Hans Peter Lankes, IFC: IFC’s Development Impact, One Market at a Time

[caption id="attachment_11738" align="alignright" width="223"] Author: Hans Peter Lankes
IFC Vice-President Economics and Private Sector Development[/caption]

Having worked in the international financial institutions for much of my career, I’m a big believer in the power that development institutions have in building a bridge between the government and the private sector. That philosophy underpins the International Finance Corporation’s (IFC) focus on creating markets and a private-sector-first approach to development.

Take, for example, Argentina’s success in modernising its power sector, which shows what can be done with the help of development institutions.

Argentina is working hard to diversify its power grid. But easing the country’s dependence on fossil fuels and cutting carbon emissions takes more than hard work. Argentina needs to attract a vast amount of investment to meet its goal of generating 20% of its electricity from renewable sources by 2025.

The IFC and other development institutions are helping ensure that goal is achievable – by creating a new market for private investment in renewable energy. We helped organise a renewable-energy auction and set up the process to attract international bidders. At the same time, the World Bank provided $480 million in guarantees to reduce investors’ financial risks. As a result, the energy projects became bankable and meet international standards.

“As markets mature, extending the reach of established models, supporting standards, and mobilizing finance at scale are paramount.”

IFC is the largest development finance institution focused on the private sector, but our investments are small relative to the needs in emerging markets. At a time when developing countries need as much as $4 trillion every year to achieve the Sustainable Development Goals, simply investing on a project-by-project basis isn’t good enough.

That’s why my work is so heavily focused on creating markets, a strategy designed to crowd in far more private capital and overcome systemic barriers to economic growth – poor governance, limited access to finance, and inadequate infrastructure, to name a few. By responding to the challenges that keep private capital from being deployed at a scale required to address major development gaps, the creating markets approach should expand the pipeline of investable projects.

I believe the creating markets strategy can have an impact through a variety of channels. It can help focus our work to support the implementation of regulatory frameworks that allow markets to function. It can sharpen our approaches to promote competition that prompts other market players to up their game. It can help us scale the financing of demonstration effects and replication such as novel bond structures whose success with investors in one market opens the way for similar transactions elsewhere. Lastly, by deepening our work to build capacity and skills, it can help open new market opportunities.

Each of these channels takes us beyond the direct impact of IFC’s investments by triggering activity that is not directly connected to our own investment. The approach recognises that markets evolve in a dynamic way, based on an interplay and linkages between private investment and public policy. For that reason, the type of work we take on will depend on a market’s maturity and a country’s economic and political situation.

For example, in a market’s early stages, pioneering investments, new platforms, and innovative technologies may be necessary triggers. Take bKash in Bangladesh, a company that introduced a new mobile payment platform and now has 27 million registered customers in a country that has long struggled with access to financial services.

When markets begin to develop, market creation involves bolstering the market infrastructure so goods and services can be exchanged more efficiently. The World Bank Group’s Scaling Solar Programme is one example. By simplifying government processes and lowering pricing, Scaling Solar allows governments to procure privately funded solar power stations quickly, transparently, and at the lowest tariffs possible.

As markets mature, extending the reach of established models, supporting standards, and mobilising finance at scale are paramount. The explosion of mobile telecommunications in Africa over the past two decades shows how regulation, competition, investment, and affordability can scale opportunities across many markets.

In this context, I’m convinced that development finance institutions need to embrace private-sector-first principles. It means we must always ask ourselves if private financing alone can pay for a proposed project. If it can’t, we should move down a cascade of other options – from the enactment of regulatory reforms to public-private partnerships to blended finance. Only when all other options have been ruled out, should public or concessional financing be considered.

To operationalise this approach, we need to modernise our analytical tools to help assess where we can be most effective. That is why I have a mandate at the IFC to implement a new framework for development impact over the coming years to give us a firmer foundation for targeting and documenting our investments. The concept, measuring development impact, is not new, of course, but its vigorous application – including upstream to feed into investment decisions, to capture market creation effects, and through its alignment with incentive structures – will put IFC on a trajectory that will further deepen our commitment to the development mission we were established to advance over sixty years ago.

The challenges ahead of us are considerable. Investors face elevated uncertainty and are understandably cautious about investing in unfamiliar locations at times of geopolitical instability. It is clear to me that the private sector’s capacity for scale and delivery and the public sector’s ability to create the right conditions for development need to urgently come together to confront the world’s development challenges.


CFI.co Meets the CEO of Aluminium Bahrain: Tim Murray

From a numbers guy of an automotive company to the CEO of one of the world’s largest aluminium smelters, Tim Murray has travelled a very interesting journey.

As a certified public accountant from Susquehanna University in Pennsylvania, Mr Murray worked hard crunching numbers at his job with a family-owned furniture retailer in Washington DC. Eventually, he landed a job with ARC Automotive, where he met John Skladan, the man who became his mentor and introduced him to the businesses of marketing, engineering, and production. In due course, Mr Murray was made CFO of the company and was integral to ARC Automotive’s global expansion.

In March 2006, Tim Murray responded to an advert seeking an executive in Bahrain. “I didn’t know anything about the Middle East. I looked up Bahrain online and saw that it was next to Saudi Arabia.” Next thing, he was offered the position of Alba’s General Manager of Finance in February 2007.

“I went to Bahrain with an open mind. The culture of the country was very progressive and the people were warm and friendly. Also, English was widely spoken and understood.”

In 2009, Mr Murray was named as chief financial officer. He successfully led Alba’s IPO in 2010 as well as the company’s dual listing on the London Stock Exchange and the Bahrain Bourse.

In October 2012, Mr Murray was made Alba’s CEO. In his new job, the first thing he focused on was improving the safety culture at Alba: “Safety was my biggest concern and also my biggest challenge since I was from a financial background with no knowledge of safety. But, I was clear on one account: if you cannot work safety, you cannot work here.”

Mr Murray implemented a strong safety culture at Alba, imposed top-down and focused on the establishment of a zero-accident work environment as its guiding principle. His relentless efforts coupled with the strong support from Alba’s board and management soon made the company an industrial safety champion and an example in the region.

Mr Murray also gave a new dimension to Alba. He believed that in order to be successful, Alba had to look at aluminium production as a business. He argued that the company’s employees, or human capital, was its biggest asset, and with the right education and training, these employees will ensure Alba lasting success.

Mr Murray also boosted the culture of learning at Alba and focused on training programmes and development initiatives to prepare future corporate leaders: “There is nothing more valuable than education. A strong learning culture helps build a productive workforce and develops communication skills. It also strengthens the ability for strategic thinking which significantly enhances productivity.”

Mr Murray is currently in charge of one of the most crucial and biggest industrial projects in the Kingdom of Bahrain – the Line 6 Expansion Project. “We have been preparing many years for this mega project and see it as a great opportunity to leverage our expertise to grow the company.”

In 2017, Mr Murray was recognised as a CEO Who Gets It by the US National Safety Council for his contributions on Safety, Health, and Environment: “I believe in doing more than necessary. Our aim is not just to accomplish our targets, but to achieve excellence and beyond. This becomes even more critical as Alba goes down the path of becoming the largest single-site smelter in the world upon the commissioning of the Line 6 Expansion Project.”


CFI.co Meets the CEO of Radix: Luiz Eduardo Rubião

Radix CEO Luiz Eduardo Rubião thinks innovation. In 2010, along with seven partners, he founded Radix, a company founded on the conviction that it is possible to develop technology in Brazil, while adding expertise in engineering, automation, and software development to deliver a customised solution precisely tailored to individual client needs and requirements.

In 2013, as the company responded to needs of clients with global operations, Mr Rubião took the first step towards reaching an international market by opening an office in Houston, Texas. “Our diversified portfolio and the breadth of the framework represented are a few of Radix’s differentiators. After all, combining engineering with software isn’t very common in the American market. US companies are often specialised in either engineering or software. What makes the Radix solution unique, is combining the two while adding expertise in automation,” explains the CEO.

The decision to open an office in the United States has proven right and timely for the company. Radix has seen good results stemming from the move. As the company expands globally, Mr Rubião is also taking the first steps towards consolidating an office in Canada. Another very real possibility is the opening of one or more offices in Europe. “These ideas are being analysed, and we see that, as business grows, there are plenty opportunities beyond the oil and gas industry.”

When asked about Radix’s differential for global growth, the answer was straightforward: a diverse portfolio. For Mr Rubião, the moment to believe and invest in digital revolution is now. “Since its foundation, Radix has been assisting companies from all sectors of the economy, analysing each case individually, understanding each customer’s specific needs and developing projects ranging from traditional engineering to the development of software that optimises processes and allows access to real-time information for speeding up decision-making processes.”

In addition to managing the business, Mr Rubião has succeeded in creating a good place to work. Radix has received a number of accolades from the Great Place to Work Institute (GPTW). The company has placed in the Best Company to Work for in Rio de Janeiro, Brazil, and Latin America. The survey is conducted by the company’s own 500+ employees. During his career, the CEO has managed organisations that claimed a grand total of 31 titles such as best companies to work for – where 35% of those were first place, and 77% were in the top 3.

The company has always displayed a commitment to ethical business practices. In 2016, Radix was placed in the Pro-Ethics list, a recognition presented by the government agency (Ministry of Transparency and Supervision in Brazil). “At Radix we always practice compliance, but it 2015 we decided to create a compliance programme and put into practice what was already the norm. We have always had policies to raise employee awareness about compliance in minor, every day actions. These eventually reflect in major decisions and negotiations,” said the CEO.


