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An Interview With Luigi Wewege, Senior Vice President Of Belize Based Caye International Bank

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Private banking with Caye International Bank provides confidentiality and higher returns for their customers and clients. The bank was recently named as the Best Private Bank in Belize for 2019 by New York based Global Finance Magazine for the second year running. We recently interviewed Caye’s – Senior Vice President, Luigi Wewege about the bank, its financial services and his aspirations for Caye moving forward.

Luigi Wewege is the Senior Vice President of Belize based Caye International Bank, published author of The Digital Banking Revolution, and currently serves as an Instructor at the FinTech School as well as a Speaker at the Silicon Valley Innovation Centre.

Q: Luigi, could you please tell us something more about Caye International Bank and its history?

A: Caye’s history begin in 1996 as a Belizean mortgage company, and after continued success over several years the decision was taken to become an international bank. This was granted on September the 29th, 2003 when Caye received an unrestricted Class A – International Banking License from the Central Bank of Belize.

Caye is the only International Bank headquartered on the beautiful island of Ambergris Caye in Belize, Central America. The bank is global in its operations focused on offering financial services to any international individuals and corporations located outside of the country of Belize. The bank offers a full range of traditional banking services as well as different savings accounts in multiple currencies.

Caye has built up considerable knowledge of the Central American financial market due to the many years of experience in providing services to corporate and individual customers within the region. The mission of the bank is to support customers to succeed in their financial affairs presently and in future. The bank goals we have stem from our mission, which is to offer financial services while at the same time providing the highest levels of customer support.

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Q: Tell us more about the bank’s history and future strategy?

A: Caye has expanded remarkably from its early days as a mortgage company, and then as a bank from 2003 onwards. Now with the bank’s ever-growing international client base, and network of global strategic alliances it’s poised to continue its growth well into the future.

The bank’s success to date has been made possible with the help of its visionary board members, dedicated staff and loyal customers. Presently, the bank’s directors provide guidance and leadership which are sources of motivation and inspiration for all of us at Caye.

With one of the highest liquidity ratios of any global bank, Caye has a near two-decade track record within the Central American region. Caye’s mission has been to always provide financial services based on trustworthiness and underpinned by strong corporate values, and this formula has seen the bank grown with a diversified revenue structure, a balance sheet with good asset quality, funding sources that are diversified, and a strong capital base.

The scale of economic activity and stability in Belize and within the Central American region, has enabled Caye with robust growth in all the bank’s core products. In addition to this we believe our diverse range of international finance services offered over the last two decades, has allowed us to play an integral role in the growth and prosperity of not just the island of Ambergris Caye but Belize itself.

On-going investments of the bank will be in new products, human capital and technology, coupled with strategic diversification into new business areas, as well as increased attention to risk management, liquidity and successful regional diversification. This I believe will firmly establish Caye International Bank as a major financial institution within the Central America region over the next several years and providing the bank with a platform to expand into international jurisdictions further afield. As for the bank’s strategy the plan is fourfold:

•Increasing bank customer acquisition is the most important investment for the future growth, which should contribute to a rise in value to the shareholders.

•The bank continuing to focus on customer financing providing a variety of loans will remain an important element for diversifying assets. Also, focusing on the loan growth within strict risk and value creation criteria will ensure the bank’s continued growth into the future.

•Its envisioned that by leveraging and optimizing the digital online platforms will help attract a new much younger demographic of clients, and revenue stream for the bank.

•The retail deposit base of the bank is forecasted to grow exponentially over the next year. To maximize profitability the deposit base cost will be improved through the identification of better investment returns for the bank.

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Q: What’s next for Caye International Bank? Do you have plans to grow, expand or diversify?

A: The banking industry is expanding globally due to continued wealth creation that is driven by positive savings rates and long-term capital appreciation. The attractive growth of the industry continues to exceed GDP growth of many western nations. Today, we have a strong footprint in Central America and our goal is to achieve above-market growth, as well to gain market share in our three core activities. This requires investments in our business model, which we are making on a targeted basis.

1.With our international bank accounts, we aspire to become the leading savings provider in the region, as well as continue to tailor our offering to the specific needs of European customers. To increase awareness of Caye, we continue to expand our team of professional regional managers located in main cities around the world who provide business development within their areas concerning the bank’s core products and services.

2.In financing, we want to gain further market share based on our positioning as an established well-known bank, who provides a superior level of customer support, and is willing to work with customers who obtain loans by being flexible with how repayment schedules and the underlying terms are structured.

3.Lastly, our financial services by offering innovative solutions as well as our continued focus on improving our technological capabilities, providing us with very strong foundations for the bank’s further growth. Across all our core activities, we aim to use the benefits of digitization to improve the client experience and to enhance the effectiveness and efficiency of service delivery.

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