Table 11. Business Model - Bank

88 | Carlos Fúquene Retamoso

in 2011) and has continued its expansion ever since, acquiring bank operations in different countries, resulting in horizontal integration (Pineda Rojas, 2014). Bank’s organizational capabilities have been associated with organizational learning as a mechanism to improve operational efficiencies and perform business acquisitions. Finally, the organizational capability of Bank constituted a mechanism to face changing markets, which have increasingly focused on sustainability, especially green processes and sustainable buys.

Table 11. Business Model - Bank

esa factor category main features

Business model

Dynamic Supported by financial capabilities *Green Lending. *Green Bonds. Supported by strategic capabilities *Financial products for the construction of a green building market. *Finance and promote new production and consumption systems. *Green and reputation positioning. *Green standards settings in the market through the Protocolo Verde initiative. Supported by organizational capabilities such as organizational learning. *Eco-efficiency. *Best practices in energy consumption. *Green innovation culture Supported by technological capabilities *Eco-efficiency. *Energy efficiency programs in offices and branches to improve operational efficiencies. *Development of criteria for the acquisition of more efficient technologies. *Green products development

c) Manager´s perspective

The founder of Bank holds a Bachelor of Arts in Social Science and earned a Master´s degree in Actuarial Mathematics in 1969. The CEO is Colombian and inherited a small insurance company that he turned into a large business that included financial services. His work experience for more than 50 years has focused on the insurance and financial sectors. With regard to his profile,

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the CEO has stated that “to be qualified in human sciences has been fundamental for business management in the sense of handling human relations”.

Influencing factors observed in the manager`s perspective were associated with the individual characteristics of the CEO, which cover his personal values, perspective towards ESA and leadership style.

- Personal values The CEO exhibits altruism as part of his main personal values when acknowledging his concern about the welfare of people or serving collective purposes.

…“I feel very proud about the culture of the company, the principles and values shared by my employees associated with respect to others, honesty, fairness, discipline, enthusiasm and good humor” (Camándula, 2014).

Besides, it seems that organizational values of Bank are shaped by CEO´s personal values:

…“Values relate to serving customers and additional stakeholders according to the principles of equity and opportunity, offering maximum respect to others, cordiality and tolerance” (Bank Sustainability Report, 2018).

- Perspective towards ESA CEO is fully supportive of some of the initiatives that are considered sympathetic toward social needs, by being attentive to discretionary activities to contribute to social purposes associated with community investments:

“[…] Companies have to worry much more for the entire community. Traditionally, companies have focused on their business and their employees ... I believe that private companies have to look after the municipalities in order to support their development in achieving technological advances”.

In addition, the next statement illustrates how CEO expects that corporate values be shared among the employees of the company

“[…] We have conceived business development at economic, social and environmental level. Today we see the company as sustainable and we feel that our company is very valuable … business development has occurred because we count on with accountable people that are well

90 | Carlos Fúquene Retamoso

prepared, guided by principles and ethical values that we all share in order to grow in a healthy manner.

Next statement reflects that CEO ’s leadership style has shaped the firm´s strategy in terms of taking responsibility to support small communities in the regions where Bank operates:

“Today, organization has established different programs oriented toward entrepreneurship and financial education, to teach people from communities how to become independent workers and achieve and efficient management of money”. CEO is also concerned with the quality of education, supporting the training of teachers in a bilingual program to expand the possibilities and social opportunities for children.

- Transformational leadership style

Businesses leaders of competing banks categorize the CEO as a transformational leader:

“The CEO is the symbol of a whole way of doing business in Colombia, in which the concern for values and responsibility for the welfare of people is as important as the generation of profits for shareholders”. According to a member of the board advisors of Bank, “the work on values and culture has been taken seriously by the companies of the group… The objective is that values be part of the employees’ DNA in all the companies of the group”. An advisor of the Bboard adds: “The CEO works hard in the drafting of principles and values that are then disseminated to different groups”.

The CEO has mentioned, in relation to his leadership style:

“[…] If we match business values with family values, we have a great growth force […]”

“[…] In companies that focus on services, people are very important because there is close contact with customers. From my point of view, this philosophy is developed by those of us who work within the organization, not necessarily by me […]”