The end of 2022 will mark the end of BNF’s current CEO and Managing Director’s tenure at the helm of the bank. As companies and businesses continue to face the challenges brought about by inflation and the war in the Ukraine, among other factors, Michael Collis shares his thoughts on how business leaders should prepare themselves for “ongoing uncertainty.”
“Inflation has been persistently high for months. Today’s price pressures, and the macroeconomic environment, is persistently hindering economic activities,” Mr Collis states. As a result, businesses are also facing “interest rate hikes to try to tame inflation” however this appears “to have slowed key sectors of the economy,” the CEO added. Additionally, “Europe is facing significant downgrades due to the economic contagion from the Russian invasion of Ukraine” and as a result, matters continue to complicate themselves further.
2022 has come with a major lesson for Mr Collis and, in turn, he takes the opportunity to cautionbusiness owners to remain vigilant. “The disruptive black swan events appear to be happening with greater regularity,” he affirmed, adding that “business leaders need to be prepared for ongoing uncertainty.”
He added that “this past year we found ourselves to be well-positioned to maximise opportunities. While we cannot completely predict and understand the cause of a black swan event, or how it will play out, we’ve learnt that protective measures should be set in place in anticipation of unexpected events. Such measures tie in with maintaining sustainable operations whilst delivering sustainable performance,” he insists.
Having spent so many years in banking, Mr Collis has seen the industry evolve. One of the main challenges that the banking sector is currently facing, according to the CEO, is “that there has been a generational shift in the way clients bank and do business.” As a result of these developments, the banking industry has also had to move forward. BNF is no exception. Mr Collis explains how he now feels the bank is “on the right trajectory to provide a seamless and enhanced digital banking experience.”
Looking ahead the outgoing BNF CEO and Managing Director asserts that “the need for stability and sustainable transformation has become vital in today’s macroeconomic environment, characterised by rising prices and volatile economic activities.”
“Nevertheless,” he adds “we (BNF Bank) will continue to focus on providing the best possible service for our customers. Our size enables a degree of nimbleness and flexibility which is incredibly important given the speed of change.”
Speaking of the fast-approaching end of his tenure leading BNF Bank, Mr Collis states that he feels “fortunate to have been in this industry for over 30 years and honoured to have had the privilege to play a part in the BNF story and guide its ambitious team as CEO and Managing Director since 2017.”
The CEO firmly believes that the team he leaves behind will continue to take the bank to next level. “BNF Bank is led by an exceptionally committed and professional Board and a team whose very heart and soul is behind every success we have achieved,” he states adding that “along the way, we upheld our commitment to provide our communities with high quality customer service and this was only possible thanks to the talented and enthusiastic team who fulfil the financial needs of those we serve.”
“I am certain that whilst I’ll be moving on, the solid financial results and robust performance tell a great story and I thank my fellow team members for their efforts. They will continue steering the Bank towards reaching even greater heights for the possibilities ahead,” Mr Collis concluded.
Sayed Mohamed Mohamed Noor Sharaf has resigned from the two positions with immediate effect.
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