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London, UK – June 25th, 2024 – iibanks is thrilled to announce that Mr. Sohail Sultan, CEO of iibanks, has been Awarded CEO of the Year in the Finance Industry by European CEO. This prestigious recognition underscores Mr. Sultan’s exemplary leadership, vast experience, and significant contributions to the financial sector.
The judging panel at European CEO was particularly impressed with Mr. Sultan’s extensive and distinguished career in the financial services industry. Sohail has 30 years of experience in financial services, acquired at leading multinational financial institutions.
“I have also been asked to pass on to you that in doing their due diligence and making their final decision, the judging panel were immensely impressed with Mr. Sohail Sultan in multiple ways,” the European CEO panel stated.
“Firstly, with Mr. Sohail Sultan’s immense and impressive high-level experience within the financial services sector, including starting his career at Citibank here in London, and subsequently reaching the position of not only the Head of Global Product Development for Financial Institutions but also the Head of Structured Finance for the Asia Pacific.”
Beginning his career at Citibank in London, Mr. Sultan quickly rose through the ranks to become the Head of Global Product Development for Financial Institutions, Head of Structured Finance for the Asia Pacific, and Head of Cross Border European Structured Product Arbitrage within six years. His roles included managing processes and risks, driving revenue, innovating products, and executing deals across Europe, the Americas, Africa, and the Far East.
Subsequently, Mr. Sultan worked at Barclays Capital in London for nine years, holding senior positions, including Managing Director. During his tenure, he was responsible for expanding the company’s Structured Capital Markets business beyond the UK into North America, Europe, and Asia Pacific.
Following his time at Barclays, he provided advisory services for private equity infrastructure projects in South Asia, the Middle East, and the UK at Cobussen and Partners, developing a portfolio of structured investments with private and institutional investors.
“The judging panel were also delighted to know that Mr. Sultan, in his 30 years of experience, has held senior positions at Barclays Capital, including Managing Director, along with working at Cobussen and Partners, where he provided expert advisory services,” the statement continued.
The panel highlighted Mr. Sultan’s continued demonstration of leadership, his achievements, and his ambition for iibanks’s expansion as crucial factors in their decision. “From the judging panel’s point of view, the leadership Mr. Sohail Sultan continues to demonstrate combined with his experience, achievements, and ambition for the group when it comes to expansion were important factors that the other shortlisted candidates could not compete with.”
This recognition by European CEO is a testament to Mr. Sultan’s dedication and the innovative spirit he brings to iibankss. His leadership has been pivotal in driving the company’s growth and success in an increasingly competitive financial landscape.
Novo Banco leaves Cape Verde after sale to Bahraini group
The financial institution sold its remaining 10 per cent stake in iib CV to the Persian Gulf group that owns the other 90 per cent, the chairman of the holding company revealed in an interview with Negócios. Novo Banco declined to comment.
Novo Banco has sold its 10 per cent stake in Cape Verde’s iib CV to the group that already owns the rest of the financial institution’s capital, revealed the iib Group’s chairman, Sohail Sultan (pictured), in an interview with Negócios, without mentioning the value of the operation.
‘Novo Banco had the right, which it exercised at the end of last year, to sell us the stake. The transaction was finalized a week ago,’ says Sohail Sultan. ‘We now have 100 per cent,’ he concludes. Contacted by Negócios, Novo Banco declined to comment.
The group, which has banks in the Middle East, West and East Africa and the Caribbean – and which has expressed its intention to buy a bank in Portugal – will not, however, hold all of iib CV’s capital permanently. ‘Our intention is to open up the share capital of the Cape Verdean organization and attract other international investors, as well as local investors,’ says Sohail Sultan. How much? ‘Our intention is to see if we can sell the 10 per cent we’ve acquired,’ he adds, explaining that ‘to the extent that we need additional capital at some point in the future, we would potentially consider issuing more shares and going public even more. But right now, it’s not a priority and all the capital requirements for the bank are either being met by the group or being generated through the success of the operation,’ he says.
