“Helmsman” of bank’s China and Hong Kong business shares six tactics to steady operations, positive on economic outlook, grounded transformations to enhance employee experience

James Poon, who has been with major European bank ING for over 31 years, assumed the role of country manager for China and Hong Kong three years ago during the pandemic. He is responsible for ING’s business performance and strategic execution. James shared that he and other members of senior management have already experienced various big and small challenges together throughout their careers. 

James shared his experiences in facing various adversities and challenges, such as the 1997 Asian financial crisis, the GITIC bankruptcy, dot-com bubble, SARS, and the European debt crisis. Based on his experience over the years, he summarised six key factors that have ensured business stability, adding that as long as these factors are maintained, he remains confident in the economic outlook.  

In recent years, several international banks, including those from Europe and India, have exited the Hong Kong market. 

However, James believes that Hong Kong still possesses strong appeal for international finance and is optimistic about ING’s development in the Asia Pacific region, given its continuous focus on highend clients and advantages of a large-scale and internationalised operation. He said, “regardless of the pandemic or political environment, [Chinese] companies still want to go global”.  

Moreover, “for our clients, we have established a strong presence in 10 strategic locations across Asia Pacific, which brings significant network value. It is a very strong network, especially for Chinese companies that place great importance on the Southeast Asia market”, James added.  

As global geopolitics becomes increasingly complex, there is a need for greater caution in developing business and choosing clients. Yet, James remains confident in his ability to choose the right clients. “Many clients have signed with us for ten, twenty, or even more than thirty years”, said James. He firmly believes that the establishment of strong mutual trust with clients in the past, along with maintaining a solid business scale, contributes to an optimistic outlook on the long-term market prospects.  

For the Chinese market, James believes that it is currently undergoing a transition. “It has always been a large economy, so I am confident in its long-term development”, said James.  

Adapting to the pandemic and easing financial pressure on businesses  

James further shared that he began developing the Mainland China market early on after joining ING. Looking back, it was during the period of economic boom following the reform and opening up. “I spent about nine years in the Mainland, back then the region was called the Pearl River Delta, and we had already started doing a lot of business in China. Foreign capital, or any capital had confidence in the Chinese market”, said James. 

Furthermore, financial technology has transformed the banking industry, with competition between peers resembling a technology race. While fintech transformation is an irreversible trend, James mentioned that his expectations are for it to be ‘grounded’ in concrete strategies, avoiding innovation for the sake of innovation, and instead concentrating on practical matters and enhancing the customer experience.  

James emphasised that the team also needs to understand how to build longterm relationships with clients, with talent and expert teams that possess diverse knowledge of value chains and industries, to establish mutual trust.  

For example, the pandemic undoubtedly had an impact on the supply chains, sales, or profitability for many of ING’s cross-industry clients, causing cash flow or financing pressures. Based on its experience, ING adapted to the situation and increased cooperation with clients in times of hardship, making ‘smart and trustbuilding decisions’. James explained that he believed these high-end clients were only facing temporary challenges, noting that “there were only a few banks willing to strengthen cooperation at that time, so the clients will definitely remember”. According to financial results released by ING Group earlier this year, assisted by a rise in interest rates, the bank’s net profit for 2023 nearly doubled to EUR 7.3 billion (approximately HKD 61.7 billion). 

Importance of active listening and practical actions in a people-centric approach  

To understand employee needs to maintain morale, and to strengthen the core team amidst a competitive talent market, ING has conducted research through the Organisational Health Index. When James took on his position as CEO three years ago, he established the ‘CEO Box’, enabling even newly hired employees to feel more at ease in directly expressing their opinions, and providing a space for dialogue. According to James, this is a way of “showing employees that I am ready” and letting them know that the CEO is approachable.  

James believes that as CEO, he must lead by example. “Letting employees know that we listen and follow up on matters big and small, and take action”, he said.  

Furthermore, James said, “after you finish talking with a customer, you need to deliver results. If nothing gets accomplished, others will know”. This is another form of leading by example, showcasing banking as a ‘people’s business’. Whether internally or externally, it requires listening and implementation, prioritising peopleoriented initiatives to maintain a steady business. 

Originally published in Hong Kong Economic Times: Opens in a new tabhttps://paper.hket.com/article/3769117