EXECUTIVE MASTER IN RESPONSIBLE BANKING (ONLINE)

EXECUTIVE MASTER IN RESPONSIBLE BANKING (ONLINE) 1

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EXECUTIVE MASTER IN RESPONSIBLE BANKING (ONLINE) 3

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Welcome to the IEB, a Higher Education Institution affiliated to the Complutense University and sponsored by the Bolsa de Madrid (Madrid Stock Exchange). The IEB was created in 1989 with the start up of the first Spanish Master in the Stock Exchange and Financial Markets. Since then and having trained for all those years university students, post-graduates and professionals - the IEB has gained the indisputable leadership position as the main Financial Training Center in Spain and the Spanish speaking world. Our Study Center has been entrusted with the professional preparation and International Finance training of managers and professionals belonging to the main Spanish and foreign companies with an international presence. We have an unrivalled faculty staff in economics, legal and financial subjects and our students receive their demanding training with academic seriousness and personalized attention, inspiring a professional attitude based on solid moral principles. All of this enables, as well as rapid insertion into the work place of our graduates, brilliant professional development of those who pass through our lecture rooms, which daily consolidates the prestige of our institution. Anyone interested in acquiring economic, legal and financial education of the highest level will find in the IEB all the human, technical and documentary resources to satisfy their intellectual needs. With the best of regards, Welcome Álvaro Martínez-Echevarría y García de Dueñas Director of IEB 5

1. Introduction 2. Objectives 3. Structure 4. Methodology 5. Online Platform 6. Students 7. Certification 8. Syllabus 9. Optional Study Visits 10. The London School of Economics Stay 11. Coaching sessions 12. Faculty staff 13. Strategic Advisory Committee 14. Executive Management Committee 15. Admission 16. Duration and calendar 17. Cost of Studies 6 8 9 10 11 12 13 15 20 21 23 25 30 31 33 34 34 6

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INTRODUCTION An innovative programme 1 The Executive Master in Responsible Banking is a one-year online programme designed for bankers and future financial service providers who wish to sustainably change the banking industry. Organised by three major international players in the banking and academic sectors it delivers two specialisations, one in Retail Banking, the other in Corporate Banking. Each chapter is analysed from a responsible management perspective emphasising the bank s economic role and its impact on social welfare and the environment. The Executive Master s online modular set up is enriched with optional local study visits in order to illustrate the content and facilitate professional exchanges. Coaching sessions are planned to reinforce the Executive Master s course insights. Programme accreditation ensures the highest quality of instruction. RESPONSIBLE BANKING PRINCIPLES Responsible Banking encompasses a strong commitment by the banks to sustainable development and requires them to address corporate social responsibility as an integral part of its business activities. Responsible Banking principles, which has been developed by WSBI, include: 1. Fair and transparent corporate governance, 2. Fair and clear relations with customers, 3. The provision of useful and appropriate products and services that improve the financial well being of customers, 4. Responsible investment through the integration of environmental, social, governance (ESG) and ethical issues into financial analysis and decision-making, 5. The promotion of financial accessibility and inclusion, 6. The promotion and provision of financial education policies and instruments, 7. Environment - friendly business, 8. Making a responsible contribution to the community, 9. Being a responsible employer through the application of fair and equal treatment to all staff, 10. Contribution to financial stability. Responsible Banking emphasises the bank s primary socio-economic role as a provider of sustainable welfare to both the citizen and the economy. 8

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OBJECTIVES 2 To acquire responsible knowledge The Executive Master Programme aims to: Rethink the role of the banks with a responsible management perspective; Build a new generation of bankers with responsibly driven mindsets and attitudes; Enable students to influence the bank industry s future; Rebuild trust in banks; Contribute to making positive change a sustainable reality; The Executive Master s modules include classic and current business theories with recent business cases to teach students how to more effectively manage and lead complex banking organisations in today s competitive business environment. The programme includes optional study visits in order to see how Responsible Banking is practically integrated into a bank s strategy and operations. The coaching sessions are there to help the students as an individual, to analyse the environment and the realistic options to successfully transform banking practices into more responsible ones. Each attendee will acquire and develop skills and a wide range of specialities crucial to the success of banking and finance professionals. As an individual, the student will: Improve the decision-making and performance; Gain a better understanding of corporate thinking and culture; Acquire a holistic approach towards people, processes and technology. As a professional, the student will: Gain comprehensive knowledge of specialised areas in banking and finance; Learn to efficiently manage bank risk; Develop customer-centric strategies and policies; Develop a new bank management culture; Acquire the current best responsible banking practices; Analyse the main conflicts of interest in different banking business lines. 10