CFI.co Meets the CEO and Founder of Kaiserwetter Energy Asset Management: Hanno Schoklitsch

Renewable energy investors need service providers that are familiar with the investment landscape at local level, can adapt to the latest technologies, and have a clear vision of market evolution and regulation. Hanno Schoklitsch, CEO and founder of Kaiserwetter Energy Asset Management, reached this conclusion in 2012, when he founded the world’s first ener-tech company. This nascent sector includes organisations that use new technology to find innovative solutions to increase the efficiency and optimisation of renewable energy portfolios based on an advanced asset management.

Hanno Schoklitsch is a civil engineer and holds a masters degree from the University of Graz (Austria) in Business Administration. As a civil engineer he is specialised in the construction of hydro power stations, which gives him a solid understanding of energy assets. Fifteen years ago, he started his career in real estate investment companies belonging to German banks such as WestLB, Landesbank Berlin, and DekaBank. By heading Germany’s second largest real estate fund within DekaBank (with an investment volume of around €8.5 billion) Mr Schoklitsch explored new approaches to asset management by emphasising the correlation of data and its importance in achieving a positive economic impact on portfolios.

Mr Schoklitsch’s professional experience, and career achievements, in real estate helped him understand the potential of digitising asset management. Using big data and the Internet of Things (IoT) to leverage the power of digitisation in the renewable energy sector. Since the creation of Kaiserwetter Energy Asset Management, Mr Schoklitsch and his team have worked tirelessly to offer renewable energy investors the necessary tools and services that enables them to develop new business models based on increasingly decentralised digital applications.

The launch of ARISTOTELES, the innovative digital tool to manage renewable energy portfolios, was the next step in transforming Kaiserwetter into a pioneering business. The solution is based on the Internet of Things (IoT) and allows business investors to manage their portfolios and assets from a global perspective through an independent, standardised digital database which is properly protected against tampering. This provides investors with the real-time tools they need in order to mitigate risk and maximise transparency and return on investment – both now and over the long term.

Headquartered in Hamburg, and with branches in Madrid and Copenhagen, the company has a team of over fifty professionals. Kaiserwetter is currently focused on international expansion, by setting up up offices in North America, Latin America, Africa, and Asia.


CFI.co Meets the CEO of MDS Group & Brokerslink: José Manuel Dias da Fonseca

José Manuel Dias da Fonseca has more than 30 years’ experience in insurance and risk management and is chief executive officer of the MDS Group and Brokerslink.

Mr Da Fonseca is a member of the board of directors of London-based Ed Broking (an independent wholesale and reinsurance broker) and the US-based Council of Insurance Agents & Brokers (CIAB). He is president of APOGERIS, the Portuguese Association of Risk Managers – following his role as vice president of FERMA, the European Federation of Risk Managers.

A music lover, he was president of the Casa da Música (House of Music) from 2006 to 2014. Mr Fonseca is also passionate about Arts and Architecture and sits on the board of directors of Árvore, an Artistic Activities Cooperative. He is also president of the House of Architecture. Mr Fonseca was honoured by the French Government as Officier de l’Ordre des Arts et des Lettres de la République Française.

The Route to MDS

Mr Fonseca has an Economics degree from the University of Porto, class of 1981. He then joined the Northern Region Coordination Commission and in 1983 completed a Management Publique postgraduate degree at the Institut International de l’Administration Publique in Paris (now École Nationale d’Administration).

That same year Mr Fonseca joined Banco Português do Atlântico (BPA) as a planning specialist. He later moved to research and marketing, taking responsibility for insurance and financial innovation. This led to the launch of Bancassurance in Portugal (in collaboration with insurance company Tranquilidade).

Mr Fonseca also served internships with Crédit Agricole and BRED in Paris and led the creation of the pension funds management company PRAEMIUM. In 1987, he was appointed PRAEMIUM chief executive.

Three years later, José was appointed director of Socifa Investimento (later Norcrédito, Sociedade de Investimento) and during his tenure, led a business mission to Namibia with the South African delegation of the ICEP (Portuguese Foreign Commerce Institute).

From 1991 to 1994, Mr Fonseca was president of insurers REAL Seguros and REAL Vida Seguros and lectured for a master’s programme at Portugal’s Instituto de Estudos Financeiros e Fiscais (IESF). In December 1993, he became deputy mayor of the City Council of Matosinhos and in 1997 was appointed director of the ICEP in Porto, the Portuguese Foreign Trade Office, where he served until December 1999.

Joining and Expanding MDS

In 2000, Mr Fonseca joined the Sonae Group with responsibility for insurance and risk management and was appointed chief executive officer of MDS. Under his leadership, MDS became the number one broker in the Portuguese market (2005) – a position it continues to hold today.

In 2009, the holding company MDS SGPS was founded – a joint-venture between Sonae and the Brazilian Group Suzano. MDS SGPS manages all group shares held in the global risk management and insurance services companies such as MDS Auto, Herco, and HighDome PCC. In 2011, MDS expanded into Africa, partnering with local groups in Angola and more recently Mozambique, and in 2016 was present in the Iberian Peninsula via the creation of Filhet-Allard MDS (in partnership with French broker Filhet-Allard).

Mr Fonseca founded the global broking company Brokerslink in 2004 (the MDS Group is its largest shareholder) and since 2007, has been its CEO.


CFI.co Meets LBBW: Hard Work, Excellent Results

[caption id="attachment_11782" align="aligncenter" width="890"] Head of Financial Institutions and Markets: Dirk Kipp. Head of ALM: Patrick Steeg. Head of Primary Markets: Patrick Seifert.[/caption]

Since the financial crisis, few markets have experienced more changes than debt capital markets. It all started with struggling government bonds in select countries. Subsequent measures of the ECB like the APP have brought about an additional dimension to market dynamics. A source of stability and additional demand, the ECB has also impacted the market in unprecedented ways. Negative spreads and yields have consequently led to the crowding out of traditional investors. And while buying financial issuers time to get ready for the future, there clearly remains a risk of overreliance on central bank policies.

Given the slow pace of consolidation in the market, it is no surprise that uncertainty frightens the market particularly whenever a potential end of ECB policies is being expected. Adding to all this the ongoing changes on bail-in regulation across Europe and understanding the respective implications across different formats and currencies, gives a taste of what a successful debt capital markets set-up needs to deliver.

LBBW’s Dirk Kipp, head of Financial Institutions and Markets, feels this environment has helped his people to establish themselves as a partner of choice for issuers looking to explore the full potential of the German investors base. This applies to LBBW’s vast corporate client base as much as to FIG and SSA issuers targeting the EUR market.

As LBBW is itself a regular issuer, its debt capital market set-up serves both direct corporate objectives and those of LBBW’s partners in Europe and abroad: a winning combination in the eyes of everyone at LBBW where the cooperation in funding-related matters is extremely close.

Ever since, German investors have appreciated LBBW as a very solid credit. Streamlining its successful business model and getting prepared for future challenges early, however, has set the bank further apart in the last couple of years. This has spurred interest from international investors and allowed the bank to embrace issuance in additional formats and currencies beyond its traditional strength for covered bonds. Under Patrick Steeg, its new head of ALM who came from its debt capital markets team, LBBW has issued the tightest senior un-preferred benchmark from Germany in the last ten years – an impressive evidence of how quality pays off in capital markets.

And as the leading Landesbank, LBBW is constantly evaluating options in the market and looking at new opportunities such as sustainable funding to develop its underlying green business. It makes sure to be ahead of the curve on capitalisation and to be well-prepared for periods of increased market volatility – a strategy which has been rewarded by stronger investor confidence.

With a strong focus on distribution, LBBW’s head of Primary Markets Patrick Seifert believes this strong in-house cooperation puts the LBBW in a unique position to deliver quality debt capital markets advice to other clients as well. Its stable and committed set-up proves highly complementary to the more traditional investment banks in the market.

A former Head of Treasury himself, Dirk Kipp knows the importance of flawless execution of funding operations. Delivering quality funding has become more of a stretch lately. Issuers are busy with strategic considerations like business models, digital disruption, regulation and cost-cutting. The least treasurers want to worry about is getting their funding done and they simply expect their respective partners to be on top of things – whatever the market conditions.

In 2016/2017, LBBW has lead-managed transactions from 2Y to 25Y for amounts from €50m to €5bn. After all, no size fits all. Same message on the issuer side: beyond household names like Daimler, Rabobank, Nordea Bank, KfW and EIB, LBBW has been entrusted by many first-time issuers like Polish PKO Bank Hipoteczny and BRFkredit from Denmark.

Repeatedly living up to these expectations is what LBBW’s debt capital markets team takes pride in. And making sure that every issuer gets the best possible deal – regardless of size, markets and name recognition. And because it is not necessarily the best credit which gets the best issue placed in the market, LBBW’s dedicated deal teams keep providing the comfort corporate, FIG and SSA issuers are looking for – after all, Germans have a reputation for hard work.


CFI.co Meets the CEO of Touch Bank: Andrei Kozliar

As CEO of Touch Bank, Andrei Kozliar serves as a chief strategist and visionary-in-residence of Russia’s digital-only retail bank established to meet growing customer demand for simple, honest, and instant banking. Mr Kozliar is a seasoned banker with over seventeen years of experience in classic retail banking and product and risk management. He has a clear vision on the future of the banking industry and the role technology plays in the contemporary struggle for change.

