Michael Jordaan

Today we have the great honour of introducing First National Bank CEO and Bartinney wine farmer: Michael Jordaan.

Becoming Chief Executive of First National Bank before the age of 40, Michael first started his banking career in the early 90′s with Deutsche Bank. Michael’s other passion however is his wine farm, Bartinney, which overlooks the Banghoek Valley in Stellenbosch.

Twitter: http://twitter.com/michaeljordaan
Website: http://www.fnb.co.za
Wine Farm:  http://www.bartinney.co.za/home.htm

Michael was kind enough to answer the following questions:

Personal

Q: The all important personal profile. How would a close friend introduce you at a social event? i.e. Name, age, company, interesting fact etc.

A: This is Michael Jordaan. He is 42 years old and is a wine farmer, which is such an expensive hobby that it requires a day job in finance.

Q: Tell us something that not many others know about you. This could be anything from a phobia to your favourite movie.

A: At work some people listen to me some of the time. At home, where I have a wife and three daughters, no one listens to me ever. It’s one reason why I love my job!

Q: What do you enjoy doing when you want to get away from it all?

A: We have a fisherman’s cottage on the West Coast in an idyllic village called Churchhaven. Our cottage only has solar power and rain water. When we are there, we read, debate, walk, fish and consume a lot of red wine.

Q: How would you describe your dream holiday home and where in South African would you like it to be?

A: Same as above. Aren’t we fortunate to live our dream?!

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First National Bank

Q: Tell us a little about your history with First National Bank, how you got started in banking and what the average day of a CEO is like?

A: I started my banking career in Hamburg, Germany with Deutsche Bank. For the first three months I was a teller but as part of their management trainee programme I eventually graduated to corporate banking. I returned to South Africa to do my doctorate in Economics but after a few months I noticed a riddle in the newspaper that advertised a job at Rand Merchant Bank. I applied, got the job, and later went over to FNB after RMB and Momentum had merged with FNB and Southern Life.

Q: Congratulations on a flawless PayPal launch here in South Africa. How will the average South African benefit from having a PayPal account and can you tell us what was the greatest hurdle FNB had to overcome in bringing the service to South Africa?

A: PayPal allows South Africans to shop across the border without disclosing their personal or financial details. However I do not think that this is the major benefit that our association with PayPal brings. Far rather I think the major benefits will flow to entrepreneurs that will now be able to sell their products and services to 190 countries and leverage off 81 million active consumers. Up until now international payments have seriously held back what is otherwise a very innovative culture of ecommerce in South Africa.

Q: First National Bank is known for being a leader in banking innovation here in South Africa. Which recent innovations are you most proud of and what is the bank doing to encourage and nurture innovation from within?

A: We recently launched a product called, Send Someone Money, which allows anyone with an FNB bank account to send money to a cellphone number. The recipient doesn’t need a bank account, they can go and withdraw the money from an ATM or on-send the money to someone else with a cellphone number. We take innovation very seriously in FNB. None of these innovations simply happen by chance. As an incentive, we offer a million rand every year to any person who comes up with a great idea and then implements it. In the last year, there were so many good implementations, that we eventually awarded four prizes of one million rand each. This goes a long way towards creating the right type of culture within a large corporate which could otherwise be very bureaucratic.

Q: What advice would you offer the average South African family wanting to better manage their monthly finances?

A: My belief is that very few SA families actually sit down and discuss finance on a regular basis. That would be my basic advice. Make time for an hour’s discussion involving the entire family and discuss the actual figures, i.e. the income and expenses for the past month. In business there’s the cliché that goes: “What gets measured, gets done”. I think exactly the same applies to our personal lives.

Q: Any exciting new products or services that FNB customers can look forward to in the near future?

A: I am particularly excited about all the abilities to perform banking transactions without having a bank account. While this is somewhat scary for a bank I believe we must embrace the new opportunities and if necessary, cannibalise our existing business as it is in the interest of the customer to become more and more convenient.

Life in South Africa

Q: Have you or any of your immediate family been affected by crime? If yes, has it changed your perception of the country and the way you and your family live your lives?

A: Some time ago my mother was viciously attacked while sleeping in a Plettenberg Bay holiday home. It was very traumatic for all of us. At the same time, one must remember that becoming one of the statistics shouldn’t change one’s entire view of a country. We try and play a proactive and supportive role. You may remember that some time ago FNB nearly launched a nationwide anti-crime campaign. We still believe that the fight against crime should be one of the top priorities in the country.

Q: When asked internationally about crime in South Africa, how do you respond?

A: We do believe that the level of crime is unacceptably high but fortunately the statistics also show that it has been reducing for a number of years. As bankers we know that one should give credit where credit is due and my sense is that the authorities are taking crime far more seriously than a few years ago.

Q: With less than 100 days to the first African Soccer World Cup, what advice would you offer to first-time visitors looking for the ultimate South African experience?

A: When traveling in another country the experience can be very sterile. Best you have friends in that country and you venture into places that the locals frequent. I would therefore advise anyone to make friends and to explore our beautiful country. Their visit should at least include a trip to a game farm and a roasting on one of our beaches. And of course, to drink lots of our wine, the wine farmers need it.

Q: What advice would you offer the president if given the opportunity of sitting down with him?

A: I believe that the priorities of our government are broadly correct in focusing on jobs, education and health. What is lacking is a culture of ruthless execution. In business we support such a culture by combining carrots and sticks.

Life in Johannesburg

Q: What do you most enjoy about living in Johannesburg?

A: I love Joburg’s energy. For me it’s the New York of Africa.

Q: Favourite restaurant for a business lunch?

A: Ciro’s in Parktown North (they stock our Bartinney wine).

Q: If you were tasked with commissioning a postal stamp depicting the beauty of Johannesburg and it’s people, which image would you select?

A: I would choose the FNB-decorated Soweto cooling towers, of course.

General

Q: If you could invite any three South African CEO’s to a dinner party, who would you invite and what would you serve?

A: I would prefer dinner with my family and friends (I work far too many hours and my dinner party should bring some balance). I would serve a braai. Nothing like South Africa venison on the ‘wingerdstompies’.

Q: Which book would make required reading for all school-leavers and which book would you say has influenced you the most?

A: All school leavers should read “To Kill a Mockingbird” by Harper Lee, but the book that has influenced me the most is a long forgotten classic by Axel Munthe called “The story of San Michel”.

Q: Given a free hour at home, which would you rather do, put your feet up and relax or look for something productive to do?

A: Is reading a good book productive?

Q: Where to from here?

A: I’m very bullish about the growth prospects of South Africa in the next few years. We have the opportunity to enter into a growth super cycle as we expand into Africa and connect with the East, supported by further innovation in information technology. After banking, my dream would be to start my own (small) asset management company.

Q: Who would you most like to read about on Izimvo and what would you ask them?

A: I would prefer to read about entrepreneurs (not dull corporate types like myself) and people who have the vision to spot the opportunities that will be presenting themselves in South Africa and beyond.

We’d like to thank Michael for finding the time to answer our questions and wish him every success for the future.

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