Local banker marks 15 years with Chinese bank
MEET David Duley, one of the first employees at China Construction Bank ( CCB) Johannesburg Branch who is celebrating 15 years with the bank and still loving it. He acknowledges he has grown alongside the bank that obtained its local banking licence in October 2000.
It is hard to ignore how the bank is flourishing with its imposing building situated in the banking district of Sandton. As CCB’s advance base for engagement with the African market, its offerings are corporate finance, committed finance and project finance and other services to subSaharan Africa as well as the South African business community. It has grown immensely over the years starting up with a team of 12 and growing to 62 staff members, with an asset base growth of 300 times from R100m to more than R30bn.
Earning his experience in financial services since 1980 in two different foreign banks, Duley was initially employed to concentrate on growing the branch’s foreign exchange book and has since been promoted to the treasurer of the bank managing the liquidity of the bank in all the currencies it trades in.
“We were trying to find our feet in what direction we should go as far as competing in the local market,” said Duley of the formative stages. “Obviously Chinese enterprises were pretty new in the local market back then and it was quite an exciting opportunity for me.”
The Chinese bank’s compet- itive advantage in the local market is its international rating of A, compared to a BBB- for local banks, making it easier to appeal to local investors. Being the second largest bank in total assets in the world, it provides CCB with an advantageous appeal to local depositors.
The majority of the branch’s clients are African corporations, including more than 20 JSE-listed companies, state-owned enterprises and other multinational companies. Relying on the group’s strong financial background and overseas networks, the bank has the advantage of providing financial services and funding for Chinese companies establishing themselves on the continent.
Duley’s team is concentrating on the funding and trading side while ensuring that the branch adheres to local rules and regulations, simultaneously monitoring the limits closely by its head office. They are mandated to expand the corporate deposit base for local funding instead of relying on its head office.
As the bank grows its local Chinese corporate client base in SA, and with Chinese bankers in the team, Duley and his local colleagues are being exposed to an entirely different culture in their working processes.
“It certainly took some adaptation for both my Chinese colleagues and local colleagues to learn and to get used to working with each other,” said Duley.
He highlighted the hurdle of the language barrier in relation to communication in English among colleagues and the interpretation of communication within the bank even though it has never resulted in any serious crises.
“We have developed ways of getting around these challenges. We double check before we take action. If I could start my career here again I would really make an effort to learn Chinese, as it would assist me with communication internally and probably externally,” Duley said.
He also highlighted the Chinese work ethic — the strong commitment from his colleagues to their daily work and duties. And that spills over to the local staff as well.
Solid commitment is also seen in CCB’s engagement with the local economy. While some foreign multinational companies have pulled out and left their South African partners and customers in the lurch, CCB stays in as a foreign bank with strategies from head office to expand its footprints in SA. “It makes me feel proud to work for the bank and have that attitude towards the local economy,” Duley said.
Meanwhile, 80% of the branch’s staff members are locally recruited, making it the highest level of localisation in employment among CCB’s 27 overseas branches and subsidiaries.
“Banking services are conducted by people, therefore the building of a professional team with global perspectives plays an essential role in the local devel- opment of the branch,” Zhang Jinguo, CEO of CCB Johannesburg Branch, elaborated on the branch’s efforts in localisation.
CCB Johannesburg Branch has 52 local employees, two thirds of whom have been sent to China for training courses on a regular basis. Duley himself has visited Beijing, Shanghai, Guangzhou and Hong Kong for training and meetings. He expressed his personal affection for the capital city Beijing and its ancient cultural atmosphere.
“All the cities are impressive in very different ways. I still battle to get over the enormity of China — the city, the people, the volume of business activity and the busyness of it.”
The visits provided Duley with insights into the authentic Chinese culture, as well as the emergence of China in the global economy. “It was a reminder about how important the marketplace in China is, and how significant it is for them to become more of a global player and that’s what I’m being a part of.”
He described his experience in CCB as a journey of witnessing and participating in the growth of China and its involvement in the local economy. “It’s been a fantastic experience to grow with the bank and see it grow to where it is today. I hope that I can be part of it until we double the size it is now,” said Duley.