As for the profiles of the possible buyers of the minority stake he wants to sell, the chairman of the iib Group says he would like to ‘have shareholders in Cape Verde who can support the bank’s continued growth and expansion. Not only in Cape Verde, but also in the Portuguese-speaking and African countries where we operate,’ he continues. The Bahraini group’s strategy is to take advantage of opportunities in markets where European banks have reduced their activity, either of their own volition or under regulatory pressure.
In 2023, iib CV achieved its highest ever profit: 6 million euros, 55 per cent up on the previous year.
Is BCA a closed case?
The Persian Gulf group’s ambitions for Cape Verde suffered a setback last March when it was rejected in its bid to buy almost 60 per cent of the capital of Banco Comercial do Atlântico (BCA) from Caixa Geral de Depósitos (CGD), a deal in which the Portuguese public financial institution pocketed around 16 million euros. The winner of the race was Coris Holding, which is based in Burkina Faso.
The deal is awaiting the green light from the central banks of the two countries and Sultan is already open to returning to the dossier if the operation doesn’t succeed. ‘Ultimately, it will be up to the regulators to determine whether the sale of BCA by Caixa Geral de Depósitos to Coris is approved or not. If, for whatever reason, that doesn’t happen, we’re ready to take part in the process again and we hope we can be successful next time,’ he says, insisting that “if there are any concerns about the sale process, we’ll be happy to interact with CGD again to see if there’s a possibility of the sale being made to ourselves.” In this scenario, the outcome of BCA and iib CV is set: they will be merged into one.
Growing balance sheet
The iib Group, reflecting the evolution of the global financial system, had a positive year in 2023. The Bahraini group doesn’t disclose business figures, but Sohail Sultan says that the balance sheet grew by 10 to 15 per cent on a consolidated basis compared to 2022. Partly thanks to the bank’s performance in Cape Verde. ‘When we bought iib CV, it was a problem bank. It was the smallest bank in the country. By the end of last year, we were probably the third largest bank in terms of assets,’ he emphasizes.
For the group’s banks as a whole, Sultan predicts a more positive 2024 than last year and a slowdown in 2025.
The three names and three owners in the history of the current iib CV
The current iib CV has had two other names and owners. The financial institution that was part of the Espírito Santo universe (until 2015 it was called BES Cabo Verde) was part of the assets inherited by Novo Banco in the BES resolution process. In November of that year it was renamed Banco Internacional de Cabo Verde (BICV). Two years later, the Portuguese financial institution reached an agreement with the iib Group for the sale of 90 per cent of the capital, while retaining the right to exercise the right to sell the remaining 10 per cent, which it would do at the end of 2023, says the chairman of the Bahraini group. Contacted by Negócios, Novo Banco declined to comment. The iib Group’s entry into the capital was realised in 2018, after Novo Banco’s attempt to sell to José Veiga failed.
iib makes a bid for BNI. ‘We want to be in Europe’
After failing to buy Banco Comercial do Atlântico (BCA) from Caixa Geral de Depósitos (CGD), the iib Group continues to focus on organic growth and acquisitions.
After failing to buy Banco Comercial do Atlântico (BCA) from Caixa Geral de Depósitos (CGD), the iib Group is continuing its double focus on organic growth and acquisitions. Reiterating his desire to enter the European market via Portugal, chairman Sohail Sultan says he has already made an offer to buy BNI Europa, whose profile – presence in Africa and the old continent – fits in with the group’s objectives for Europe and Africa.
BNI is looking for a buyer. Are you interested?
We took part in the initial process and are waiting to see how the seller decides to take the process forward. As far as we know, they have received a number of proposals and are analysing them. From the outset we made it clear that we are interested in acquiring a regulated financial asset in Portugal. There will be a number of considerations in determining the appropriate asset. To the extent that we can acquire a bank in Portugal, we would be interested in doing so.
Did you make a specific proposal to acquire the bank?
The first phase called for indicative offers from bidders. Several bidders submitted proposals, including iib. At the moment, we’re still waiting to see how the seller intends to progress, if at all.
Can you disclose the bid figures?
Not at the moment.
When do you expect to know if iib Group’s bid will go to the second phase?
We haven’t received any indication. I believe there are only a handful of international proposals.
BNI is in Portugal, but has a very strong and obvious connection to Angola. How does this fit in with your global strategy?
