CCBN LUNCHEON HOSTS SPEAKERS FROM CIBC: Mr. Gerald T. McCaughey, President and CEO, and Mr. Victor G. Dodig, Senior Executive Vice-President, and Group Head, Wealth Management
The sold out luncheon was attended by many of Croatia’s foremost financial experts, including Finance Minister Lalovac, Croatian National Bank vice-presidents Fras and Presečan, representatives of the Office of the President and Office of the Prime Minister, Deputy Mayor of Zagreb Švaljek, and a number of CEOs of Croatian banks. The private equity sector was also well represented.
The keynote speaker of the luncheon was Mr. Gerald McCaughey, CEO of CIBC. Mr. McCaughey followed up on Mr. Dodig’s speech, tying in the similarities between Croatia and Ireland, with the financial situation in Canada in the 1980s. He drew ties between the difficult situation in the 1980s and the present day situation in Canada, with the excessively high debt and deficit, and explained how the reforms that Canada was forced to make in that situation helped to strengthen its financial institutions and enable the country to weather the financial crisis of 2008 well. Mr McCaughey addressed the issue of debt in Croatia and outlined, from the banker’s perspective, what good debt and bad debt are, and how borrowing should serve to generate growth and development.
Following the lunch, a short presentation of the donation of funds raised in the 2013 Terry Fox Run was made to Dr. Stepan of Klaićeva Hospital in the amount of HRK 145,000. Dr. Eljuga of the Croatian Cancer League kindly thanked all the organizers for another successful run.