{"id":546946,"date":"2022-06-02T04:00:16","date_gmt":"2022-06-02T04:00:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/coffee-with-todd-wilcox-ceo-and-deputy-chair-of-hsbc-egypt\/"},"modified":"2022-06-02T04:00:16","modified_gmt":"2022-06-02T04:00:16","slug":"coffee-with-todd-wilcox-ceo-and-deputy-chair-of-hsbc-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/coffee-with-todd-wilcox-ceo-and-deputy-chair-of-hsbc-egypt\/","title":{"rendered":"Coffee With: Todd Wilcox, CEO and deputy chair of HSBC Egypt"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Coffee With: Todd Wilcox (<\/strong><strong><a href=\"https:\/\/www.linkedin.com\/in\/todd-wilcox-32a1b24\/\">LinkedIn<\/a><\/strong><strong>)<\/strong><strong>, CEO and deputy chair of HSBC Egypt:<\/strong> In the 40 years since entering Egypt, HSBC has become one of the largest multinational banks in the country. Today, the bank \u2014 which first came here as the Hong Kong Egyptian Bank before rebranding to HSBC Egypt in 2001 \u2014 caters to clients ranging from the big multinational corporations through to SMEs and women-led businesses.<\/p>\n<p><strong>A self-proclaimed \u201cgym guy,\u201d Wilcox is up at 5am to get his workout in before heading to the office for 8 or 8:30am.<\/strong> He\u2019s been with HSBC for 16 years and was a banker in Canada for 16 years before that, stringing together a career that has taken him from small-town Alberta to Bermuda, Brunei and China. He was named deputy chairman and CEO of HSBC Egypt in July 2020.<\/p>\n<p><strong>He joined us by video from London, where he was on a roadshow<\/strong> as part of the British Egyptian Business Association\u2019s (BEBA) annual business mission to the UK, headlined <a href=\"https:\/\/beba.org.eg\/business-mission-to-the-uk-2022\/\">Road to COP27: bridging the implementation and financing gap<\/a>.<\/p>\n<p><strong>KEY TAKEAWAYS: <\/strong><\/p>\n<ul>\n<li><strong>HSBC Egypt recently pulled the trigger on a new fintech lending program<\/strong> to fund tech-enabled companies that are feeding into the country\u2019s digital economy;<\/li>\n<li><strong>Building green businesses is a key focus right now<\/strong>, and HSBC wants to be the bank of choice for green tech and sustainable projects;<\/li>\n<li><strong>The most important first step towards net zero?<\/strong> Having reporting standards to define policy and shape decisionmaking;<\/li>\n<li><strong>Policymakers in Egypt get a thumbs-up<\/strong> for their clear response and action to fallout from the war in Ukraine.<\/li>\n<\/ul>\n<p><strong>ENTERPRISE: How often do roadshows factor into your day?<\/strong><\/p>\n<p><strong>TODD WILCOX: <\/strong>Frequently. This BEBA business trip is an interesting example: I find myself talking with people who are really interested in the Egypt story, but don\u2019t know where to start. They don\u2019t know how to crack into the market. We\u2019re offering that to them. That\u2019s why we\u2019re coming back to do an event in July with businesses who are interested in ESG-compliant opportunities in Egypt. This type of approach is not something I\u2019ve seen taken at, say, a Canadian bank.<\/p>\n<p>We\u2019re also looking at non-resident Egyptians \u2014 reaching out, say, to our head of retail banking in Montreal, which as you know has a large concentration of Egyptian-Canadians. We want to bank them in Canada \u2014 and connect them to our platform so, for example, they can instantly move money between Canada and Egypt. We have a really unique global footprint, and that\u2019s what\u2019s driving how we look at growth.<\/p>\n<p><strong>E: How are you tackling the central bank\u2019s SME lending requirement when you focus so heavily on large corporates?<\/strong><\/p>\n<p><strong>WILCOX: <\/strong>On the SME front, it\u2019s tough for us as a multinational, but we have a couple of specific areas we\u2019re interested in. We can\u2019t compete in that space with local state-owned banks. They have reach through their large branch network and dedicated systems. So we focus on smaller Egyptian companies that are working with multinationals as suppliers \u2014 and we look at areas in which our strategic interests and unique advantages collide, including those within the tech and sustainability space in particular.<\/p>\n<p><strong>E: Is it safe to presume that you\u2019re talking about fintech startups there? <\/strong><\/p>\n<p><strong>WILCOX:<\/strong> Absolutely, Egypt is a clear MENA fintech hub. It was a surprise for us and for me. These are companies we want to bank, these are companies we want to partner with. We\u2019ve put together a lending program to finance and work with fintech players. The scene here is really strong \u2014 Egypt has great venture capital firms and accelerators. If you\u2019ve gone through one of those and you\u2019ve gotten funded? Then odds are good you have the governance, the systems and expertise that make you very interesting to us.<\/p>\n<p>The program is open to tech-enabled companies looking to scale up within Egypt\u2019s growing digital economy. We\u2019re targeting business sectors including fintech, e-commerce, retail and mobility, health, education, and software. The program is also prioritizing companies with sustainable development targets embedded in their business plans, particularly as COP27 is coming up in Sharm El Sheikh this November.