Business Banking

Shouldering responsibility for some 2,000 of Barclays Bank's local business accounts is a weighty challenge; but for Sandra Betteridge, who took over as business banker in April this year it is a challenge that she welcomes.

it may be the first G7 currency to raise interest rates" while the dol lar's weakness against the euro stemmed from recent G7ccjmments and what appears to be a switch of America's former "strong dollar" policies.

Tipton had this advice for local businesses which use foreign ex change as part of their purchasing structure: convinced that official rates will not rise until late next year at the earli est — and even then,only if growth accelerates sharply."

And,after a career spanning 22 years with Barclays in Gibraltar, it's also a job for which she is ide ally equipped. She knows many of the customers personally and her wealth of practical knowledge — combined with the bank's on going policies of in-house training — has meant that she has a ready answer to most customers' prob lems,however complex these may be.

"it gives mc a chance to catch up with a lot of paperwork," she shrugs off the late hours with the ever-present smile that is some thing ofa personal trademark.For though Barclays now limits the hours (from 10.30am to 1pm) when the business banker is avail able to customers coming in off the street — often without an ap pointment — her phone rings con stantly during banking hours.

In Euroland, he added,the ECB has "possibly finished with cuts as the market thinks Eurozone growth has begun to recover." Given the poor performance of the major Eu ropean economies,it's a generously over-optimistic view, but Tipton added a rider that if the market strengthens or the US-led global recovery "turns out to be weaker than expected, the ECB could cut again."

"In the UK most economists think rates will be on hold until the start of next year," he said."Recent signals have been more up-beat, suggesting a recovery in the manu facturing sector, strong growth in services and renewed strength in the housing market."

Where foreign exchange rates are concerned, Tipton points out that sterling has benefited recently against the dollar"on the basis that

"If you know that you want a particular currency in two months time,buy or sell now. For example, if you are holding euros now and need US dollars,exchange the cur rency today and place the dollars in a dollar account at call or on fixed term deposit until the funds are re quired."

Alternatively, Tipton suggested, customers should consider a for ward exchange contract which cov ers "the sale or purchase of specific a amount of currency at a specified exchange rate for settlement on a future date or between two future dates, which eliminates exchange risk during that period."

The calculations of these and of other interest rate options tend to be complex — but the banks are there to explain them and they're worth exploring as a way of insur ing against the sort of swing that the currency markets are likely to experience as the global recovery moves ahead — varying in strength from country to country.

"And,on the relatively rare oc casions when 1 can't provide an immediate answer during a cus tomer's visit, or if he or she phones, there's always someone on the managementteam who can help," she explains. "Whenever possible I try hard to provide an immediate response."

Her.role as business banker covers a wide range—from open ing new accounts,to dealing with loans,requests for overdrafts and arranging standing orders. Then there are questions about pay ments and how to make them, queries about accounts and bank charges...and — the bugbear for many local businesses — trying to track the whereabouts of incom ing funds.This often involvessev eral phone calls to other banks both local and outside Gibraltar.

And with a steady growth in the establishment of new firms and small companies across Gi braltar's business sector,each day brings new and varied demands on her time. Often — though she is a mother with two teenage chil dren — she works for several hours after the bank has closed and its telephones have switched off for the night.

"Reducing the hours has made Sandra's day far less disjointed and that in turn has led to an im proved ser\'ice from the business banking office," says Barclays Gi braltar Director Tim StreatfeildJames who instituted the changes.

"Particularly with new custom ers, people who come in wanting to start a new business, it's a case of looking after them from day one. and then handling their problems as they crop up,"Sandra adds. "With new businesses, as with older,established customers, it's my job to try to make their lives easier. And when I succeed, that's a constant source of per sonal satisfaction — why I really enjoy what 1 am doing."

Friendly and outgoing,Sandra is essentially a "people person" who enjoys talking to customers and helping iron out any prob lems they may have. And she be lieves it is important that "even when a customer is upset when he or she comes in,they should leave with a smile." Though occasion ally her efforts elicit little more than thinly upturned corners of the client's mouth,most leave her office — or replace their handsets — happier than at the outset.