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Financial Leaders' Hall of Fame 2015

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As it turned out, 2014 was a challenging year for the local banking system, with combined losses amounting to some 4.5 billion lei. In fact the entire financial sector has yet to overcome the lasting effects of the economic crisis. In such circumstances, every success in this crucial sector of the economy is even more remarkable. 

In this context, Business Arena Magazine is proud to announce
the 15th edition of its annual event dedicated to the leaders
in the financial market:

Financial Leaders’ Hall of Fame 2015!

Some 250 persons from the financial and baking sectors,
directors of investment funds and representatives of some of the largest companies in Romania, together with representatives of the local authorities, high government officials and diplomats will take part in this exclusive event later this year.


Business Arena Magazine proudly recognizes the achievements and successes of banks, financial institutions and business leaders that have found the winning strategies in spite of the difficult economic conditions.


Speaking at our previous edition of the Financial Leaders’ Hall of Fame awards gala, Steven van Groningen, CEO, Raiffeisen Bank Romania, pointed out that the financial sector had yet to regain its growth momentum. “It’s been a tough year, but the financial sector has made huge efforts. The banks have had to deal with a lot of unproductive activities. Now we certainly have a manageable situation, but we cannot say that the difficult times are over and we can return to growth.” At the time he also emphasized the need for a more predictable business environment in Romania. “Economic growth will come when we create an environment in which both consumers and investors can be confident in their future.”
On the same occasion, Anca Bidian, CEO, Kiwi Finance, highlighted that 2014 turned out to be more difficult that initially expected. “Even so, we should pay more attention to efficiency, human resource quality and quit looking for complicated solutions to simple problems,” she said. On a more optimistic note, Radu Gratian Ghetea, President, CEC Bank, emphasized that Romania’s banking system had become more diversified and pointed out the extraordinary development potential in that sector.


In preparation for this year’s edition of the traditional awards gala dedicated to the financial sector, Business Arena keeps an eye on the latest developments in the field, and it is also going to invite its readers to submit their own nominations for the various award categories.   

 

For more information please contact Cosmin Stangaciu
at cosmin.stangaciu@business-arena.ro or phone 0755.274.125


SHORT REVIEW OF LAST YEAR’S EDITION


In a year dominated by noisy election campaigns and controversial government decisions, the banking and financial sectors were busy shaking off the last of the effects of the financial crisis. In such a challenging economic context, all successful strategies, products and services, investments and innovations carry a lot more weight.  

The 2014 edition of Business Arena’s Financial Leaders’ Hall of Fame Awards brought together over 100 banking and financial leaders, professionals and diplomats for a special sit-down gala dinner, hosted by the JW Marriot Bucharest Grand Hotel.





Invited to give the opening remarks at this special awards gala, Steven van Groningen, President and CEO, Raiffeisen Bank Romania and member of board at the Foreign Investors Council, pointed out that there was little surprise that the lower interest rates had not yet triggered a significant increase in economic activity. “The English have a saying: you can lead the horse to water, but you can’t make it drink. The same happens in the economy. You can offer cheap loans, but you cannot make someone increase their consumption or make investments. To achieve that, we need a predictable environment.”

 
WINNERS SHARE THEIR VIEWS

WINNERS of the 2014 edition

BEST BANKING STARTEGY
BANCA TRANSILVANIA 

BEST INNOVATIVE BANKING PRODUCTS
RAIFFEISEN BANK ROMÂNIA

LEASING COMPANY OF THE YEAR
UNICREDIT LEASING CORPORATION IFN

FINANCIAL INVESTMENT FUND OF THE YEAR
ORESA VENTURES

RETAIL BANK OF THE YEAR
BANCA COMERCIALĂ ROMÂNĂ

BEST INSURANCE BROKERAGE FIRM
SAFETY BROKER

BEST FINANCIAL ADVISER
KIWI FINANCE

CORPORATE BANK OF THE YEAR
CEC BANK

BANK OF THE YEAR
EXIMBANK ROMÂNIA

BANKER OF THE YEAR
UFUK TANDOGAN
GARANTIBANK



And while the winners of our financial awards every year are living proof of what qualities are needed to be successful in this business nowadays, here is a view of what future leaders in this challenging sector may have to face, according to www.esearchjobs.com:

What It Takes to Become a Financial Leader of Tomorrow

It’s no secret: In finance and accounting, the stakes have never been higher than they are right now.