Mr Kozliar started his career at Royal Bank of Scotland in London as risk manager and within several years became the deputy head of risk at Cetelem (UK). For the past decade he held several executive positions at GE Money Bank, Commercial Renaissance Credit Bank in Ukraine, and Svyaznoi Bank in Russia, where he contributed to the establishment and development of a market-driven banking model. Mr Kozliar also served on the board of directors of VisualDNA, a British developer of unique business support technologies. In October 2013, OTP Group’s board of directors invited Mr Kozliar to take charge of its business line in Russia. One year later, Touch Bank was launched.

Set up by the OTP Group, a leader of the financial services industry in Central and Eastern Europe, Touch Bank is an all-digital retail bank and a fin-tech project rolled-out in Russia in 2014. The company operates under the banking license of OTP Bank in Russia, though it functions as a fully independent business with its own IT, strategy, and management teams and a separate financial and legal infrastructure.

“The vision behind creation of Touch Bank was to build a simple, honest, and customer-oriented bank that offers instant access to the full range of financial products and services people need in their everyday life. The bank that gives you an unlimited freedom to manage your personal finances by a few mouse clicks and shape classic banking products, such as credit, in a personalised way that precisely matches needs. Our core value proposition is simplicity. Upon opening an account with Touch Bank, the client receives a single banking card that unlocks a comprehensive suite of self-help products – no visits to the branch office, no additional paper work, and no need to explain why and when you need a loan,” explains Mr Kozliar.

Touch Bank does not have a high street presence with branches or ATMs. The only channels of interaction between the bank and its customers are digital, starting with the online card application process, and continuing to a complete Internet-based banking solution, including a cross-platform mobile application. Thus, Touch Bank customers gain immediate access to all personal-use banking products such as current and deposit accounts, credit card and personal cash loans, POS-purchase redirection to debit/credit cards issued by other banks, and a generous cash-back loyalty programme.

“In just a single year our team managed to build and roll-out a fully operational complex banking product and digital solution that captures the attention of millions and won the hearts of almost two hundred thousand clients now using Touch Bank on daily basis. The success may be attributed to the solid support and technical assistance provided by parent company OTP Group and the devotion of all managements teams, developers, and others at Touch Bank. Their brilliant ideas and hard work shape the future of banking, and not just in Russia. We have big plans.”


CFI.co Meets the CEO of Assupol Life: Bridget Mokwena-Halala

[caption id="attachment_11789" align="alignright" width="431"] CEO: Bridget Mokwena-Halala[/caption]

In South Africa’s busy life insurance market, that sees at least 52 providers vie for business, Assupol stands out not least because it boasts well over a century’s worth of experience. The company is widely recognized as a trend setter, periodically shaking up the industry with new products and, most importantly, novel ways of helping clients deal with bereavement and a number of other life events such as retirement.

The company started life in 1913 as a burial society for law enforcement officers. Now open to the general public, Assupol has remained true to its corporate leitmotiv - serving those who serve - denoting the company’s continued dedication to operational excellence. This entails much more than offering standard products at set rates: "We insist on maintaining the closest possible proximity to our clients", explains Bridget Mokwena-Halala, CEO of Assupol Life.

“Knowing your market, and your clients, is of paramount importance as our products need to dovetail precisely with demand. Also, an insurance company must at all times have a thorough understanding of the challenges both present and future, faced by the people its aims to serve. At Assupol we take our services to the people either via our large network of branches and agents or by dispatching mobile offices to underserviced communities. In emerging markets such as South Africa, most people dislike dealing with distant companies over the phone or by email; they’d much rather have a face-to-face meeting with a knowledgeable company representative to ask questions, dispel doubts, and discover how a given product can help them cope better with their specific circumstance. Call centres have their uses, but in our experience, majority of our clients and prospective ones much prefer face-to face interaction. We however, have a strategy to service those clients who prefer other methods of interaction; technology and the call centre.

Assupol’s dedication to service excellence finds its origins in South Africa's highly competitive and fairly saturated insurance market: the penetration of funeral coverage presently borders 55% - 7.6 million policies distributed over a universe of around 14.5 million households. This means that only those insurers that excel are likely to gain market share. Assupol has long been aware of the need to keep a leading edge. To that end, the company introduced an efficient way of processing claims - funeral and savings claims are finalised within three hours from the moment of submission, payment is thereafter done within a few hours.

The streamline system, supported by a new and powerful IT backbone, revolutionised the industry and took competitors by surprise: ‘As an insurer, you make a promise to your client. We want to honour that promise instantly because each time a claim is received our hard- fought credibility is, essentially, on the line. It is only logical for us to speed up the entire process not only because Assupol wants to honour its word, but also because we recognise that the claimant is facing a difficult time, and faces immediate expenses, and cannot reasonably be expected to deal with all sorts of bureaucratic minutiae. That claimant just wants us to offer help in a time of need. It is what we are there for and what we aim to do.”

Mokwena-Halala reports that the company’s agents provide an encouraging volume of positive feedback. “Assupol gets it right. That’s the feedback from independent brokers with whom we contracted with. Independent brokers compare our services with that of our competitors they have contracts with; their feedback is valuable. It also explains why Assupol has managed to extend its reach to other markets. This is relatively a new demographic for the company, but it moved in our direction because we deliver value for money services."

In fact, it was thanks to Assupol’s excellent offerings and service that Bridget Mokwena-Halala moved from a career in Government to pursue one in the insurance industry. While serving as the area head of human resources in the South African Police Services, she constantly turned to Assupol for help when her staff members who were Assupol policyholders had financial difficulties or bereavement. In 1995, her relationship with Assupol was formalised and she was appointed as a part-time advisor. In 1999, Mokwena-Halala was offered a full time position to join the Assupol management team and she quickly rose through the ranks. ‘The secret of success is not that secret: it just requires dedication, attention to details, eagerness to learn, being a team player and plenty of hard work. Assupol differs from other insurers in that the company proactively reaches out to smaller rural communities in order to offer direct access to its clients. We help people save, plan for retirement, and obtain funeral and other risk insurance. We take the time to explain our products and how they can contribute towards personal growth and stability. The face-to-face interaction provides a platform for our advisors to educate the clients on personal finance planning and management. That way, Assupol contribute towards increasing South Africa’s domestic savings rate and help families plan the future.”


CFI.co Meets the Director General of Senelec: Mouhamadou Makhtar Cissé

Mouhamadou Makhtar Cissé has served as director general of Senegalese power company Senelec since June 2015. Mr Cissé previously served for five years as the director general of Customs of Senegal, during which time he also served for a time as minister of Budget. He previously spent eight years with the Inspectorate General of State (IGS), and as chief of staff to the president of Senegal.

Before joining the IGS, Mr Cissé filled several roles at the directorate general of customs including acting chief of the Office of Legal Affairs and Litigation and assistant to the general administrator in the Directorate of Intelligence and Fraud Prevention. Mr Cissé also worked as regional customs auditor and customs inspector. For over a decade he taught, part-time, the economics of customs duties and techniques of international trade. Mr Cissé also served as chief of staff to the minister of Fisheries.

Mr Cissé attended the national École Nationale d’Administration before he began his career practicing law in Dakar. Mr Cissé holds a Masters of Law in Business Law from the University Cheikh Anta Diop in Dakar and a Masters in Political Science, Finance, and Public Management. He is a member of the Dakar Bar Association. Mr Cissé is also a graduate of the National School of Administration and the academy Prytanée Militaire de Saint-Louis.

His distinctions include the Knight of the National Order of Merit and the Knight of the National Order of the Lion, the Medal of Honour of French Customs and the Medal of Honour of Senegalese Customs, and a Certificate of Merit of the World Customs Organization. In 2012 under his leadership, the customs office received the United Nations Award for Public Service with respect to the GIE GAINDE 2000 automated trade clearing system. Most recently, the Mouvement des Entreprises du Sénégal business association named Mr Cissé Best Male Manager of 2016.


CFI.co Meets the CEO of Mineworkers Provident Fund: Mkuseli Mbomvu

Since 2012, Mkuseli Mbomvu is the chief executive officer (CEO) of Mineworkers Provident Fund (MWPF). Before that, he held various senior leadership positions between Old Mutual and Sanlam and has been in the industry for the past twenty years. Mr Mbomvu is a proud member of, and active contributor to, industry bodies such as ABSIP and BMF. He is also a board member of the Fairheads Beneficiary Fund and chairman of MCTF. Mr Mbomvu holds a BBA-UNISA, SMDP-USB, and a Channel Leadership Degree from INSEAD.

MWPF is one of South Africa’s oldest black retirement funds within the financial services industry and is counted amongst the top ten largest funds in the country. The fund’s focus has been on improving investment returns, streamlining administrative processes, and establishing effective corporate governance. The fund is now one of the few financial services companies that truly understands the needs of the working class.

MWPF remains the backbone of the South African economy. The fund was created as a vehicle that would ensure that its members retirement benefits are of the highest standards. This commitment to excellence is embedded in the fund’s ethos and values, and permeates through all its strategic objectives. Throughout the years, MWPF has focused its efforts on ensuring that the fund remains true to its founding principles of treating members with respect, restoring their dignity, and creating a lasting legacy.

Mr Mbomvu is currently spearheading the transformation agenda through empowering emerging black asset managers. He is focused on creating innovative and conscious investment products aimed at improving the lives of members in a sustainable way.