<\/p>\n<p>The VC industry here is unbelievably sophisticated. They\u2019ve taught me that the companies they back have cross-border aspirations, that they\u2019re pushing into KSA and the UAE \u2014 two of our other regional priority markets alongside Egypt. We\u2019re the right bank for that, and that\u2019s why we\u2019re bringing someone in from New York who has good Egypt experience to focus just on tech.<\/p>\n<p><strong>E: You mentioned ESG a few minutes ago. <\/strong><\/p>\n<p><strong>WILCOX: <\/strong>Another part of what\u2019s coming up is absolutely the ESG space. As an institution we have net zero targets that we want to hit \u2014 and a commitment to move our portfolio into the green space. There are new industries and companies being built; I want to be the bank for anybody building green technology and sustainable projects.<\/p>\n<p><strong>E: HSBC just announced <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e4d018f-d711-4e9a-b6d0-b3d55b9d67a7\">it will be lending USD 1 bn<\/a><\/strong><strong> to women-led startups in Egypt and 10 other markets over the coming year. Can you give us color on what that means for Egypt?<\/strong><\/p>\n<p><strong>WILCOX: <\/strong>It\u2019s really exciting. We\u2019re in 64 markets around the world and Egypt is one of 11 that are participating and I\u2019m pretty pleased with that. This program really fits with our strategy in Egypt, where among other things we\u2019re focusing on the intersection of SMEs, female leadership, and entrepreneurship. Obviously I\u2019m happy the program will see us step up lending here, but it\u2019s about much more than that: It includes advisory from our professionals, classes, and really interesting networking events. Egypt is our only market in the Mideast and North Africa that\u2019s participating.<\/p>\n<p><strong>E: VCs and startups in the US are gearing up for nuclear winter. Part of that is startups worried the economy will fall into recession, but a huge piece right now is that limited partners have stopped writing new cheques to VCs. How does the second half of this year look to you when it comes to the startup space here in Egypt?<\/strong><\/p>\n<p><strong>WILCOX: <\/strong>I\u2019m still reasonably optimistic. The cost of entry to the space here is very low. The capital you need to get an Egyptian company started and funded is so low relative to, say, the United States, and the potential reward is so great \u2014 I think there is a good chance we\u2019ll see VCs decide that the risk-reward equation is so favorable that they\u2019ll continue investing here.<\/p>\n<p><strong>E:<\/strong> What\u2019s your take on how Egyptian policymakers have so far responded to fallout from the war in Ukraine?<\/p>\n<p><strong>WILCOX:<\/strong> I\u2019ve worked in countries around the world, and in my two years here so far I\u2019ve come to one conclusion: Egypt has good policymakers, and I have confidence the final policies they come out with are really solid. Ministers here aren\u2019t politicians, they\u2019re subject matter experts. They\u2019re working with what they\u2019ve got and they\u2019re smart \u2014 so you\u2019ve got some confidence that they\u2019re working to make things better.<\/p>\n<p>Finance Minister Mohamed Maait was with us in London last month and we had him in to meet with a number of our clients. He went through Egypt\u2019s policy response in such detail. He is an actuary and a risk manager. That went over very well with the clients. Planning Minister Hala El Said\u2019s traffic light system on where the state is pulling back from the economy is clear. The target for proceeds from privatization \u2014 the whole idea that you\u2019ll put in numbers and timelines like USD 10 bn per year for the next four years \u2014 that\u2019s great. I think the people at the Sovereign Fund of Egypt are really sharp. The specificity with which they speak tells me the vision comes from the top of the house \u2014 and that tells me that they mean business. Egypt, like everyone else, will experience short-term bumps, but we are hopeful we\u2019ll get through it.<\/p>\n<p><strong>E: So you\u2019re optimistic.<\/strong><\/p>\n<p><strong>WILCOX: <\/strong>Everybody around the planet is coping with external shocks right now, but my take is that Egypt is quite resilient. We\u2019ve been through worse \u2014 much worse \u2014 and we\u2019ve come out the other side. Egypt will get out of this bottleneck, but it\u2019s going to be a rough year for the whole world. Egypt is one of our three priority markets in this region next to the UAE and Saudi \u2014 it\u2019s a market to which we\u2019re committing fresh investment and in which we\u2019re hiring new people.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/2022\/06\/01\/182610\/\">TAP OR CLICK HERE to read the full interview<\/a><\/strong>, including HSBC\u2019s stance on climate in the run-up to COP27 and what\u2019s driving growth at the bank here in Egypt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HSBC wants to be the bank of choice for green tech and sustainable projects<\/p>\n","protected":false},"author":1,"featured_media":546947,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8340],"tags":[204,335,72,490],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with","tag-banking","tag-coffee-with","tag-enterpriseam","tag-hsbc","wpautop","entry"],"acf":{"mongo_id":"bffd6755-e638-45e7-9313-394854795cd0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/119.jpg","photo_position":"above","related_issue":[546924],"teaser":"HSBC wants to be the bank of choice for green tech and sustainable projects"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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