FWB Leadership Dinner - November 2011 - Edinburgh ...

In a wide ranging speech covering leadership before, during and present in the aftermath of the financial crisis, Benny Higgins, Chief Executive of Tesco Bank Ltd told an audience of 100 invited guests from the boards of Scotland's leading companies that "honest communication is a prerequisite of creating a business based on trust and that no-one should underestimate the power of what we say or how we say it".

 

He explained how Tesco Bank has grown rapidly in recent years during a period of great economic uncertainty and drew on comparison between the customer experience and behaviours in the multiple retailer market, which its parent company Tesco operates, and the retail banking environment.  He highlighted how customer experience and behaviour is very different, pointing out as an example that while switching between food retailers is commonplace, switching between banks is not.

 

Looking back at the banking crisis his view was that its origins could be chartered back to the unlocking of credit in the aftermath of 9/11.  He then examined the banking sector's attitude to risk and their relationship with regulatory bodies and how these have developed.

 

At Tesco Bank his intention is to develop a business that can be viewed by both customers and investors as a stable, cautious enterprise.  Consequentially the appetite for risk is modest in respect of the key areas of credit, market, balance sheet and operational risk.

 

Looking at leadership he said there are six aspects of leadership worthy of consideration:  competence, communication, courage, confidence, creativity and coaching.  He went on to refer to those business leaders whom he has admired and who have helped shape his own thinking.  He also drew on several literacy heroes to highlight his points and in particular the American poet Robert Frost;

 

"I shall be telling this with a sigh

Somewhere ages and ages hence:

Two roads diverged in a wood, and I -

I took the one less travelled by

And that has made all the difference"

 

The address was followed by a lively and stimulating debate which was wide ranging and explored the euro crisis, the current anti-capitalist demonstrations, risk and reward in the banking sector and its consolidation, whether retail and investment banking should be ring fenced and how leaders should respond to the ongoing economic challenges.

 

For further information on this event please contact Judy Wagner

 

 

 

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