CFI.co Meets the Chairman of Résidences Dar Saada: Hicham Berrada Sounni

Hicham Berrada Sounni, 44, is a Moroccan business executive. He currently serves as the chairman of Résidences Dar Saada and the first vice-president of B Group (formerly Palmeraie Holding) which comprises various successful ventures operating in manufacturing, distribution, hotels and luxury real estate, and social and economic housing such as Groupe Palmeraie Développement, Résidences Dar Saada, Uni Confort Maroc Dolidol, Layalits, Palmeraie Hotels & Resorts, amongst others.

B Group was founded by Mr Berrada Sounni’s father, Abdelali Berrada Sounni, who launched his first entrepreneurial undertaking as early as 1962, operating in the shoes and leather goods industry. Ten years later, operations grew to span the bedding and polyurethane foam businesses until 1980, when the group reached a clear strategic milestone with the launch of its real estate activities.

Indeed, the B Group pioneered residential complexes in Morocco. Its most famous project is located in Marrakech and delivered in 1988 – Les jardins de la Palmeraie. In the 1990s, the group became one of the established leaders in the tourist real estate market with Palmeraie Hotel which boasts a private golf course – a first in Morocco. In 2001, the family group launched its social and economic housing subsidiary, Résidences Dar Saada which soon became one of the most successful ventures of the group and attracted local and foreign institutional investors. The company went public in 2014.

Mr Berrada Sounni, after attending University of California, Los Angeles, where he earned a bachelors’ degree, started his career in 1991 at Groupe Palmeraie Développement where he contributed to the rise of the manufacturing segment and to the creation of company’s high-end real estate segment. He was also instrumental in the launch of the social and economic housing division. As of today, Palmeraie Développement generates more than MAD 4 billion (approx.. $400 million) in revenue and employs over 2,000 people.

Mr Berrada Sounni has deployed his expertise to draw up a mid- and long-term strategy for the company and contributes actively in screening, finding, and closing land acquisition deals. He also made innovative choices and set high standards of governance by assembling young and highly qualified teams and inviting minority shareholders and independent experts to join the company’s board. i


CFI.co Meets the CEO and Partner of ABANA Enterprises Group Co: Abdullah M Ben Jebreen

Abdullah M Ben Jebreen is the CEO and Partner of ABANA Enterprises Group Co. Mr Jebreen holds a Master in Business Administration degree from Whitworth University, USA.

Mr Jebreen is one of the founding members of ABANA and has almost forty years of experience in business management. He has engineered ABANA’s success from a simple contracting company four decades ago to a full-fledged end-to-end managed services provider in the Kingdom of Saudi Arabia. His vision for ABANA is to be the most trusted and dependable business partner for organisations in the Kingdom. He has anchored ABANA’s business model around providing total solutions to address clients requirements.

CFI.co met with Mr Jebreen and asked to share some of his business insights.

What excites you about the business you now lead?
The banking sector is one of the most prominent sectors of the economy. It requires continuous adaptation to new technologies and is being managed by some of the top professionals in the industry. It is exciting to work with a sector that is open and adaptable to change, and being able to provide solutions and services for banks branches and alternative delivery channels.

What is special about the management style at your organisation?
We are focused, customer-driven, flexible, and open to changes in business requirements. We value the quality of our services.

How would you characterise short to mid-term prospects for your company?
The short-term outlook for our business is stable with a potential for good growth due to the adaptation of businesses and organisations to the Kingdom’s 2030 Vision. The banking sector will always be quick to react to any opportunity for growth and to changes in the economy. This, in turn, opens business opportunities for us.

What are your personal and business strengths?
I’d like to think that other see me as a strategist who pursues a clear vision with an approach that is adjusted as the economic scenery changes over time. We work closely with our clients with a win-win approach all the time and are committed to maintain quality management processes. As an employer, ABANA aims to empower people to reach their full potential.

What to your mind makes for good corporate leadership in your particular industry?
A strong commitment to produce, time and again, the deliverables as agreed with clients. Quality is very important as are devising strategies, establishing clear KPIs, and ensuring that it all translates to satisfactory results.

What are your goals for the short-term for your business and the industry as a whole?
We hope that the regulators will apply similar quality standards to all service providers in the Kingdom and that there will be a systematic way of ensuring everyone’s compliance.


CFI.co Meets the Chairman and General Manager of Cedrus Invest Bank: Fadi Assali

Fadi Assali, Chairman and General Manager of Cedrus Invest bank and Cedrus Bank, is a seasoned banker who has held senior-level positions at local and international banks. He co-founded Cedrus Invest Bank in 2011 and turned it into the largest Specialised Private/Investment Bank in Lebanon in terms of capitalisation.

In March 2015, Cedrus Invest Bank SAL expanded to commercial and retail banking through the acquisition of the Lebanese operations of Standard Chartered Bank SAL.

Cedrus Group, composed of Cedrus Invest Bank (the investment/private banking arm) and Cedrus Bank (the commercial/retail banking arm), has emerged as one of the most dynamic and fastest growing banks in Lebanon.

As a former director at Barclays bank, Mr Assali led a team of private bankers covering the MENA and Gulf region, managing a sizeable financial portfolio on advisory and discretionary basis.

Prior to Barclays, Mr Assali spent more than twelve years at Bank Audi. He was last a regional manager at Audi Private Bank where he was also a member of the latter’s management and investment committees. In this position, he covered Lebanon, the Levant, UAE, and Saudi Arabia, and worked on integrating Audi Private Bank with other entities of the group after the Audi/Saradar merger.

During his time at Bank Audi, he was also assigned to Audi Saudi Arabia, co-heading the Wealth Management and Brokerage Units. He played a key role in preparing and following-up on the application for a financial institution license with the Capital Markets Authority.

Mr Assali also held a senior manager role at Banque Audi Suisse – the private banking arm of Audi Group at the time where he played a key role in establishing and developing its Beirut representative office.

He started his financial career as a fixed income trader at Audi Capital Markets in Beirut.

Mr Assali is a chartered financial analyst (CFA) and holds a BA in Economics from the American University of Beirut and an MBA from the Lebanese American University.


CFI.co Meets the Fiduciaria de Occidente Management Team: An Effective and Practical Approach

[caption id="attachment_11821" align="aligncenter" width="665"] CEO: Mario Andrés Estupiñan Alvarado. VP Sales: Adriana Chavarro Callejas. Chief Investment Officer: Jorge Enrique Cortés Rojas.[/caption]

Mario Andrés Estupiñan Alvarado - CEO

Mr Estupiñan assumed his current position as CEO of Fiduciaria de Occidente in February 2015. As CEO, he establishes the trust company’s strategic management in the short, medium, and long term and the establishment of strategic partnerships to ensure its positioning in current and potential markets.

Furthermore, his role is to ensure expected returns to shareholders and ensure compliance with an effective and practical approach to a dynamic legal framework. Mr Estupiñan has led the company to be recognised as one of Colombia’s most notable brands in 2016. Throughout his time at Fiduoccidente, Mr Estupiñan has led Fiduoccidente to be an active member in the Colombian fiduciary, private equity, infrastructure, and real estate gilds. Thus, he has pioneered the implementation of international standards of practice.

Mr Estupiñañ holds a Bachelor’s Degree in Economics from Universidad de los Andes, with post graduate studies in Economics, Financial Legislation, Risk and Information Economy, and Senior Management and Strategic Leadership.

Mr Estupiñan has more than nineteen years of experience in Colombia’s financial sector and has also worked in the United States and Peru. He has held top-level positions leading successful innovation, internationalisation, and sales expansion processes. He has ample fiduciary knowledge in the sales, legal, financial, tax, accounting, and operating fields.

Adriana Chavarro Callejas – VP Sales

Mrs Chavarro’s avant-garde approach to markets over the last years has guided Fiduoccidente to be one of the most innovative financial services providers in Colombia by leading and implementing an interdisciplinary approach to innovation for the trust company.

As vice-president of sales, she establishes the sales targets, tactics, and objectives for Fiduoccidente’s different types of businesses. Additionally, she manages relations with stakeholders and strategic professional groups that result in the positioning of the brand and long-term relations with clients.

Mrs Chavarro Callejas holds a Bachelor’s Degree in Industrial Engineering from Universidad de los Andes with executive training in marketing and areas related to the structuring and formation of financial vehicles and project management.

She has nineteen years of experience in the trust sector, holding senior positions at different companies. This has given her extensive knowledge of the market and trust products and has allowed her to successfully lead the design and implementation of business, sales, innovation and marketing strategies.

Jorge Enrique Cortés Rojas – chief investment officer

Mr Cortés is currently in charge of the Investment Department, where assets of over $11 billion are managed, including third party, pension, and investment fund resources. He has ample knowledge of portfolio management in Colombia and abroad, and in accounting, finance, statistics, economics, liquid asset risk, and portfolio management.

Mr Cortés holds a Bachelor’s Degree in Business from Pontificia Universidad Javeriana in Colombia and did post-graduate studies in Corporate Finance. With over 25 years of experience in the Colombian financial sector, he has occupied top-level positions in front, middle, and back offices, leading processes for innovating, updating, and modernising the liquid assets of Fiduciaria de Occidente.

As chief investment officer, Mr Cortés is responsible for strategic investment management in the short, medium, and long term to keep positioning Fiduciaria de Occidente with the highest standards in asset management.


CFI.co Meets the President of The Stock Exchange of Thailand: Kesara Manchusree

Kesara Manchusree became president of the Stock Exchange of Thailand in June 2014. She gave herself the task of developing the exchange on all fronts, especially in terms of boosting sustainability for the benefit of all stakeholders. Her belief is that a strong capital market will contribute to a strong national economy, resulting in the well-being of the entire nation.