Leaders in those fields must grapple with challenges that are, in many cases, far more daunting than those faced by their counterparts in other disciplines. They typically face an enormous, complex and constantly shifting load of responsibilities mandated by the Sarbanes-Oxley Act and other regulations requiring corporations to exercise greater fiscal accountability.
“Their jobs demand more than ever these days,” says Jeffrey Anderson, the associate dean for leadership development at the University of Chicago Graduate School of Business (and, as a CPA and former corporate CFO, a man with a foot in both professions). And that high-pressure environment shows no signs of easing up anytime soon.

Meet tomorrow’s demands

That, in turn, means that next-generation leaders—up-and-coming finance and accounting professionals hoping to someday serve on executive teams—should start preparing themselves now to meet tomorrow’s demands.
Some of that preparation involves participating in leadership-development initiatives such as mentorships and coaching. But in Anderson’s view, it’s equally important for would-be executives to do some work on their own as well.

He says they might start by dispensing with two pervasive leadership myths:

MYTH 1: There’s a single perfect leadership style.

In reality, Anderson says, leaders rely on a wide variety of approaches and traits, and even an individual leader’s style may change from one situation or environment to the next. “We all have experiences that have shaped us, and those experiences are all different,” he says.

But successful leaders do share one trait: “Their approach is genuine, whoever they are,” Anderson says. “If you want to connect with people, they have to know who you are and what you stand for.”

Sounds simple enough—just be yourself, right? Anderson warns that developing a genuine approach is actually a bit more complicated. “You have to have a robust level of self-awareness, and that’s not easy to obtain,” he says.

Leaders need to work at developing a clear, strong understanding of their personalities and their natural skill sets. They especially need to recognize not only their strengths, but their weaknesses—the areas where they need to focus their development efforts.

MYTH 2: Leaders are born, not made.

Anderson, who is also a partner in an executive-coaching firm, vehemently disagrees with that old saw. “Leadership is a learned behavior,” he argues. “I’ve worked with more than 100 executives, and I see the learning occur. I see the changes in their behavior as a result.”
But he cautions that even some top-notch learning experiences in a professional’s specialty area may ultimately prove irrelevant when it comes to leadership. “There’s an old saying that’s applied to newly appointed senior leaders—CEOs, CFOs and so on—and that is: ‘What got you to this job isn’t what you need to be successful in this job,’” Anderson says.

“That’s something that a lot of leaders struggle with: They got to the top by excelling in some sort of technical expertise”—in this case, some kind of accounting or finance capability—“and that’s not what they’re paid to do anymore.” As executives in any field move up, they must learn broader leadership and management skills, often for the first time.

What companies seek
Anderson says companies typically require the following traits in potential financial leaders. You should be able to:
·       Inspire and lead a team
·       Craft and express a compelling vision
·       Communicate well and present credibly
·       Bring unique perspectives to the position.

Fly at the right altitude
Once promising candidates actually step into leadership roles, what’s the biggest single issue they face? Anderson says the most common new-leader mistake by far involves what he calls “flying at the wrong altitude” to manage effectively.
“Some are flying at too low an altitude. They’re involved in details that shouldn’t concern them,” he explains. “Some are at the other end of the scale, focusing on things that are too far removed from the business, and, as a result, they lose touch.”
Wrong-altitude flying typically happens because new leaders haven’t addressed basic questions such as: “What’s my real role here? Where and how do I get involved in day-to-day activities, and at what level?”
Ultimately, answering those questions will help each new leader find the right cruising altitude—and adjust it as necessary over time.


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