prioritises the health, wellbeing, and work-life balance of its employees as the surest path to business success. The talented team pulls together to ensure proper asset allocation in managed funds and portfolios.

KBC AM strives for maximum investor participation by lowering threshold requirements and focusing on digitalisation. The KBC virtual assistant, dubbed KATE, helps clients to navigate investment options on digital channels, which account for more than half of KBC investment plan sales. KBC AM was the first Belgian asset manager to launch a fund with an investment strategy is driven by AI software. As of the end of 2021, it reports €236bn in AUM.

Lema started his professional career in 1996 with the former Kredietbank, which later became KBC Group. He has previously held the roles of business development manager at KBC Asset Management and senior investment manager at KBC Private Equity.

In 2004, he moved to the strategy and expansion department, becoming head of Group Corporate Development in 2006, responsible for managing KBC Group’s expansion in Central Europe. In 2008, he was appointed to the position of GM of Group Strategy and Corporate Development. In 2010, he was appointed CEO of KBC Asset Management Group international. In 2012, he joined the management committee of Business Unit Belgium, with responsibility for customer support retail, and private banking and business clients.

In September 2017, he was appointed CEO of KBC Asset Management Group international. Johan Lema holds various mandates in investment management subsidiaries of the KBC Group, and is the president of BEAMA, the Belgian Asset Managers Association, and a member of FEBELFIN, the Belgian financial sector federation.


Asymmetry, Risk, Reward & Commitment: Balancing Acts are EMCORE’s Stock-in-Trade

“Investing asymmetrically means using significant market advantages,” says EMCORE Asset Management board chairman Stephan Knuser. “Risks are minimised, opportunities are optimised and implemented in a targeted manner.”

Knuser most certainly knows what he’s talking about. EMCORE, based in Baar, Switzerland, and Vaduz, Liechtenstein, was founded as a financial boutique in 1998. The goal was to provide institutional investors with tailor-made, return-orientated risk and asset management services. In 2022, the company remains committed to client’s best interests, Knuser says.

“As an independent financial partner, the house of asymmetry operates free of any internal interests or binding obligation to third-party product providers,” he explains.

The quantitative portfolio management approach allows EMCORE to provide products that meet the risk/return objectives of its clients. The combination of customised, independent solutions and active portfolio management results in products not found elsewhere.

Consistent risk management is an integral part of the overall investment process. “All risk factors that are decisive for a strategy are monitored, assessed, and controlled on a continuous basis,” Knuser says.

EMCORE’s range of solutions includes tailored mandates in the areas of overlay, yield-enhanced solutions, liquid bond and equity alternatives, convertible bonds, and mutual funds.

The firm acts as a strategic partner for investors, helping with comprehensive derivative overlay strategies. With targeted exploitation of asymmetrical securities parameters, it has generated steady performance within reasonable risk budgets.

EMCORE Asset Management Products

Convertible Bonds
Due to the lower price sensitivity to equities and the bond floor, convertible bonds cause lower volatility in downward-trending markets. The call option included enables positive asymmetry in upward-trending markets. Investors benefit from these attributes. With convertible bonds, the price potential of equities combined with the defensive character of bonds limits the loss potential. “The niche segment of convertible bonds has occupied us since the founding of EMCORE,” says Knuser. “Through a strategic or tactical addition, the risk-return profile can be optimally shaped.”

EMCORE Overlay Solutions
Holding positions in securities or foreign currencies means a volatility risk for which investors are not compensated. A focused investment approach, coupled with effective risk-management, is crucial. Volatility is expected to remain elevated, providing an attractive environment for Overlay Strategies.

A sustainable overlay strategy is equipped with suitable risk / return objectives. With a quantitative investment process, combined with technical sensitivity and risk-control methods, asymmetrical set-ups on the financial market are continuously exploited over the implied volatility.

EMCORE can apply tailor-made derivative strategies by exploiting market advantages and implementing them according to the specified risk budget. The main areas of overlay solutions are divided into three pillars.

Cashflow strategy of existing positions, with the aim of generating stable additional income. Risk-return targets can be continuously adjusted.

Hedging strategy to eliminate market risks or reduce them to a defined minimum and can range from a classic to an active approach.

