William Westgate is the Director of Studies at London College of Management and Leadership. After completing his degree at University of British Columbia in Vancouver, Canada, he moved to London and started on the Midland Bank graduate training programme in 1984. Over the next 20 years, he rose to become Senior Vice President at HSBC Securities and Vice President and Director at Toronto Dominion Bank. He retired from investment banking in 2004 to take up a post lecturing in Business and Economics at Woodhouse College, one of the UK's top performing state colleges. Westgate is a founding partner in the London College of Management and Leadership and brings his knowledge of industry, enthusiasm for teaching and vast resources to the training sessions he delivers. He visited Kathmandu recently for the preliminary preparation of Finance & Management Training scheduled for August this year  targeted towards senior and middle level bank employees in Nepal. During his visit, he met the CEOs from major banks and financial institutions as part of his preparation. In an interview with New Business Age, Westgate shared his views on the overall banking industry in the country and the upcoming training programme. Excerpts:

How do you assess the banking industry in Nepal during this short visit of yours?

It's ahead of the curve and banking has to be so. People do say that there are too many banks given the current economic level. When you are talking about a new Nepal, you have to develop the infrastructure, resources, processes, technologies and training people to a level where the economy is going to be. If you don't have the vision, you are left in the dust. Some of the bankers I have met recently do have a vision.

 

Finance and banking is not just another industry. It's integral to economic development, right from micro lending to massive project financing, ATMs, consumer products you name it. You cannot make economic progress without a functioning banking system. The banking system in Nepal has a lot of ground to cover though. There are billions of rupees that need to be brought into the formal banking system. You must also get rid of a practice like hundi because that's not good for the economy. We need transparency as these are big social issues.

 

What is this Finance & Management Training all about?

Well, I don't pretend that I am going to solve all the issues. Banking is a complex industry. In my experiences as a banker, there are a lot of things to know. But there are certain things that you have to know. So, it's a situation of nice-to-know vis-à-vis need-to-know We have designed this course based on what the bankers here really need-to-know. Cost of capital, time value of money, sales and distribution of financial products etc are essential for the people in the banking corporations, irrespective of their positions, to know. So, those are the aspects we hope to bring to our training.

 

How did your preparation go towards the training programme?

Prior to coming here, I did a lot of research. But nothing matches meeting face-to-face the people who matter. I would say that it has given me invaluable education and encouragement. The conversations I have had here have given me a lot of good practice as well as ideas. I have met some of the most capable people running the banking industry here, however, they are restrained by current conditions. What we hope to do is bring fresh air new western thinking. But we have to tweak it to suit the Nepali market. Because what works for selling bonds in Wall Street is not going to work for selling a loan in Kathmandu. But the principles always stay the same; there are certain things that never change. We are hoping to adjust and adapt tactics as per local requirements.

 

You had a lucrative investment banking career going well for you. What is it that stimulated your transition to lecturing and training?

Yes, I had a fantastic career as a banker. But for me, banking is more than just the money. I reached an age of my life where I didn't wish to remain a banker anymore. I love to explain things to people and making presentations using technology. I am an enthusiastic person and like to engage other people. It was more about aspiration and I wanted to move on to what I really enjoy doing.

 

What was the idea behind founding the London College of Management and Leadership? How do you think you have made a difference?

We set ourselves apart because we bring a combination of real practical experiences with academic rigour. All my life, I have collected notes mentally and physically wondering I wish I knew that and why didn't someone tell me that earlier. In our teaching, we focus on what the students need-to-know For example, while doing an MBA, the students don't need to know half the MBA because they will never use it. We make sure that the students pay real attention to what they would be practicing in the course of their work careers. Doing so helps us earn a lot of trust from the students. I admire good training and I hate bad training. Inspirational training is something I have always loved and therefore, bring it into practice.

 

How exactly will the training programme benefit Nepal's banking professionals?

As I have already said, the training will bring in fresh air, thinking and new ideas. People starting their careers in banking now are a lot more fortunate compared to 20 years ago. Today, there is technology available to make training sessions very engaging process. They say that you train animals but you educate people. The programme will follow a holistic approach. Banking has many components and when we put them all together; the participants will better understand their roles, departments, banks, the industry and the economy. It will allow them to have a creative and original thought about banking. It will also help them think out of their respective work briefs and cubicles and expand their horizons.