| Past & Current Engagements (Re)structuring and turn around management of Girobank De Sola & Kluyver - Financial Solutions was hired by the Board of Directors of Girobank to solve problems the bank encountered during the second half of 2001. In order to effectively perform this task one of the partners of De Sola & Kluyver was appointed the statutory Managing Director of the Girobank for a period of six (6) months (interim-management). Main goals of the task were to restructure the bank with emphasis on risk management issues, in accordance with the regulations of the Central Bank of the Netherlands Antilles. Girobank is one of the larger banks in Curaçao with all the modern facilities as internet banking, point of sale merchants, phone banking, all major credit and debit cards, on- and offshore services. Girobank encountered difficult times in 2001 when in their process of fast growth the bank didn’t comply with the official regulations of the Central Bank in the Netherlands Antilles. Main results and actions during the reorganization are: through interim management be responsible for executing the turnaround and the daily business of the bank; designing and implementing a new organizational structure; communicate with all stakeholders involved; form strategic alliances; change the capital structure; design new risk management and compliance policies; analyze and change activities based on risk - return analysis; cleaning up of the investment and client portfolio; change and appoint a new management team; design, communicate and start implementing the new business plan; setting up a new risk management division and a new cash and treasury department; during the reorganization dealing and communicating with the press, the Central Bank, clients and other stakeholders. Back to Past & Current Engagements
|