Over the past three years, Ms Manchusree has been devoted to introducing and creating efficient new asset classes through a variety of products and services for the Stock Exchange of Thailand, Thailand Futures Exchange PCL (TFEX), and Thailand Clearing House Co (TCH), whilst incorporating technology and innovation to improve work operations and services. She has also placed emphasis on world-class infrastructure to facilitate stakeholders, including the T+2 clearing and settlement cycle that will be adopted in March 2018.

Ms Manchusree has also set her sights on further harnessing new technology to render IT stability for all stakeholders and building awareness on environmental, social, and governance (ESG) standards amongst listed companies, with the goal of increasing inclusion in the Dow Jones Sustainability Indices (DJSI) and firmly establishing sustainable development in Thai society. Eventually, these achievements will raise SET’s attractiveness, allowing it to become the most appealing fund-raising destination in the region and maintain its position as the most liquid exchange.

Ms Manchusree is driven and motivated by her enthusiasm for development and betterment. During a 30-year-long career, her work has covered practically all sectors of the financial services industry. Prior to becoming SET president, she was in charge of marketing, derivatives, and market development at the exchange. Her achievements have included the setting up of TFEX (Thailand Futures Exchange), which today ranks second in the ASEAN region, and developing the Thai bond market. Ms Manchusree’s visionary and analytical abilities have enabled her to create many financial products and instruments for SET, including the social impact platform for social enterprises and the start-ups platform.

Ms Manchusree’s leading role in creating something new in both the Thai capital market and the wider society has been widely acknowledged. Her enthusiasm has gone beyond the capital market arena: she has been actively involved in SET activities to promote financial literacy and a nationwide savings campaign. She has also helped extend knowledge on business development and management to more than 1,500 start-ups and SMEs across Thailand. Her continued support for various universities has been widely lauded. In 2016, she was made honorary member of Thammasat University Council Committee and director of the university’s Faculty of Economics.

On the regional and international fronts, SET has continued to be an integral part in supporting the development of ASEAN exchanges and in strengthening the sustainability of Thailand’s capital market and member exchanges.

“The achievements reflect the strength of the Thai capital market, paving the way for future sustainable growth. A strong capital market contributes to a strong national economy, resulting in the well-being of the entire nation. We aim to grow together under the vision of making capital markets ‘work’ for everyone,” Ms Manchusree said.

Ms Manchusree won the Outstanding Women Award 2016 from the National Council of Women of Thailand under the Royal Patronage of Her Majesty the Queen, and an Outstanding Women Leaders for Green Growth Awards 2016 from the Federation of Business and Professional Women Under the Royal Patronage of Her Majesty the Queen in recognition of her leadership and achievements in developing SET at regional and international levels.

In 2016, the SET president was, for the first time, elected to the board of directors of the World Federation of Exchanges (WFE) of which SET has been a member since 1990.


CFI.co Meets the CEO of AnandRathi Private Wealth Management: Rakesh Rawal

Congratulations on winning CFI.co’s award for Best Wealth Manager India, three times in a row. How do you feel about your consecutive winning streak?

As always, I am proud of our team’s achievement. This is the outcome of their hard work and dedication. This series of awards reminds us that as we move to achieve greater heights, we must always remain grounded. It motivates us to maintain the high standards we have come to be recognised and appreciated for, and to always keep our fundamentals solid. We are grateful for our clients’ appreciation of our approach based on fearless, data-backed, and uncomplicated advisory. Einstein once said, “strive not to be a success, but rather to be of value”. I believe that as long as our clients find value in our proposition, success will follow.

Recently, AnandRathi has been certified as a Great Place to Work. How did this come about, and what does it mean for your company?

We are, of course, honoured to have been recognised as a company with a high-trust, high-performance culture in 2017. This began with a thought that a happy, satisfied team member will be more likely to generate positive outcomes for the company. So, we partnered with the Great Place to Work Institute India to audit our policies to gauge the happiness of our team while ensuring that we also meet our business objectives. Accordingly, we started looking at how professional happiness is created. It is important to create value for our financial strategists and to up their ante, which in turn, would create value for their clients by way of our differentiated strategic advisory, making both sets of stakeholders happy.

We have in place a process of incessantly imparting relevant knowledge to our financial strategists through regularly scheduled trainings. Joint meetings with senior personnel also help create additional value, resulting in employee and client happiness. Furthermore, the compensation structure in our company is formula-driven and completely objective, eliminating any chance of bias or preferential treatment. One of the most important things we do for our employees is that we support them through times of adversity, sensitively, with a human touch. There are several other policies and practices in this vein, but the bottom-line is this: our objective, at AnandRathi, has been to create happiness within our workforce, as happy employees tend to create fantastic results, generating hugely positive results for the company.

How have things been so far for AnandRathi this year?

Our AuM (assets under management) and financial strategist count have both grown 40% in the last fiscal year. Now, with our acquisition of Religare’s wealth management business, our team is 160 members strong, across India and with a presence in Dubai as well. Through this, we have also been able to strengthen our footprint across two key metropolitan cities in India – the National Capital Region (NCR) to the North, and Kolkata to the East.

Our attrition rate remains exceptionally low – less than 1% over the last 36 months, despite our numbers growing. This has, in turn, benefited our clients by providing them with a sense of security and stability with respect to the relationships we have built with them. Having achieved certain targets that we’d set for ourselves, we are decisively progressing towards newer ones.

With regard to wealth management, what is your key message to HNI (high net worth individual) investors?

It is important for HNI investors to opt for objective-led wealth management as against the more common product-led approach. The rationale behind this is that as an investor, if one’s objectives are met, it will cause lasting happiness. On the other hand, even if two of, say, ten products that an investor has purchased go wrong or fail, the outcome will be nothing short of an extended period of turmoil, which will turn into a long-lasting sore point. It has always been our experience that in order to manage wealth effectively, one must begin by setting an objective and follow it up by preparing a strategy designed to meet that objective. To put it simply, why let the journey decide your destination when it is your destination that should decide the journey?


CFI.co Meets the CEO of Srei Infrastructure Finance: Sameer Sawhney

Sameer Sawhney is CEO of Srei Infrastructure Finance – a Kanoria Foundation entity and one of India’s largest holistic infrastructure financial institutions. At Srei, Mr Sawhney leads a team of more than a hundred professionals and oversees $5.5 billion of consolidated assets under management. He is responsible for expanding Srei’s businesses profitably both in India and overseas, developing strong customer relationships and bringing in operational excellence in functioning.

Prior to joining Srei, Mr Sawhney was regional CEO and managing director for South East Asia and India at ANZ, responsible for driving the business, customer, and country strategy across the bank’s key markets of Singapore, India, Indonesia, Philippines, and Malaysia.

Mr Sawhney has over two decades of experience in the banking industry and has held senior leadership roles in global banks across corporate & investment banking, transaction banking, global markets and private banking businesses. Having worked in several countries across Asia, Australia, the Middle East and Europe, and the Americas, Mr Sawhney has gained a deep understanding of both emerging and developed markets.

Mr Sawhney’s extensive cross functional leadership experience in client coverage, risk management, and product development and sales, has allowed him to develop strong relationships, at c-suite level, with some of the largest corporates, financial institutions, regulators, and thought leaders across the region. In a variety of roles that Mr Sawhney has held, he has managed significant global businesses with revenue responsibility in excess of $2.5 billion and teams of up to 700 people. He is recognised for his strong leadership and commercial acumen and displays an ability to identify drivers of value and build scalable, sustainable, and profitable businesses.

Mr Sawhney joined ANZ in 2008 and held a number of senior executive roles. Before becoming regional CEO, he was head of global banking which included managing ANZ’s Top 400 global corporate relationships and the financial institution’s business. Mr Sawhney was also global head of transaction banking, where he was responsible for transaction banking products, channels, and sales for all ANZ customer segments globally.

Mr Sawhney was a member of many leadership groups within the bank and was also sponsor for quite a few initiatives, including digital strategy and has also served the bank’s Diversity Committee, which was chaired by CEO of ANZ Group.

Prior to ANZ, Mr Sawhney worked for Standard Chartered Bank for twelve years in various leadership roles within the wholesale banking (institutional) division, including relationship management, transaction banking, and global markets in the Asia-Pacific Region and the Middle East.

Mr Sawhney started his banking career with ANZ Grindlays Bank in India and is a chartered accountant by profession. He is married and has two children. He enjoys golf and reading.


CFI.co Meets the Vice President and Managing Director of CCL Secure: Bernhard Imbach

Bernhard Imbach has experienced almost every aspect of the banknote industry throughout his successful career over the last 35 years. Starting on the shop floor and working up to senior management; designing banknotes by hand to using computer-based technology; and printing on paper to printing on polymer substrate – just some of the journeys on which Mr Imbach has embarked.

Now, he leads the team at CCL Secure that manufactures the world’s most sophisticated banknote substrate: Guardian™. It is currently issued on 80 denominations in 24 countries and impressively outperforms paper-cotton and coated-paper banknotes in security, durability, cleanliness, and eco-friendliness.

Mr Imbach started his career on the floor at Swiss banknote printer Orell Füssli. As a young man, he was at first overwhelmed by the millions of Swiss Francs’ worth of notes that he saw every day, however, he quickly transitioned from seeing it as money to a product that had to be delivered efficiently and to a high standard of quality.

“Back in 1982, everything was based on your manual skill set. Computer-driven printing equipment simply did not exist; banknotes were produced by hand drawings. Whereas today, almost everything is done with technology.”

