IBL values remain as bank expands

The 13-year-old bank, which has a little over $1 billion in assets, recently underwent a change in senior management.

Krishna Boodhai officially replaced Hugh Duncan as managing director and chief executive officer on November 9 while Group Treasurer Gary Awai was promoted to the newly created post of deputy CEO.

Boodhai, who has more than 35 years experience in the financial sector, assured IBL’s core values and modus operandi would remain even as he and Awai fulfill a long-term expansion plan that was approved by the Board of Directors earlier this year.

Boodhai made this commitment during an interview with Business Day at the bank’s recent customer appreciation function at its Chaguanas head office.

Even IBL’s announcement of the leadership change, posted to its website, indicated this is a bank that places importance not only on financial services but on customers themselves.

“Our new leaders exemplify the values that define the IBL Group — Love, Integrity, Transparency and Trust,” IBL stated.

“Being a relatively small bank, we are able to connect with our customers fairly quickly and it’s a close relationship between the staff and customers. Our customer appreciation cocktail receptions are our way of recommitting to our customers and sharing with them where we’re going in the future. Our customers know we are prepared to work side-by-side with them as they grow their businesses and when they do well, we do well,” Boodhai said.

In the four years prior to his appointment as managing director and CEO, Boodhai served as a non-executive member of the IBL Board of Directors. During that time, he chaired IBL’s credit and investment committee and served on its risk and audit committees. Boodhai is also a Rotarian and past President of the Rotary Club of St Augustine.

IBL’s deputy CEO served as Group Treasurer in the six years prior to his recent appointment and has more than 15 years experience in senior management in TT’s financial sector.

Awai has responsibility for treasury, retail and commercial banking as well as marketing at Intercommercial Bank.

Outside of IBL, Awai serves as director and vice-president of the Securities Dealers Association of Trinidad and Tobago. In addition, Awai serves as a director of the Institute of Banking and Finance.

IBL was founded as a completely indigenous bank in 1998 by the Mittal Group of Companies, which is run by billionaire Indian businessman Lakshmi Mittal. Headquartered at DSM Plaza on the Old Southern Main Road, Chaguanas, Intercommercial Bank opened a second branch in Marabella in 2000. This was followed by the 2001 incorporation of Intercommercial Trust and Merchant Bank Limited which is located at Furness House, Independence Square, Port-of-Spain.

Then in 2004, financial services group Jamaica Money Market Brokers Limited (JMMB) bought a 50 percent share in IBL, making the bank part of a regional financial institution.

However, Boodhai said the bank remains a truly indigenous operation.

“More than half of the IBL Board is made up of local directors. The Mittal Group is the founding shareholder while JMMB has 50 percent ownership but the business of banking at IBL was born and bred in Trinidad. All of the staff came from other banks in Trinidad or started here. The shareholders may be foreign but the bank is 100 percent local,” Boodhai declared.

What’s ahead for IBL in 2012? Expansion and re-branding, all part of the bank’s five-year plan.

The bank has already identified a prime location in Tunapuna, along the Eastern Main Road, for a fourth branch. IBL customers can also look forward to internet banking services in the new year.

“We are doing the traditional branch expansion; the brick and mortar, and we’re also looking at the technology for those who are so inclined, (particularly) the next generation. IBL is in an expansion mode and we look forward to your continuing support and for those prospective customers, you’re welcome to join us,” Boodhai told those gathered at the bank’s December 15 customer appreciation cocktail reception.

IBL expects to open its Tunapuna branch by the third quarter of 2012 and will offer a combination of “back office, front office and marketing services,” Boodhai told Business Day.

Why the need to re-brand?

Boodhai explained that the word ‘intercommercial’ has “sometimes acted as a misnomer” to potential customers, thus creating missed opportunities to grow IBL’s market share.

“The Board has approved the change to the acronym IBL for our public interactions but our legal name will remain Intercommerical Bank Limited. Gary Awai will be in charge of our marketing strategy to reintroduce the bank as IBL to our existing and potential customer base. We are already known by some as ‘IBL’ and our website is www.ibltt.com and in the new year, our marketing department will roll out ‘IBL’ promotions and ads,” Boodhai said.

IBL’s 2012 plans also includes growing its retail base, getting it close to 50 percent of total operations, which Boodhai said re-branding would help make it easier to achieve.