You’ve summarized it well. It’s an interesting asset and, if there’s an opportunity to move forward in discussions with the seller, we’d be very happy to do so because BNI has both these characteristics.
If your proposal doesn’t have the outcome you’re hoping for, what other opportunities can you analyse?
There aren’t many opportunities at the moment, but we’ll keep an eye out, to the extent that a bank becomes available at a price we consider sensible, to see if we can actually finalise a transaction.
How is buying a bank in Portugal compatible with the group’s general strategy, which so far is focused on Africa, the Caribbean and the Middle East?
What Portugal, or more specifically a financial institution regulated by the European Union, would allow us is a degree of international connectivity for effective banking operations in the emerging markets space that we currently occupy. Being regulated in Europe, we would effectively have access to European payment systems, which are clearly valuable for any financial institution operating in the emerging market banking space. So I think that would be a very attractive factor for us, in terms of having a regulated asset in the European space. But in addition, we clearly see opportunities here to develop our commercial banking activity in a wider European market, possibly from a Portuguese regulated entity.
To put it simply: in addition to the geographies where you are already present, would you like to operate in Europe?
Yes.
‘SOS Children’s Villages, in São Domingos, have managed, in recent years, to improve food, education and health conditions for the children they host, with the support of the international investment bank (iib), which granted a social obligation in more than Three million esucodes.’
Through the social obligation “iib Solidary Indexed Bond Series B (2.95% + SOS) – 2022 | 2024”, the bank has contributed to the financial stability and well-being of the at-risk communities supported by the organization, in particular Aldeia SOS de São Domingos, in Santiago, as stated in a statement.
“The iibCV social obligation was issued with the aim of allocating part of the remuneration of the funds to Aldeia SOS de São Domingos, contributing to supporting the organization with essential expenses, including family, educational and health expenses”, he points out.
31% of essential expenses
The amount made available, according to the same source, corresponds to 31% of the annual budget for essential expenses of Aldeia SOS de São Domingos, in a total of 3,200,000 CVE, of which, by September 2023, 705,905 CVE had been used, the which corresponds to 22% of the total value.
“The amount made it possible to improve the housing conditions of one of the houses in Aldeia SOS de SãoDomingos, as well as support family expenses – food, cleaning, clothing and operational expenses –, education and health”, states the bank.
Huge impact
Alcides Moreira, director of Aldeia SOS São Domingos, recognized the importance and success of this initiative, with immediate and long-term effects.
“The impact of the support granted by iibCV is enormous and with immediate and medium-term effect, allowing us to improve our children’s nutrition, provide different holidays, with the opportunity to attend the Cesária Évora arts academy, among other activities”, listed the responsible.
Along the same lines, he added, it was possible to pay for transport for the children to carry out activities in partnership with the University of Cape Verde, as part of their participation in the Uni-CV kids program.
Studies in Portugal
“This support also allowed, in the last quarter, six more of our young people to continue their studies in Portugal. It was also possible to improve the conditions of one of our homes, improving the reception of our children and young people”, he said.
The impact of the Social Bond, according to iib’s director of Human Capital and Social Responsibility, Leida Semedo, reflects the bank’s “commitment to sustainability and social responsibility, with a special focus on the well-being of children and young people in Cabo -Green”.
On March 1st, iib West Africa opens a new service point at the Cape Verde Post Office in Espargos, on Sal Island.
“This moment is the result of a solid and promising partnership, the result of a Protocol signed between these two institutions. The agreement aims to establish commercial partnership relations between the parties and provides that Correios de Cabo Verde, at branches in Mindelo, Praia, Espargos and Santa Maria, on behalf of the iib West Africa, will provide parabank services, namely through the provision of of a physical space where iib West Africa can install a platform to access banking services via electronic channel”, says the bank in a press release.
The inauguration ceremony will be attended by members of the executive team from both companies.
This new post, according to the same source, will allow the movement/compensation of balances via Deposit and Withdrawal; Deposits and withdrawals, even if above the available limit, subject to prior notice and authorization by the iib; Possibility of requesting and delivering debit and credit cards to the Post Office counter; Possibility of initiating the account opening process with collection of documentation, the physical process, physical and digital sending of the process to the iib and receipt of checks for deposit into the iib client account: Posting (captive) until receipt of the physical check at the head office from iib.