Dynamic strategy, with the aim of managing securities holdings in a targeted manner. Positions are built or reduced using derivative strategies.

The overlay solutions of EMCORE can be implemented for single stocks or in a multi-asset portfolio

EMCORE FX-Hedge Solutions
Internationally active import and export companies are exposed to fluctuating exchange rates. The performance of the respective currency pair on Forex markets can have an enormous impact on business results. “Utmost importance should be given to the active management of foreign currencies and their risks,” advises Knuser.

EMCORE Asset Management has a quarter-century of expertise managing foreign and general currency for global clients. “We also assist institutional asset managers in managing substantial portfolios with foreign currency positions, and offer our specific expertise in active currency management and profiting from currency volatility.”

EMCORE Actively Managed Certificate
AMCs are cost-efficient financial instruments in the category of structured products, Knuser believes. “An AMC is usually actively, dynamically, discretionarily, and professionally managed. The excellent time-to-market of the issuance process, economies-of-scale, and high flexibility in product design are convincing arguments for choosing these products.

“Thanks to our long-standing and trusting broker relationships, the set-up of the AMC can also be realised efficiently — and the individual needs of the client can be addressed.

“EMCORE recently established an AMC in healthcare which includes pharmaceutical and medtech companies, as well as dynamic healthcare companies from the biotechnology sector.”

EMCORE Emission Certificates
One way of reducing greenhouse gas emissions and lowering carbon footprints in sustainably oriented portfolios is to add emission reduction certificates. Climate-positive projects, such as reforestation, are financed to neutralise climate-negative contributions in the portfolio in return.

“The topic of emissions trading and general ESG issues will gain significant resonance in the near future, and move even closer into the focus of investors,” Knuser predicts.

EMCORE Investment Philosophy
Risk budget specifications form the basis of every investment decision. The budget, or risk capacity and risk-worthiness, determine the potential return.

In the case of convertible bonds, the optimal ratio of bond floor, option value, and delta provides investors with a good participation in the underlying value — while maintaining value-protection. Stringent investment structures keep risks as low as possible.

“Our option-based investment strategies open up additional investment opportunities and ensure maximum flexibility in risk budgeting,” Knuser says. “The steady generation of income plays a central role. The level of risk is always considered in relation to the premium generation over time of the corresponding option portfolio.”

EMCORE as a partner

As an independent financial partner, EMCORE operates free of any internal interests or binding obligation to third party product providers. “Our commitment is exclusive to our client’s best interest,” Knuser says.

EMCORE acts freely and independently, assessing all activities for best execution. Consistent risk management is an integral part of the overall investment process.

About EMCORE Asset Management

All investment strategies are tested with the company's own capital prior to launch. A solid ownership structure, high equity ratio and a healthy balance sheet have granted it long-term stability. The founding partners and managing division heads are experienced and involved in daily processes.

EMCORE has continuously developed in terms of AUM and product range. “We’re proud to be one of the leading solution providers in the field of convertible bonds and option-based investment strategies,” says Knuser.

Meet the EMCORE Team

[caption id="attachment_21987" align="aligncenter" width="1024"] Chairman of the Board: Stephan Knuser[/caption]

Chairman of the Board
Stephan Knuser is an entrepreneur and asset manager with 30 years of financial experience. His focus is on convertible bonds and derivative investment strategies (overlay) in various asset classes.

He has held senior positions in asset management for institutional clients, and portfolio/risk management for banks and insurance companies.

In 1998, Knuser founded the financial boutique EMCORE Asset Management. He is chairman and delegate of the Board of Directors.

[caption id="attachment_21988" align="aligncenter" width="1024"] CEO / Portfolio Manager: Thomas Keller[/caption]

CEO / Portfolio Manager
Thomas Keller joined EMCORE in 2014 and was instrumental in the development of EMCORE's overlay strategies. He manages these strategies together with Stephan Knuser.

Keller is an investment specialist with two decades of experience in the financial industry. His focus is on derivative investment strategies (overlay) in various asset classes. He has a proven track record in equity and currency portfolios.

His previous experience lies in stock market trading and portfolio management in the areas of derivatives and volatility risk-management for financial products at banks and asset managers.