Introducing season two: governance, financial services and fintech

Fabián Kon, CEO of Grupo Financiero Galicia - managing change, taking risks and the future of banking in Argentina

Fabián Kon spent a decade transforming Banco Galicia from a traditional, functionally structured institution into one of the most digitally advanced banks in Latin America. In this episode, he traces an unconventional path: from military school, through consulting at Accenture, running a port operation, leading an insurance business, and eventually overhauling the retail bank that he would go on to lead as CEO. At the heart of the conversation is the question of how large, established organisations actually change, and what it takes to make that change stick. Fabian speaks candidly about the decision to restructure the bank around autonomous tribes, the internal cultural shift required to make that work, and the critical role played by a controlling shareholder group willing to back risk-taking over the long term. He also discusses the $500 million acquisition of HSBC Argentina, completed under significant macroeconomic pressure, and what drove the logic of consolidation. Looking ahead, the conversation turns to the implications of Argentina's ongoing economic transformation for the banking sector, the competitive pressure from fintechs and players like Mercado Pago, and what agentic AI may mean for the organisational structures that banks like Galicia have only recently put in place.

Maria Helena Santana, Board member of Itaú Unibanco - doing the right thing: transparency, board culture and harnessing the market

Maria Helena Santana has enjoyed a long and storied career in the Brazilian capital markets. She was deeply involved in the development of the higher-governance Novo Mercado in the early 2000s, seeking a market solution to the lack of confidence in Brazilian equities at the time. She subsequently led the CVM during the global financial crisis - despite which, the CVM managed to pass a number of key shareholder rights and transparency reforms, some of which Maria Helena now believes went too far. For the last decade, Maria Helena has served on the boards of some of Brazil's most high profile companies, including Itaú Unibanco, CINT, Oi, Totvs, GPA and XP. As a practitioner of governance she shares what she looks for in a board, how board culture has evolved in Brazil, and compares her experience of controlled and dispersed ownership structures and their different challenges. We take the opportunity to learn from her vast experience, share war stories - and return to the recurring themes of the importance of values, culture and long term owner orientation.

Gianfranco Ferrari, CEO of Credicorp - curiosity, courage and culture - lessons from transforming a 130 year old bank

Gianfranco has been CEO of Credicorp since 2022, after a successful career leading the retail bank within the group. He shares how his unconventional experiences as a young man in the fishing industry influenced his curiosity and empathy for those around him, and how this informs his leadership style today. Of particular interest in this episode is the detailed discussion around Yape, Credicorp's internally developed digital bank. Gianfranco shares how this highly successful but initially scrappy initiative was made possible within such a large institution, and how the lessons learned are transforming the wider group. Lots of anecdotes here that will be of interest to anyone undergoing similar challenges, or trying to read the tea leaves from the outside. Thank you Gianfranco!

Introducing season two: governance, financial services and fintech

With heartfelt thanks to our guests so far - looking back on some of the lessons, and forward to the upcoming conversations with a particular focus on financial services, starting with Gianfranco Ferrari, CEO of Credicorp, Maria Helena Santana, on the board of Itau (amongst many other things), and Juan Carlos Mora, CEO of Bancolombia.

Eugenio de Zagottis, Board member of Raia Drogasil - masterclass on governance in a family business, avoiding hubris and his thesis on Enjoei

Eugenio de Zagottis is well known to the market by virtue of his long tenure as an executive at Raia Drogasil, the largest drugstore chain in Brazil. But by virtue of his unique position in the fourth generation of one of the founding families, he is able to put the evolution of the governance of the company into full context for us. We learn how a succession crisis in the 1970s shaped the way the family still approaches succession today, and explore how governance alone is not sufficient and needs to be married with the right culture to overcome the inevitable bumps in the road. Eugenio has recently transitioned to the board of the company and speaks to the difference between executive and non-executive director efficacy. He shares some of his thesis regarding Enjoei, where he is also on the board. We also return to the theme of share price influencing decisions - in this case, given the success of Raia Drogasil, how to avoid hubris after a period of strong performance. Eugenio doesn't hold back - this is a frank and educational conversation. With thanks to Daniel Gargioulo for reconnecting us.