2018 CFO Awards

Acquisition International - 2018 CFO Awards 19 to growth in 2015, posting three consecutive years of growth ever since and outperforming most of the euro area. However, as Savvas mentions, risks largely remain and significant reforms are needed at a national policy level. “The level of non-performing loans is still at a high 40% of total and the legal framework introduced with the aim of tackling the problem is largely inefficient, something that was recently confirmed by the European Stability Mechanism in its annual report. The public finances need to be consolidated by further reducing public debt whilst reforms aiming efficiency should take place in the public and judiciary sectors. “Today, the market remains tough, and is also highly competitive. Here at Ancoria Bank, we have encountered stiff competition from the rest of the banks since the first day of our operations. However, from day one we knew well that our best chance of cementing our position in the market was through differentiation. At Ancoria Bank, we have chosen to be closer to the customers, paying more attention to their needs and providing that bit of extra to ensure customer satisfaction. “As a result of this approach, Ancoria Bank has experienced unprecedented growth over its few years of operations, although I strongly believe we have the potential to get even better. Despite the ongoing unrest experienced in the local banking sector, we should be taking advantage of the moment and focusing more on our strengths. The fact that we are a small-sized bank allows a fast decision-making process. We should further develop that through agile transformation - breaking down all processes into smaller parts and optimizing each and every one. The culture and work ethic we endeavour warrants our success to this attempt.” This focus on continuous development is something that Savvas upholds for both his firm and himself. He previously held the position of CFO at another bank in Serbia for five years. During his time in Serbia, another highly competitive banking industry, he was actively involved in treasury, risk management, back office, debt collection and credit appraisal operations as he was the executive board member responsible for them. He also held managerial positions in investment banking and internal audit, further to tenures in KPMG and Deloitte. All of these positions helped Savvas to gain a strong understanding of the industry, but he is constantly learning, as he explores in his concluding comments. “To this day, I have never felt that I have learned enough. I am continuously on the lookout for learning opportunities, and the challenge to learn or do something never attempted before is what I consider as my main driving force, what keeps me focused day after day.” “Ultimately, my advice to anyone looking to succeed in this market is to work hard, lead by example and live by your principles. Most importantly, dare to explore the paths you have not walked before and accumulate as much knowledge as possible in the process.” CFO: Savvas Pashias Ancoria Bank