“These developments have brought many new advantages and opportunities to the industry, though I am grateful for having experienced both worlds. It has given me a deep understanding of how we’ve gotten to where we are today, as well as a platform for where we can go tomorrow,” said Mr Imbach.

He spent 25 years at Orell Füssli which included holding the positions of chief operations manager and a member of the executive team. He saw the company go from printing banknotes solely on paper, to introducing polymer in 2003 to expand the company’s capability and market.

While he understands and champions the advantages of new technology, he places the highest value on people.

Mr Imbach worked at Note Printing Australia from 2007 to 2014 as CEO. One of his greatest takeaways that he brought to CCL Secure from this time was the notion that a company’s greatest assets are its employees.

“Without dedicated and passionate employees, I believe it is impossible to be successful. With this philosophy, I was able to build Note Printing Australia into a world-class quality printer. At CCL Secure, we have a workforce culture that is collaborative, accountable, and committed to innovation, and our people are the reason we’ve had continued success,” he said.

CCL Secure is able to provide its central bank and printer customers with effective end-to-end solutions thanks to its many staff members, like Mr Imbach, that have worked in those companies themselves.

Knowing what he knows now, Mr Imbach said the advice he would give to his apprentice self is to “remain focused on quality, continue to develop your passion and always push the boundaries.”

Fitting advice given that pushing boundaries is what CCL Secure was founded on almost thirty years ago when it introduced the world’s first polymer banknote in Australia. Ever since, CCL Secure has been a partner to many of the world’s leading central banks that have adopted Guardian™ and provided them with support, advice and solutions taken from the experience of more than fifty billion banknotes issued on Guardian™ substrate.

While Mr Imbach did not divulge the intricate details of CCL Secure’s future plans, he did reveal there will be some very exciting and innovative upcoming features that will revolutionise the world of banknotes once more. i

Bernhard Imbach is vice-president and managing-director of CCL Secure, the manufacturer of the world’s most sophisticated banknote substrate Guardian™. With more than three decades of industry experience, Mr Imbach was previously CEO of Note Printing Australia and held senior roles at Orell Füssli Security Printing.


CFI.co Meets the CEO of Clydesdale and Yorkshire Bank: David Duffy

In February 2016, CYBG became an independent company for the first time in nearly 100 years. Through its Clydesdale and Yorkshire Bank brands, CYBG has been delivering banking services to the communities and businesses of Scotland and the North of England for over 175 years.

Now, as a newly independent company, the bank is committed to harnessing the power of technology to provide customers with a banking experience that is useful, simple, and rewarding – allowing them to manage their money on their terms.

Leading the CYBG through this journey is seasoned banker, David Duffy. His previous roles include being CEO at Allied Irish Banks and Standard Bank International covering Asia, Latin America, the UK, and Europe, along with executive leadership roles at ING Group and Goldman Sachs.

He arrived at CYBG in June 2015, and, as chief executive, it has been under his leadership that the bank delivered a successful IPO, in 2016, and demonstrated a strong first year performance, ensuring the bank is well positioned for the future.

He said: “It’s an exciting time in the CYBG journey – since gaining our independence we have built up strong momentum with a clear and focused strategy that the leadership team now driving forward at pace. CYBG is a growth business with scale, capability, and momentum. We believe we are uniquely placed to be the only credible full service retail and SME challenger to the big UK banks.”

“Our industry is evolving at lightning speed, with new technologies and disruptors continually coming on the scene – and we know just how strong consumers’ appetite is for using new technology when it comes to how they manage their money. From telephone banking, to online and now mobile banking, the industry needs to keep up with changing consumer demands or face losing customers. In the last five years, the number of customers using their branch for day-to-day transactions has fallen by a third as customers move to doing their banking online.”

A key strand of CYBG’s strategy is a significant investment in the bank’s digital capabilities which Duffy sees as being vital to delivering the enhanced customer experience CYBG’s three million customers are looking for: “We fundamentally believe that technology should be viewed in support of the customer experience – rather than instead of – and it’s this experience combined with the ability of banks to build relationships based on service and trust that will be the battleground of the future. Our digital platform has been significantly enhanced and is at the heart of our omni-channel strategy.

“We want to improve the quality of the customer experience – our omni-channel approach will allow our customer to operate across all channels seamlessly and to start a transaction in one channel and be able to finish it in another channel; the customer can do what they want, when they want and how they want. Too often digital challengers adopt single or limited offerings, which push product at the customer. We believe that we need to prioritise the customer and their experience and not just the product; using technology to enhance their experience, not change it.”

It is this view of merging traditional banking with modern technology that has earned CYBG the award for Digital Bank of the Year – an accolade which demonstrates the forward thinking of the business. Mr Duffy added: “This award is recognition of the hard work that has gone into identifying and recognising the change in our customer needs. But we refuse to be complacent and we will continue to listen and work with our customers to ensure we are meeting and exceeding their expectations when it comes to how they manage their money.”


CFI.co Meets the CEO of Cooperative Central Bank: Nicholas Hadjiyiannis

Nicholas Hadjiyiannis holds a degree in Quantity Surveying from the University of Reading in the UK and Master’s degree (1995) in Shipping Trade and Finance from City University Business school in London. He is a fellow member of the Royal Institute of Chartered Surveyors (FRICS). Mr Hadjiyiannis worked from 1995 to 2013 at Bank of Cyprus in Greece and Cyprus; at Merrill Lynch in Greece and the UK; and at BNP Paribas in Cyprus and Switzerland.

Following the troika support programme of Cyprus in 2013, and the recapitalization of the banking system, he was appointed and served for two years as chairman of the board of directors of the Cooperative Central Bank (CCB) Cyprus, the second largest systemic bank in the country. In December 2015, Mr Hadjiyiannis was appointed CEO of the bank, managing it in a complete transformation and restructuring process and working its way towards a local stock exchange listing.

Mr Hadjiyiannis said that the operation of rescue, reorganization, and growth of the cooperative credit sector during the very difficult conditions that the country faced in 2013, seemed almost mission impossible. Three years later, the bank streamlined and consolidated both operationally and structurally, faces the future with more optimism and self-confidence. It has achieved a lot and laid the foundations for the creation of a modern and competitive bank based on a culture that has deep roots in the heart of locals.

“Looking back and seeing all that we have achieved up to this day, we have the self-confidence and belief that our ongoing efforts will continue yielding positive results,” Mr Hadjiyiannis underlined.

“Our primary strategic goal,” continued the CCB CEO, “is to privatise the bank by listing it on the local stock exchange. This will be a major milestone, setting new framework and enhancing the prospects of the bank. This in just three years after receiving state- support and embarking upon the most ambitious and unprecedented restructuring and transformation project that ever took place in the country. The significance is ever bigger as we are a Eurozone systemic bank, supervised by the ECB, and our balance sheet corresponds to more than 80% of the country’s GDP”.

Mr Hadjiyiannis strongly shares the wide-held belief that the Cooperative Central Bank is different from the other commercial banks on the island. “We are different because we rely on our heritage and build on the good things and positive elements that the coop has done and contributed to this country. We work alongside our customers aiming to establish a balanced long-term relationship. As an example our loan restructurings are based on the idea that we have to work with people who are, after all, our members themselves and their families through generations. We are an alternative choice to today’s ‘mechanized’ modern banks.”

As for the future of the Cooperative Central Bank, Mr Hadjiyiannis is confident that, after everything achieved so far, it can continue on what he calls “this great transformation path”, saying, “we are fighters and we are determined to see the bank achieve its full potential.”


CFI.co Meets the CEO and Founder of Moneymailme: Mihai Ivascu

Mr Ivascu is enrolled in the doctorate of Business Administration with a thesis on disruptive technologies for the financial industry currently being prepared at the International University of Monaco and Harvard University.

What Is Moneymailme?

Moneymailme is an innovative chatting app that combines social interaction with the joy of sending and receiving e-money, instantly. From sending money back to a friend who just paid for coffee, to contributing towards a gift for a team member at work, Moneymailme facilitates micropayments, file-sharing, and chatting simultaneously, allowing users to make payments part of an enjoyable social experience.

Social impact is a core value of Moneymailme which sees most people-to-people transactions as being related to the emotions of both giving and receiving.

In partnering with GlobalGiving UK, Moneymailme has extended its service for users beyond the personal movement of cash and into the realm of helping and providing, by allowing users the ability to donate to their favourite charities and causes with zero fees.

An Idea

“I wanted to create a global project that will try to solve a very simple problem. Living in an international place like Monaco, everybody has their own currency in their wallet. It’s quite hard to exchange money between us and to pay back friends.,” explained Mr Ivascu.

The mix between chatting and sending or receiving money is a natural step in today’s increasingly interconnected world. As a direct result, the current methods of transferring social money are quickly becoming outdated. The time taken to transfer funds on a P2P basis are extraordinarily long, especially if one finds herself/himself in a situation where there is a need for an immediate transfer of cash.
In an emergency situation, one has to be able to chat with friend or relatives, constantly assuring them you are there to help. Moneymailme brings this reassuring feeling to people. No more going home or to an office to complete a transfer, it can be done immediately by smartphone.

What do you hope to achieve?

“I want to create a new normality of consumption for the Y and Z generations. We send messages, pictures, and videos all day long. Why don’t we send money? Answering a growing human need, bringing together the sending and receipt of e-money, operating in multiple base currency e-wallets, keeping costs to users always to a minimum, and providing the strongest and most secure encryption on the market to ensure permanent security: that’s what we have to show, and all at once.”, stated Mr Ivascu.