The United Nations Global Compact SDG Ambition 2023/24 program has already kicked off, with a fantastic group of companies that over the next few months will set ambitious business goals and accelerate the integration of the 17 #SustainableDevelopmentGoals (SDGs) into their management and strategy.
SDG Ambition is an 8-step program that begins with a maturity analysis and identification of priority #impact areas and progresses through the definition of ambitious objectives, implementation paths and actions, metrics and innovative opportunities for the technological and business integration of #ODS, ending with a complete and time-bound Action Plan.
The United Nations Global Compact Network Portugal welcomes this year’s companies and Participants, who over the next 6 months will work to bring their organizations.:
- Greater alignment with the #ODS and a #sustainability strategy aligned with the company’s practices and priorities
- Improved performance, through the identification of new opportunities, better risk management and alignment with the market
- More innovation
- Greater resilience
Discover the successful journey of iib Cabo Verde from a small subsidiary to becoming one of the reference banking institutions in the archipelago.
History
The international investment bank, SA began its activity in the Cape Verdean market in July 2010 as a financial subsidiary entity wholly owned by Novo Banco (NB). In 2018, as part of its acquisition strategy, iibGroup acquired 90% of BICV’s capital, maintaining NB as a reference shareholder.
A year later, iib Cabo Verde (iibCV) was ‘born’ with very clear objectives: to contribute to the development of the local financial sector, importing the industry’s best practices into the country, in order to compete not only locally, but globally . This initiative was seen as a way of giving back to society, working closely with local communities, empowering them and providing better opportunities, in line with the Group’s philosophy: “Transforming Lives.”
Route and Recognition
In 2019, iibCV was one of the smallest financial institutions in Cape Verde and had accumulated losses from previous years. In 2020, it reformulated its organic structure, market positioning and business model. Through an open and participatory governance model, iib employees created the “6 months / 6 causes” program in the midst of the Covid-19 pandemic, through which they supported important social initiatives for the community in partnership with deservingly selected institutions. In 2021, iib formalized its Social Responsibility Policy, carrying out actions such as blood donation campaigns, Solidarity Christmas events and granting merit scholarships to students. Furthermore, it has committed to valuing its Human Capital with an intensive training program and variable remuneration structures. With new management, highly qualified and experienced in different markets, iibCV has become a more dynamic and agile organization, becoming the third largest bank by assets, the most solvent and with the lowest default ratio in its credit portfolio in 2021.
In 2022, iibCV recorded significant growth in its balance sheet, without significantly increasing risk-weighted assets, and significantly improved its profitability. Its assets grew by 22.5%, exceeding 333 million euros, customer resources grew by 20%, reaching almost 162 million, and equity grew by 25.3%, reaching 20.3 million. For 2023, the bank is expected to continue to grow and surpass the previous year’s results, achieving the best historical performance for the third consecutive year. In addition to the financial results, the Central Bank of Cape Verde (BCV) highlighted that iibCV received no complaints from financial consumers in 2022, which is a source of pride for the management team and everyone who works at the bank. iibCV has a physical presence on the islands of Santiago, São Vicente and Sal, employs around 50 employees and has received awards and certifications for the work carried out in Cape Verde, including certification as a “Great Place to Work” for the second consecutive year, the various awards awarded by the Cape Verde Stock Exchange for performance in the capital market and the recent certification, awarded by an independent international entity, in accordance with the ISO 31000:2018 Risk Management standard.
Absa Africa Financial Market Index 2023
Cape Verde reached 16th position in the Absa African Financial Markets Index, among 28 African nations, marking the first inclusion in the country’s history. The report highlights the successful issuance of “iib Marine and Ocean-based Blue Bonds” by iibCV, in partnership with the United Nations Development Program (UNDP) and Joint SDG Fund. This public issue achieved demand equivalent to 150% of supply, with more than 20% of subscriptions coming from non-residents, including Angola, Uganda, Portugal, France, Luxembourg, Italy, USA and Switzerland. iibCV’s commitment to innovation and active contribution to elevating Cape Verde’s position in global financial markets is recognized in this report.
