Wharton School's Lauder Institute and Banca Cívica Group Host Forum on "A New Civic Role for the Financial Sector"

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Business Leaders, Economists, Non-profit Representatives and Academics Discuss Opportunities and Trends of Financial Sector Engagement with Social and Community Development

The Wharton School’s Lauder Institute at the University of Pennsylvania, together with the Spanish bank, Banca Cívica Group hosted a one-day conference on Thursday, June 10th, 2010 at the Newseum in Washington DC. The conference, titled “A New Civic Role for the Financial Sector,” explored how financial institutions should address the increasing demand of their stakeholders to participate in the business strategy and to ensure an effective contribution to social development and enforcement of civic values.

“In this time of reforms in the financial sector, the seminar has showed that we need new rules for the banking sector but also new roles for our stakeholders and for ourselves”, said Enrique Goñi, President of Banca Cívica Group. “Civic Banking is a new and profitable way to do banking - working together with our stakeholders in a win-win situation. Stakeholders have new roles in our model. They participate and contribute to create a community together with the bank”.

“This conference was an opportunity to explore and learn from case studies of civic banking initiatives on both the local and the global level and learn from experts just how significant the benefits are to both the banking side and the social services side,” said Mauro Guillen, Director of the Lauder Institute. “We’re seeing a new regulatory environment for our financial and banking institutions, one we hope will embrace civic banking initiatives as a way to connect with the communities they serve.”

The conference included three panels:

“How the Non-Profit and the Financial Sectors Can Collaborate Effectively.”

In this panel representatives of non-profit organizations discussed their relationship with banks and corporations, and how both of them can support the non-profit sector to meet its strategic challenges and to foster civic values and change across society. Partnerships were shown to be mutually beneficial ways of sharing experiences, perspectives, and operating models.

“The Role of Financial Institutions in Emerging Economies.”

This panel discussed the role, approaches and effectiveness of financial institutions when it comes to promoting sustainable social and economic development in emerging countries. Drawing on decades of experience throughout the world, multilateral agencies can sponsor a new banking model focused on doing good while doing well.

“Education as a Catalyst for a Better Financial System.”

Because of their pervasiveness, educational institutions have the potential of creating positive change throughout the economy. This panel discussed ways in which schools, universities, and professionals can help the financial sector become more geared towards social responsibility through the education of managers, employees and users of financial services.

In addition, David Nason, Former Assistant Secretary for Financial Institutions, US Department of Treasury, discussed the role of regulation in the wake of the financial crisis and the future challenges facing the U.S. financial sector.

Conference’s speakers and panelists included:

  •     Mauro F. Guillén, Director of the Joseph H. Lauder Institute of Management & International Studies at the Wharton School of the University of Pennsylvania
  •     Enrique Goñi, President of Banca Cívica Group
  •     Daniela Carrera, Structured and Corporate Finance Department, Inter-American Development Bank
  •     Ronni Cohen, Executive Director, Delaware Financial Literacy Institute
  •     John J. Fernandes, President and CEO, The Association to Advance Collegiate Schools of Business (AACSB International)
  •     María S. Gómez, President and CEO, Mary’s Center
  •     David Nason, Former Assistant Secretary for Financial Institutions, US Department of Treasury
  •     John D. Rogers, President and CEO, CFA Institute – The Global Association of Investment Professionals
  •     James Scriven, Director, Global Financial Markets, International Finance Corporation (The World Bank Group)
  •     Mitsi Sellers, Strategist, Partnerships and Trends, World Vision
  •     Jose Viñals, Financial Counselor and Director, Monetary and Capital Markets Department, International Monetary Fund
  •     Stephen Zack, President of the Board, United for DC

About Banca Cívica Group:

Banca Cívica Group is a Spanish bank pioneering the innovative business model “civic banking,” which is fully operational in Spain. The bank has assets of $ 45 billion, 4,500 employees, and 1.8 million customers. Banca Cívica Group discloses to each customer how much money the bank earns with his or her business. The banks sets aside 30 percent of its profits for philanthropic causes, and it is customers who decide to which of more than 6,000 projects their share of those profits is allocated. This business model, which is unique worldwide, is a key driver in the bank’s superior business performance and reputation. Banca Cívica Group combines commercial and social benefits, allowing win-win relationships among the community, customers, social entities, and the bank. The bank aims to expand “civic banking” internationally. The United States is its first and priority market for operations outside Spain, targeted to commence Q1 2011, subject to the regulatory approval process.

For more information, please visit http://www.cajanavarra.es/en

About the Lauder Institute:

The University of Pennsylvania’s Lauder Institute, founded in 1983, combines a world–renowned Wharton MBA with a Master’s in International Studies. Advanced language and foreign culture training, a two-month in-country immersion, and a research project from the School of Arts & Sciences all prepare Lauder students for the ever-evolving global economy. Graduates join the diverse, supportive and committed worldwide Lauder community – continuing a 25-year tradition of international business leadership. The Lauder Institute also offers an MA/JD joint degree. The Lauder Institute is also home to the Penn Lauder CIBER (Center for International Business Education and Research), funded by a grant from the U.S. Department of Education, which provided partial support for this conference. For more information, visit http://www.lauder.wharton.upenn.edu.

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