The Banking Diplomat

By Glen Willard

Nadir Shaikh's father was a leading diplomat for Pakistan for 40 years. Nadir is presently Country Officer, Chairman of the Board for Citibank in Ukraine. He joined Citibank 30 years ago in Pakistan. Throughout his years at the bank, Nadir has traveled much. His positions have caused him to spend time in a number of countries. He mentions specifically time spent in South and East Africa and Turkey. He arrived in Ukraine from Istanbul six years ago just prior to the Orange Revolution. In some ways, he compares his travels and life with the bank to that of his father's odyssey.

Several things stand out when one has a discussion with Nadir. Included are his admiration and respect for the company he works for and his love of travel. In addition, he clearly has an understanding and appreciation for history.

While studying economics and finance at the London School of Economics and at McGill University in Montreal (Nadir has two advanced degrees) he further pursued his interest in history and politics.

As to history and Ukraine, Nadir in his studies had an early interest in Soviet history. That interest caused him while still pursuing his education and advanced degrees to study socialism in Russia and China.

As to traveling, both he and his family love it. Because of their travels, both job related and for pleasure, Nadir refers to his children as "global kids". Traveling is apparently a family affair. He and his wife Renee along with his two boys and his daughter all go on holiday together. Each year the family tries to pick a new place to which they wish to travel. This past December, it was a family trip to the wine areas of Holland, Belgium and the wine growing areas of France. This reveals another interest of Nadir's. That is his study of wines. He noted that he has traveled to Napa Valley in California,the vineyards of Cape Town in South Africa as well as the Margaret River in Australia. His next objective is the Mendoza Valley in Argentina.

Nadir's Renee has her own interests too. She is an artist who does oil paintings and has been painting for about 10 years focusing on women. Nadir says she has chosen to paint for her own enjoyment and has shown, so far, limited interest in exhibiting her craft.

As said, Nadir came to Ukraine just prior to the Orange Revolution. He came to the country to manage and promote the business growth of the bank. He notes that, post the upheaval of the Orange Revolution that as much as 40 billion dollars came into the banking system from Western sources. So, for whatever else may or may not have happened due to that election, the banking system did grow dramatically. Ukraine, he says, had much catching up to do.

As to Ukraine now, he believes that this year will be difficult. The primary problem for the country is the budget deficit. How the deficit problem is addressed will determine the degree of inflation and other financial consequences for Ukraine. Addressing the budget deficit is a political problem. Ukraine is not unlike several other European countries in facing similar financial problems. He seems to summarize his views on Ukraine when he talks of being optimistic, but without illusions.

Citibank has been Nadir's career. He is clearly proud of the bank and its accomplishments. When he talks of such accomplishments, he is talking of the entire global bank and its influence worldwide. He mentions many "firsts" for the bank. He talks of the many Citibank people who have gone on to lead other major banks. He waxes eloquent in discussing the training that the bank provides to its many employees and of the effect those employees have elsewhere when they leave the bank and go on to other important positions. His admiration for the culture of the bank is clear. In addition, Citibank has clearly, in Nadir, produced one of those loyal professionals of the company that produces results and has great influence in the business as well as the social community that is Ukraine.

As to the bank in Ukraine, his bailiwick so to speak. The bank serves primarily international companies. This means mostly subsidiaries of multinational companies. A company that meets the profile Citibank is looking for will be served even if they have a small presence in Ukraine (e.g. two employees). These target market companies also must have certain characteristics. These characteristics include the character of the owners and the business of the company fitting within certain industry profiles.

The core strategy of the bank now is to stay very close to its customer base and serve them well. The customers of the bank, that core, are here in Ukraine to stay. Providing fundamental services to these core companies will keep Citibank in Ukraine profitable and growing.

With respect to his position at the bank, Nadir emphasizes again the culture and training at the bank and he emphasizes people. He enjoys his people and takes pride in the approximately 120 people in the Citibank local office. Part of his job is to keep them happy. His staff is mostly local Ukrainians and he considers them highly focused and motivated.

In concluding an interview with Nadir, one concludes that this very successful banker is, with all his travels, his varied interests in history, politics, wines and people, very much a banking diplomat.