Commitment to Society and Sustainability
iibCV has worked and continues to work with various stakeholders, having established partnerships with educational institutions, hospitals and NGOs in Cape Verde. Last year it issued Social Bonds in cooperation with SOS Children’s Villages and, in 2023, it issued the first Blue Bonds in Cape Verde (iib Marine and Ocean-Based Blue Bonds), highlighting the commitment to valuing the Sea and Oceans in the country . In the last three years, the social responsibility programs implemented by iibCV have impacted more than 50 thousand people. Recently, iibCV joined the United Nations Global Compact, a voluntary platform for responsible business practices, aligning its operations and strategies with ten universal principles in the areas of human rights, labor, environment and anti-corruption. The UN Global Compact is the world’s largest corporate sustainability initiative, with more than 15,000 companies and 3,800 non-business signatories from more than 160 countries and more than 69 Local Networks.
iib has been certified as a Great Place to Work® in Bahrain. After conducting a survey among colleagues, iib ranked extremely high on all parameters, from workplace culture to collaboration, from open-door policy to teamwork and
camaraderie.
iib ranked iib ranked 100% on the following:
• This is a physically safe place to work.
• People here are treated fairly regardless of their gender.
• Taking everything into account, I would say this is a great place to work.
• People here are treated fairly regardless of their age.
• People celebrate special events around here.
Speaking on the occasion, CEO Sohail Sultan said, “We are committed to continuing this extremely positive trend and creating an exemplary environment for all our colleagues. I want to express my appreciation and thanks for your contributions. Let’s celebrate this achievement together and continue to uphold our values as we move forward. It is an honor to lead such a remarkable group of individuals.”
iib congratulations the entire team on this tremendous milestone.
About Great Place To Work®
Great Place To Work ® (www.greatplacetowork.me) is the global authority on high-trust, high-performance workplace cultures. Through proprietary assessment tools, advisory services, and certification programs, Great Place To Work ® recognizes the Best Workplaces™ across the world in a series of national lists including those published by Fortune magazine (USA) and in leading media across the Middle East. Great Place To Work ® provides the benchmarks, framework, and expertise needed to create, sustain, and recognize outstanding workplace cultures.
With the public issuance of iib Marine and Ocean-Based Blue Bonds, which took place last January at the event “THE OCEAN RACE MINDELO SUMMIT”, the International Investment bank (iib West Africa) with the Cape Verde Stock Exchange, were invited by the Angola Debt and Securities Exchange (BODIVA) to participate as speakers at the IV Edition of the BODIVA Forum in Angola, aiming to share experiences in capital market development and ESG best practices.
On the sidelines of the Forum, iib and BODIVA signed a memorandum focusing on capital market development, development structuring and placement of financial instruments, ensuring their market suitability.
They also undertook to ensure contacts between the two institutions, given the mutual interests in developing Human Capital, by sharing knowledge and promoting education and financial literacy.
“Working in partnership with the Government will allow us to fullfil the need for better infrastructure through strategic development.”
Sohail Sultan, CEO
The iib Blue Bonds, called “iib Marine and Ocean-Based Blue Bonds”, whose broadcast was announced at the “THE OCEAN RACE MINDELO SUMMIT” event, which featured the participation of distinguished personalities such as the Secretary General of the United Nations, Dr. Antonio Guterres, the Prime Minister of Portugal, Dr. Antonio Costa and the Prime Minister of Cabo Verde, Dr. Ulisses Correio and Silva constitute the first emission of this nature in Cabo Verde , representing a decisive milestone in the process of valuing the Sea and Oceans in the country.
The issuance of these bonds aims to make it possible for the development of structural projects in the area of the Blue Economy, as well as dedicating a minimum of 50,000,000 CVE to the development and financial inclusion in the same sector, made possible through direct financing or through the identification and development of innovative strategic partnerships designed to support access to small-scale credit to individuals and small businesses in the sustainable maritime and fisheries sectors.
The launch event, which took place at 18:00 last January 23,2023, in the port of Mindelo, aboard the tall ship OOSTERSCHELDE docked, was chaired by the Deputy Prime Minister and Minister of Finance, Dr. Olavo Correia, and was attended by the Ministers of the Sea and Minister of Culture and from Creative Industries, Tourism, Transport, and Agriculture.
