Analia Clouet is Secretary General and Deputy Head of the Legal Department, Member of the Management at Banque Raiffeisen. Her areas of expertise include governance, legal and regulatory affairs
Please introduce yourself to our AMCHAM Newsletter readership so they better understand who you are, what you have been doing and the focus of your professional life experience
I am the Secretary General of Banque Raiffeisen and also Deputy Head of the Legal Department. My area of expertise is governance, legal and regulatory affairs.
I have the chance to have a cross-functional view of the bank’s activities by acting both at the level of the board of directors and the management board. Another part of my job consists of establishing and maintaining proper governance and decision processes within the bank.
I have a legal background complemented by a solid management training. I am not alone to carry all these tasks and can count on a team of motivated experts, who have in common an eye for detail, and the desire to go the extra mile.
What are the values that inspire you and you hold close which serve to guide your decision-making?
I am results oriented. From my perspective, a good decision should always allow us to pragmatically achieve the best concrete result.
Have your values changed over the past three years and, if so, in what ways… and why?
I would say that our values and what defines us do not change radically over the time. On the other hand, everyone can evolve and modify the way in which these values shall be implemented.
I personally aim to step back and gain perspective on my own certainties, and no longer waste energy uselessly by being too worried or even emotional. It is important to have confidence in yourself and trust the people around you. I no longer hesitate to drop my guard when meeting new people. It is amazing to see how people are kind and generous, even at first sight !
What are the three most important business challenges which presently concern you and your senior management colleagues and where are you at dealing with those challenges?
As our society becomes more complex and regulated, we must ensure that we remain pragmatic. As bankers we should not lose sight of our purpose: serve our clients and support them through the key stages of their life.
Like any other bank, Banque Raiffeisen faces increased regulatory requirements. For example, approximately 60% of the capacities of the IT department are currently absorbed by the implementation of new regulations. Relying on a robust regulatory framework is nevertheless a very good thing. Regulation reinforce confidence in the robustness of the banking sector, and our capacity to safeguards client’s assets. However, for small banks like ours, it is sometimes difficult to implement the same regulations as international and major credit institutions. In this context, being able to implement the proportionality principle in a deliberate and reflective way has never been more crucial.
The traditional mission of bankers (offering credit through deposits) has also recently been turned upside down by a completely different approach driven by the GAFAs and neobanks. Each of these players focuses on the monetization of data through the extensive use of data science. Banque Raiffeisen as a local Luxembourg bank, cannot compete with these giants from a technological point of view.
This does not mean that the battle is lost from the start, but that we must more than ever focus on our strengths. As you may know, Banque Raiffeisen is a cooperative bank. Cooperative means both human and long term oriented. The bank must be profitable but there is no performance requirement about shareholders return. The bank’s result in on the one hand put in reserve in anticipation of more uncertain time, and on the other hand paid back to our members. In other words, we are not looking to earn always more money, but we merely focus on the quality of service, the well-being of our employees, and the sustainable development of our bank. In these uncertain times, we are fortunate to orient our actions on the long term while focusing on the human side of our job.
If the non-managerial staff of your Banque were asked this same question, would they answer in the same way, or what different answer do you think they would give?
To face all these challenges, employees share a vision built on common values: respect, passion, ambition and proximity.
The cooperative and local dimensions are part of our DNA. We know who we are and where we come from. Our ambition is not to become the biggest and most powerful bank, but to best serve our clients, at the highest and lowest levels.
Do you consider the current business circumstances to be stable, or are there significant crisis to deal with? Are you confident or concerned for the future of the financial and banking sectors within Luxembourg? If so, in what ways?
Business models must constantly evolve, and at the same time it is important to ensure consistency in our choices and actions. It is therefore perfectly fine to face changes. However, recent times have demonstrated the importance of resilience. The Covid crisis and the Ukrainian conflict are events which have questioned our ability to cope as an organisation, and best support our customers in those complex times. The crisis in the property and construction sector is currently the situation that concerns us most. Having decent housing at an affordable price is a fundamental economic right in any society. Banque Raiffeisen stands alongside all real estate players and clients in this context. As a responsible local bank, we decided to participate together with other major retail banks, in the recent initiative launched by the government and consisting in creating a special purpose vehicle, that will be able to purchase unsold homes from developers. With this very concrete action, we aim to bring between 800 and 1300 homes onto the market and preserve jobs and foster the attractiveness of the country.
What advice would you give to a young employee just starting their careers?
Don’t worry, work.
Work means knowledge and experience. That’s all what you need. I feel also young and will anyway continue that way.
Do you believe business conditions have reached a point of equality between men and women with regard to both salaries and other measures of working equality? Please explain any issues of concern.
In my opinion, the issue of equal pay between men and women is no longer the most crucial topic when it comes to gender equality in Luxembourg, and at least at Banque Raiffeisen.
Gender equality touches upon the broader issue of inclusion. The best way to erase any glass ceiling and foster inclusion is to somehow create a peaceful working environment, to allow everyone to develop in accordance with their interest, constraints, and capacities.
I believe that the best way to act in favour of greater inclusion, is to give everyone the choice to determine the career that suits them best. Ambition is great, but we must respect those who want to continue their career by enhancing their quality of life. There is no one path to follow as success can take many forms.
