INTERVIEW WITH ANEL BOSMAN, GROUP MANAGING EXECUTIVE: CIB AT NEDBANK

INTERVIEW WITH ANEL BOSMAN, GROUP MANAGING EXECUTIVE: CIB AT NEDBANK

PLEASE COULD YOU DESCRIBE YOUR ROLE AND RESPONSIBILITY AS GROUP MANAGING EXECUTIVE CIB AT NEDBANK?

My role is about setting strategic direction for CIB - it’s about maintaining how we strike the directional, and the process of driving execution, relentlessly. That is what we do. I make sure that we are surrounded by the right people so that we can act and actually deliver on what we undertake. But most of all, my role is about purpose, and why we do what we do as an investment bank, and the role that we can play in the economy.

Our strategy is about answering the question of: Where are we going? How are we getting there? And last year, it was about how to drive through the storm, and we knew that we would get through it. I have excellent people doing the different functions. So, I’m less involved in that and much more at a strategic level - in terms of what we want to achieve.

YOU’VE BEEN AT NEDBANK FOR MORE THAN 19 YEARS. CAN YOU TELL US ABOUT YOUR JOURNEY WITH THE BANK?

I grew up in Brakpan, which is an eastern town. And I was very active in drama and debating at school. I benefited from one parent driving achievement really hard, and the other one instilling curiosity in life. I approached assignments with creativity to make things different. And even then my projects were much bigger than what I ever imagined it to be. But it’s this personal story, and themes about intrapreneurship, creativity, energy and enthusiasm that got me jumping at opportunities. And this links very closely to my story at a bank. I didn’t plan a career in banking at all. I looked through the scholarship and bursary book in high school and saw that there were excellent scholarships for maths and economics, and I decided that’s what I will do because I regarded it as a good way of getting a bursary. And then during my Honours year, that’s where the connection was made with the Bank. I received a Nedbank scholarship to go to Cambridge and spent a year there. I did my Master’s degree later and that was a life-changing experience.

I joined a bank as a desk economist, and when one of the traders left, I said I would look after the books. And that’s how I became a trader for many, many years - that remains my first love and where I actually grew up. And then I joined Nedbank not long after that, I implemented systems for the assistant for them. I became Head of Risk in 2005. I fulfilled that role for a while. I had a long and winding and very stimulating journey through Nedbank. I was Head of Strategy, I was CEO for the investment bank, and then in 2015, I became the Managing Executive for the markets division - which was then back to my roots after gaining all the experience. If you think about that, the journey I took gave me experience across everything that the bank does strategically, but also the running of a business.

And then in 2020, I became the Managing Executive at a group level for CIB. And if I look back at this, I feel gratitude for the opportunity to make so many lateral moves in my career (the exposure that I had, and the stretch that each of these new roles brought). And if you look back at it, the Bank actually invested an incredible amount in my journey, and really walked through my career with me.

WHAT DID YOU DO PRIOR TO JOINING THE FINANCIAL SECTOR?

There was always this entrepreneurial aspect to my life. I sold cosmetics while I was in school. And then there was a new trend on the horizon: beads became a craze. So, I actually started to make beads and sell them. Looking back, I made a fortune and I made 1000s of these things. I had to bake them in my mom’s oven, do painting etc. Nevertheless, I actually made enough money to buy a car, which was an incredible achievement for me.

WHAT’S NEDBANK’S TAKE ON TRANSFORMATION, AND HOW DOES CIB IMPLEMENT THIS?

Before I go into what is the take, I think one should just focus, stop and say ‘why do we do transformation?’ I think the global crisis has made us reflect, and it’s really amplified what has been silent for a long time - Black Lives Matter, Gender violence, etc. And I think at a personal level, this has given us the opportunity to stop and question; look in the mirror and see the blind spots that have been highlighted. Over the last 18 months I have had many ‘aha’ moments, when I started to understand different perspectives at a deeper level.

I’ve asked many colleagues, during this time, to hold the mirror up to themselves and talk about uncomfortable topics. And I think this has been an incredible journey of truth. CIB then went on a similar journey so that we can hold up the mirror to ourselves, understand our people, the different perspectives, but mostly also the impact of our actions on others. When we understand and consider these perspectives, and do something about it, each and every person can come to the office on a daily basis and do their best.

The Bank is not only about our people and our shareholders, it’s actually about what we can do for the community, society and the economy. Transformation is not a new concept, but it is a journey that we are all on. And specifically, we’ve accelerated that journey in CIB, and have learned one thing: it’s not a linear process; it’s complex and it’s iterative. Transformation is a process of reflection and discovery. And I think one of the most important ingredients of these processes is actually the creation of psychological safety - so that each of us can actually be intentional about transformation, and learn from our mistakes.

This is the journey that CIB took in the context of Nedbank, where we say our purpose is to use our financial expertise to do good for individuals, business families and societies. In terms of diversity, equity and inclusion, we need to talk about systems and processes, the structural, but also external - we cannot operate in a world isolated from those around us. So those are the three pillars that we are actually looking at upon our Transformation journey.

There is no one simple solution to our country’s issues. So we’re working on a range of components at one time, and it has been a journey of learning and having really hard conversations. So far, we’re playing a big role in:

• Sustainable Energy

• Thought Leadership

• The YES initiative

• Black Business Growth

• Employment

We are also looking to address healthcare and leadership within healthcare.

HOW HAS COVID IMPACTED THE BUSINESS MODEL?

I think the one thing COVID taught us very quickly, is that we have to be fast, agile in our learning and be able to adjust as we go along. If you think about it, we had to move everybody, including very complex settlement processes, out of the building within a short period of time.

ANEL BOSMAN, GROUP MANAGING EXECUTIVE: CIB AT

And we always joke that if we had enough time, we would probably still be in the planning process to sign off. However, because we simply had to do it, we did it speedily. I think what is important, though, is how ‘heart’ has been emphasised. It was a time when we very proactively reached out to our clients. We listened very deeply and we assisted as much as we possibly could. And I think the relationships with clients deepened significantly.

The crisis really pushed for adaptation and amplified digital digital journeys, as well. We have a journey now that we call ‘warm digital’. This accelerated many of our IT initiatives while offering the human (warm) element. Our people have showed incredible perseverance, dedication, and work ethic with regards to this.

WHAT EXCITES YOU ABOUT YOUR ROLE, AND WHAT IS YOUR WHY?

So for me, purpose is the ‘why’. As well as the ability to make a difference. Purpose is what drives us, giving us the energy and drive to try our best. For me, purpose is multilayered and is all about making connections.

My role allows me to connect with a unique circle of women. It is great to know you have a safe place to turn to where others motivate you. This has taught me so much gratitude, especially during the global crisis. What excites me about my role, is thinking about how, together, we can contribute to building this country, and rebuilding the economy with the goal of being a more inclusive, sustainable economy, and uplifting our society.

WHAT HAVE BEEN SOME OF YOUR MAJOR CAREER MILESTONES?

We’ve [CIB] won many, many prizes this year, and it has been a great acknowledgement of the work that we do in sustainability, energy and innovation. At CIB, the last 20 months has seen incredible collective effort. The dedication and perseverance of our people has been phenomenal (many long hours went into finding solutions, not only for ourselves, but also for our clients). The achievements of the business, in this challenging environment, is actually what makes me most proud.

It’s a big milestone because our agility and strategic thinking changed the culture in the organisation. And then in terms of our Transformation journey, we saw incredible buy-in from everybody and dedication that has been remarkable. We need to match that with our deliverables as we go along because you can’t only talk. And that’s kind of my role - to make sure that we match. These past months we met all our deliverables which makes me super proud, as well.