[caption id="attachment_11858" align="alignright" width="300"] Luc van Hecke - CEO of AmsterdamGold Group[/caption]

The board of the AmsterdamGold Group consists of Chief Executive Officer Luc van Hecke and Chief Financial Officer Jeroen Kamphuis. Both joined the board in early 2012. Back then, it was a turbulent time in the development of the cluster of precious metals trading companies that formed the base of AmsterdamGold Group. The different branches of the group had experienced rapid growth in the aftermath of the subprime mortgage crisis but – up to that point) – lacked the knowhow and talent to build on this success.

In the years prior to the credit crunch, banks all over Western Europe closed down their precious metals departments. This left space for AmsterdamGold Group to become the largest precious metal retailer in the Benelux countries in just a couple of years. Physically trading precious metals, however, had been in decline for many years before this resurgence – experience was hard to come by. In addition, the risk management expertise of large volume trading was lacking, as well as the knowledge of modern methods of customer relations, finance, and compliance.

Messrs Kamphuis and Van Hecke were brought in from other companies to remedy this lack of available experience. Luc Van Hecke spent over four years with BinckBank, working his way up from senior trade professional to head of the trading desk. In the latter role, he managed the largest trading desk in The Netherlands, overseeing eighty traders and a daily trading volume exceeding €4.5bn. Mr Kamphuis previously worked at EY, Shell, and Heineken, managing finance, compliance, and business control for these companies and a few others in Europe.

Luc van Hecke

After assuming his position on the board, Mr Van Hecke worked to reduce costs, improve margins/trading, restructure the organisation, and improve the operational efficiency of AmsterdamGold. Meanwhile, Mr Kamphuis focused on legal affairs, reporting (IFRS), compliance, treasury, and risk management. The board, previously consisting of four members, was reduced by Mr Van Hecke to only two members.

The board was not the only thing to be restructured under the tenure of Messrs Van Hecke and Kamphuis: some parts of the company were merged and less interesting business units sold. Mostly, this was needed to focus on the core business of trading precious metals and their storage. A curious side-track of precious metals trading is the collectible element. Although this can be charming, it should never take precedent over cost efficiency and offering customers investment opportunities at the lowest possible price. Mr Van Hecke managed to separate these activities in a sustainable and profitable way.

Overall, the relocation of expertise within the corporate structure showed the most significant improvements. Mr Van Hecke understands that in order for a company to best serve its clients, a cohesive and knowledgeable management team is of paramount importance. He finds it incredibly rewarding to build and nurture effective leadership. AmsterdamGold Group achieved high levels of success during a time when risk management and cost effectiveness were of made priorities. Luc Van Hecke delivers a strong product to his clients and does so in an ethical manner.


CFI.co Meets the Acting CEO of InvestSA: Yunus Hoosen

With investors lining up to invest in South Africa’s future, Yunus Hoosen of InvestSA travels the world’s financial capitals to showcase his country’s growing importance as an economic and financial hub for Sub-Saharan Africa. In keeping with the government’s efforts to achieve full-scale industrialisation and deliver the sustainable economic growth required to underpin social progress, InvestSA was revamped last year to offer investors a convenient and all-inclusive single window that facilitates access to South Africa’s dynamic market.

“More and more investors are keen to invest in this country. InvestSA maintains a good investment pipeline and this year we’ll again be working on a number of large projects that bring much-needed investments into the country, creating thousands of jobs,” says Mr Hoosen, note of InvestSA and vice-president of the World Association of Investment Promotion Agencies (WAIPA).

Having over twenty years’ experience in FDI, international trade, and economic development, Mr Hoosen has gained wide recognition for his work in prying open export markets, negotiating trade deals, and formulating policies that facilitate investment. Now in as headd of the country’s one-stop shop for investors, part of the Department of Trade and Industry (DTI), Mr Hoosen recently signed a memorandum of understanding with the board of Investment Thailand to tighten the economic ties between the two countries. The landmark deal allows for increased cooperation in the agribusiness, automotive, and electronics sectors.

“The memorandum will also enhance our collaborative efforts to attract investments into our countries and we are optimistic that the implementation of the MoU will see Thai investors setting up manufacturing plants in South Africa resulting in job creation.” Mr Hoosen noted that DTI data shows a marked increase in trade between both countries – up 24.3% in 2016.

“South Africa is still an attractive investment destination. The appetite and keenness of international companies to invest in South Africa remained high last year. This is evidenced by the fact that last year we saw the launch of one multimillion-rand investment every month from January to December in the country.”

As an example, Mr Hoosen mentioned the Beijing Automotive IWWnternational Corporation which invested R11 billion. Ford Motor Company invested R2.5 billion in the country, while Acwa Power initiated a R5 billion project. “This provides evidence that South Africa has not lost its lustre as an investment destination of choice for multinational companies from various parts of the world.”

Mr Hoosen also explained that each of the country’s nine provinces is busy revitalising or setting up industrial parks, including all the necessary infrastructure, to provide investors with an experience not dissimilar to the convenience of plug-and-play: “Such parks may be sectorial in nature to maximise synergies. We also offer packaged opportunities that, amongst others, allow investors to use South Africa as a springboard for the continent. The country offers an infrastructure unequalled elsewhere on the continent in addition to an investor-friendly business climate and strong institutions that provide added security and certainty.”

Mr Hoosen also mentions South Africa’s long-standing dedication to free trade: “Many companies have already found that the country is well equipped to function as an efficient export platform that boasts easy access not just to the wider region, but also to world markets.”

The one-stop-shop (OSS) approach pioneered by InvestSA includes not only investment promotion and facilitation, but also emphasises aftercare. The agency is known for its smooth-running and streamlined procedures that include fast-track processing of initiatives and the reduction of red tape.

“In addition to continuing to attract and facilitate investments, InvestSA will be embarking on a mission of establishing OSS throughout the country. We will be launching the national OSS in Pretoria early this year and then roll out to all provinces over the next three years.”

The OSS approach also helps investors access and deal with different government departments to coordinate and facilitate any regulatory considerations: “As such, InvestSA acts as a facilitator to investors, opening up the country and, effectively, unlocking a wealth of opportunities.”


CFI.co Meets the CEO and Principal Officer of NJMPF: Sam Camilleri

What drives the NJMPF forward, how do they create further momentum?
“Reflecting on the successes of 2016, it is difficult to imagine how to top it,” says Sam Camilleri, CEO and Principal Officer of the Natal Joint Municipal Pension/KwaZulu-Natal Joint Municipal Provident Funds (NJMPF) when we caught up with him recently.

The NJMPF always has more than one major project on the go at any given time – the responsibility to achieve these is given to teams of skilled staff headed by a member of the management team. This ensures focussed attention to the task at hand and status reports are presented to Camilleri regularly.

So, what inspires them to go the extra mile?

“It is perhaps an inherent belief that our duty lies in improving the lives of our members and pensioners. It means we need to find innovative ways to become more efficient and cost-effective in the running of the Fund. We are constantly looking for better ways to communicate and educate our members so they may make the right financial decisions when it comes to their Fund and their financial futures.”

“The financial literacy programme is an example of doing just this. Whilst part of the W’s membership has the financial savvy to understand the nuances of financial planning and fiscal responsibility, the NJMPF positions itself to act as a conduit between National Treasury and the membership who are less equipped to understand the complexities of investment and risk benefit management.”

“Some of the projects involving members and human resource representatives at the 55 municipalities they service include: working with the Financial Services Board and the Office of the Pension Fund Adjudicator in South Africa, presenting educational modules encompassing the need for drafting a will, inflation, compounding interest, budgeting, encouraging higher contribution rates into the NJMPF’s Provident Fund and the most recent project being the South African National Credit Regulator joining Member Roadshows conducted by the NJMPF. “

“This culture of working with the national regulators extends to co-operative and constructive engagement with our provincial government. We also work with the Financial Services Board by adopting unclaimed benefits as a major project and provide input at national level with the upcoming Default Regulations. We find ways to implement proposed legislation in a positive way and avoid highlighting the reasons why something wouldn’t work.”

“Investment returns have been phenomenal in the past few years and our pensioner increases and bonuses are unsurpassed. Our pension increases are way ahead of inflation and this impacts positively on the quality of life of our pensioners.”

Through his interactions with global leaders in the investment and retirement funding arena, and the recognition gained in New York, London, The Hague and in South Africa, Camilleri has raised the bar for his team. No longer is the NJMPF satisfied with setting the standard within South Africa, the Fund is looking to be a market leader recognised globally for the work it is doing.

Whilst the core principles of good governance, clean audit, top-quartile investment returns, and accurate administration remain important, the NJMPF is constantly trying to find new ways to communicate with members and pensioners and to providing value-added solutions.

Through Camilleri’s inspirational leadership, the team at NJMPF believe it still has plenty to give their stakeholders by providing a service of the highest international standard.


CFI.co Meets the Chairman of Kuwait International Bank: Mohammed Al-Jarrah Al-Sabah

A seasoned veteran of the banking industry, Sheikh Mohammed Al-Jarrah Al-Sabah has served as chairman of Kuwait International Bank (KIB) since 2010. Sheikh Al-Jarrah first joined the bank’s board of directors in 2007, bringing extensive professional experience in the banking and financial sector in Kuwait. His strong leadership and focused vision have proven to be a vital element driving the bank’s continuous growth and success over the past few years; helping to position KIB at the forefront of the Islamic banking sector not only in Kuwait, but across the region as well.

Sheikh Al-Jarrah came on board at KIB during a pivotal moment in the bank’s history – as it was making the transition from a conventional specialised real estate bank, known then as Kuwait Real Estate Bank, to a full-service bank operating in accordance with the principles of Islamic Law. Under his guidance, the newly invigorated KIB succeeded in achieving exponential growth across all areas, and in just a few short years, managed to cement its position as a key player in the Islamic banking sector in Kuwait. In fact, it was only six years later that the bank garnered its first award for Best Islamic Bank from World Finance, and that was only the first in a string of prestigious accolades for KIB and Sheikh Al-Jarrah.

A Prominent Figure in the Arab Banking Industry
Over the years, Sheikh Al-Jarrah has established himself as a key influential figure in the Arab banking industry, earning a reputation for being a first-class leader and savvy financial strategist. In addition to his role at KIB, Sheikh Al-Jarrah also currently serves as chairman of the Union of Arab Banks (UAB) and board member of the Kuwait Banking Association (KBA).

In his role as chairman of UAB, Sheikh Al-Jarrah has focused his efforts on shedding light on the significant role that Arab banks play in the international economic landscape, especially as global paradigms and balances of power continue to shift. Moreover, he has been an instrumental force in furthering UAB’s efforts to enhance the reputation of Arab banks around the world, showcasing the industry’s strength and continued growth despite the political and security challenges facing the region.

As a keen advocate of joint Arab-International banking cooperation, Sheikh Al-Jarrah has always sought to promote greater collaboration and unity amongst financial institutions across the Middle East and the GCC – in an effort to harness their combined resources and capabilities to drive sustainable social and economic development in the region.
The UAB chairman has frequently reiterated his belief that cooperation between Arab banks is not only important but crucial, helping mobilise human capital, conserve and maximise resources, and build capacities. He has also often warned against the dangers of the migration of domestic capital, and has been a very vocal champion of Arab banks channeling their investments into their local economies, thereby boosting economic development and creating job opportunities for local populations.

A Decorated and Distinguished Career
Sheikh Al-Jarrah has enjoyed a prolific professional career marked by numerous achievements, during which he has held several leadership positions with key market players in Kuwait, including: Kuwait Real Estate Investment Consortium, Commercial Bank of Kuwait, Kuwait Re-Insurance Company, Salhiya Real Estate Company, and Arab Insurance Group (ARIG). In addition to his role at KIB, Sheikh Al-Jarrah is also a member of the board of trustees at the Arab Academy for Banking and Financial Sciences, and serves as vice-chairman of the board of directors of Warba Insurance Company.

Over his long and distinguished career, Sheikh Al-Jarrah has received a host of honours and recognitions from key regional and international bodies, serving as testaments to his achievements and exceptional leadership. In 2013, Sheikh Al-Jarrah received the Golden Medal Award of Merit from the Tatweej Academy for Excellence and Quality in the Arab Region. He was further recognised as GCC Chairman of the Year by World Finance, a London-based global banking and finance journal, in 2015.


CFI.co Meets the CEO of Molino Cañuelas: Aldo Navilli

Aldo Navilli has been Molino Cañuelas’ CEO since 1976. Mr Navilli was born in 1952 in Laboulaye a city in the Córdoba Province. At the age of 14, he began to work with his father in the wheat grinding business. By the age of 24, he bought Molino Cañuelas together with his family, becoming its CEO.

Mr Navilli’s business profile soon led Molino Cañuelas to become number one producer and exporter of wheat flour in Argentina, leading the markets of salted and sweet pre-mixes, biscuits, and flours with its brands.

Today, Molino Cañuelas has more than twenty industrial facilities and a port terminal in Zárate, in the province of Buenos Aires.

With a staff of more than 3,000 employees, and a strategy for growth and expansion at a regional level, Mr Navilli has taken more than 150 products to more than 60 countries, developing his vertically integrated business vision that guarantees the quality of products, the handling of raw materials, and efficiency in all processes. He succeeded in strengthening capacities as a producer of raw materials. He also articulated an effective production and distribution system differing from the traditional channel, creating a new model.

In addition, Mr Navilli is CEO in Agripecuaria AN, Puramel, Santa Cecilia, Logística Portuaria Molca, Cañuelas Pack Flexible Packaging, Molino Americano in Uruguay, and in Brazil, Mohino Cañuelas and Viu, a textile company producing and marketing the brands Vitamina and Uma in the region.

Socially committed, Mr Navilli carries out a CSR programme in aboriginal communities in northern Argentina through the application of a management and vision system. Together with his collaborators, he successfully demonstrated that through education and methods, a unique concept based on communities’ self-sustainability can be implemented, allowing them to leave a reality of poverty and structural misery through work. From 2017, through the San Ignacio Foundation he began to replicate the programme in new Wichi aboriginal communities in the area.

Aldo Navilli is essentially a good innovator of ideas which are focused on the development of a management system of his own, promoting innovation, quality, and efficiency in all processes.


Savills Investment Management: Excellence in Real Estate

Savills Investment Management is an international real estate investment manager providing:

On-the-Ground capability with offices worldwide to give detailed understanding of the markets the company invests in;

A full service offering, ranging from transactions and originating debt to asset and portfolio management; and

Access to and the backing of Savills, a leading international real estate services group, providing in depth and real time knowledge of the cities the company invests in on a street-by-street basis.

Savills Investment Management’s 25+ year track record of successfully investing on behalf of its clients is based on adhering to a core set of principles: buying well in stock selection, delivering target returns with asset management, and maximising performance through deal structuring. The firm’s senior team is well respected for its industry knowledge and experience across all facets of investment.

Achievements
Savills Investment Management continues to create a wide range of products ranging from core Pan-European or Asian funds to opportunistic single market or single sector mandates. The firm has decades of experience in sectors such as retail, office, and logistic and have 18 funds and 16 separate accounts. Launches in 2016 included the €300m Mercury Fund, one of the largest Italian investment funds ever to be dedicated to the retail sector.

Two of Savills Investment Management’s most successful funds include the Charities Property Fund (CPF) and the European Commercial Fund (ECF). The former is the largest charity-specific property fund in the UK with over £1 billion under management. Key to its rapid growth has been its ability to generate a consistently high level of income while continuing to outperform its benchmark. It has won a number of awards and has the best performance of any charity-specific fund over the last five years. ECF, with over €1 billion under management, offers broad sector and regional diversification with a focus on retail and office investments in western European core markets.

2016 also saw the successful sale of the Potsdamer Platz portfolio in Berlin, the largest German transaction of the year and one of the largest transactions in Europe. Savills IM also secured the first ever joint venture between an international real estate investment manager and a private Chinese investment company when it signed an agreement with China Minsheng Investment Capital Co. The agreement was to develop and promote a series of funds and investment vehicles to invest in global real estate markets and it underlined the strength of Savills IM’s reputation.

Strategic Leadership
Under the stewardship of Justin O’Connor, its chief executive officer, Savills IM is fast establishing itself as a global real estate player. The company’s AUM has grown from €3 billion in 2011 to its current level of €17 billion, while the volume of transactions is set to be a record €4.5 billion in 2016. This demonstration of strong growth is testament to the continued strategy of expanding Savills IM’s market coverage and critical mass.


CFI.co Meets the CEO of MauBank: Sridhar Nagarajan

Sridhar Nagarajan is an engineering graduate with a Master’s in Business Administration. He has over twenty years of banking experience, of which sixteen years were with Standard Chartered Bank in various businesses, franchise building, and governance roles. In this capacity, since 2008, he had been overseeing the formulation and successful implementation of the bank’s Mauritius strategy, which included leveraging Mauritius as a hub for Africa and unlocking the franchise’s potential as a global financial centre. Under his stewardship, SCB Mauritius became the third largest bank in Mauritius in 2013 and added new business segments viz., regional custody for Africa, regional treasury centre, domestic corporate lending, Asia-Africa trade corridor, etc. The staff strength quadrupled over the same period.

For several years, Mr Nagarajan held the posts of vice-chairman of the Mauritius Bankers Association (MBA) and chairman of the International Banking Sub-Committee of the MBA. He has also been the vice-chairman of Global Finance Mauritius, (GFM), an industry body representing banks, institutional investors, law firms, accounting firms, and management companies in Mauritius. He played a crucial role in establishing this industry body in 2010, which has currently emerged as a pan-industry organisation representing the sector domestically and internationally.

Mr Nagarajan presently sits on the boards of the Small and Medium Enterprises Development Authority (SMEDA) and NRF Equity Investment. He is also chairman of the MBA sub-committee on SME development.

Mr Nagarajan is a member of the Financial Services Consultative Council (FSCC), chaired by the Minister of Financial Services, Good Governance, and Institutional Reforms. FSCC is the think tank of the government for the financial services sector.

In September 2015, Mr Nagarajan joined Mauritius Post and Cooperative Bank (MPCB) as its CEO. In January 2016, he successfully oversaw the merger of National Commercial Bank with MPCB to form MauBank with over 650 employees. MauBank is now the third largest domestic bank in Mauritius with a significant distribution network of 27 branches, 50 ATMs, and 86 post office counters offering banking facilities. The bank also has the unique mandate to activate the SME sector in Mauritius to realise the vision of the government to create a nation of entrepreneurs.
Mr Nagarajan lives in Mauritius with his wife and their two daughters. He is a keen golfer and a long distance runner. His other hobbies include reading on diverse topics, gardening, and chess.