STRUCTURE 3 The soundness of the studies Students are allowed to choose between one specialisation in Responsible Retail Banking or in Responsible Corporate Banking or either choose both specialisations in Responsible Retail and Corporate Banking. The Executive Master is launched by: The IEB is the Spanish leading educational institution in financial training in Spain and Iberoamerica. It was created in 1989. The IEB is an official centre affiliated to Universidad Complutense (the largest Spanish University) and sponsored by the Madrid Stock Exchange. Since IEB was created, the centre has trained more than 30,000 students in a wide variety of financial topics. The educational activity of IEB is organised according to the following academic structure: Undergraduate level Graduate level: Master Degree Executive Education In company programmes The programme was created in partnership with: The World Savings Banks Institute (WSBI), a banking association that represents more than one hundred savings and retail banks associations (in total, more than 6,000 financial institutions) worldwide in 89 countries. As the global voice of savings and retail banking, it is committed to promoting responsible banking through this new Executive Master Degree. One of the pillars of savings and retail banks is their responsible involvement in their region and towards their customers through the provision of accessible products and services, in particular for those who would not have had access to financial products otherwise. And in association with: LSE Executive Education provides customised programmes based on the expertise of the London School of Economics and Political Science (LSE). LSE is one of the foremost social science university in the world. A total of 16 LSE alumni or staff have been awarded Nobel Prizes as well as 34 past or present world leaders. LSE has an influential network of over 100,000 LSE alumni which spans the world over 190 countries 11

METHODOLOGY 4 The best way of working The Executive Master s modules include classic and current business theories with recent business cases to teach students how to more effectively manage and lead complex banking organisations in today s competitive business environment. All programme modules provide an academic tutor whose responsibility is to follow each student, introduce practical cases and answer questions through online tutorials. Students have detailed study documentation as well as numerous spreadsheets which are kept on the virtual platform so that students can use them for whenever and wherever they are studying. The programme includes optional study visits in order to see how Responsible Banking is practically integrated into a bank s strategy and operations. The coaching sessions help students as an individual to analyse their environment and the realistic options for successfully changing their banking practices into more responsible ones. Admore Kandela This Masters is a must for any Bank CEO who wants to make a meaningful contribution to their economy in a way that the Finance ministries and Regulators will appreciate. For those from emerging markets and developing countries it offers good case studies about how non responsible behavior to societal, environmental and corporate governance needs eventually leads to corporate failures. The online lectures and class discussions surely keep you on your toes, but the notes you get are invaluable even in your day to day operations. I give it a YES for anybody in the Banking field Studying online is becoming so popular that many well-known academic institutions are launching their own online courses. It is a development that coincides with the increased usage of high quality receivers such as ultra books, tablets and smart phones. online courses also offer convenience, flexibility, and cost advantages. They allow students to study anytime, anywhere. Costs can also be easier to handle because there is no need to commute or leave a job. The lack of interactivity that is often considered a disadvantage has been addressed with innovative methodology and the latest technology in the present Programme. 12

ONLINE PLATAFORM 5 Technology and IT To allow adequate supervision by lecturers and ensure fluid communication between the Centre and all the students, the most advanced tools will be available via the internet, allowing a permanent connection between students and lecturers. The communication among both will take place on a virtual training platform with a view to creating a virtual working community. Through this platform, both students and lecturers have at their disposal updated information on various items and can access the virtual campus. The online platform includes a library, a diary and an individualised messaging service for each student, where communication with the different lecturers will take place through forums and chats. During the Executive Master each lecturer will carry out a series of tutorials consisting of: Resolving student s doubts, problems and concerns Reviewing exercises or case studies. Reporting and evaluation. The online programme provides recorded lectures delivered through an interactive virtual laboratory, e-textbooks, online discussions and video streaming. Course assessments are entirely automatized. 13

STUDENTS 6 The heart of the programme The Executive Master in Responsible Banking targets professionals working in banks and other financial services institutions, those seeking to join the industry and those working indirectly with it. In the banking sector it targets senior, executive managers and leaders who aspire to influencing the future of the industry, creating a culture of responsible, transparent and efficient banking. In the non-banking sector, it targets high potential professionals who want to extend their knowledge and understanding of the ever evolving financial service industry. For both categories, the Executive Master will enable students to take on management responsibilities and to provide effective leadership in line with their own values of respect vis-a-vis society and the environment. The Executive Master has as a goal to build a new generation of bankers who will put their customers well being before the short term profit of their institutions. 14

CERTIFICATION 7 An exclusive certification The Executive Master diploma is formally accredited by the IEB and WSBI. This certification is set to become the benchmark in Responsible Banking Management for financial entities and awards the title of Responsible Banking Professional (RBP). To obtain the IEB-WSBI certification students must pass a certification exam at the end of the Programme. Every two years students should undertake 16 hours of online recertification training to remain accredited in Responsible Banking. 15

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8 SYLLABUS The soundest content 17

Module 1 Foundations in Responsible Banking 400 hours Course 1: Foundations in Finance (80 hours) Understanding the Responsible Financial and Banking Environment and the main Technical Financial Tools 1. Financial Institution roles and responsibilities: key points for Responsible Banking 2. Macroeconomics and main economic theories 3. Financial Mathematics 4. Statistics applied to Responsible Finance 5. Foundations in analysis and interpretation of financial statements and management ratios 6. Behavioral Finance: The importance of psychology in the economic crisis. Case studies: 1. Consequences of Government unwillingness to back Foreigners Deposits: the Ice save case 2. The Latvian Lesson. How its Banking Industry was reshaped 3. Responses to the Financial Crisis: responsible answers of different Business Banking Models. PART I Readings: 1. Study of the German savings Bank Model 2. Moral hazard: too big to fail, how to manage Systemic Banks Course 2: Integrity of Financial Markets and Products: the Responsible Approach (80 hours) Analysis of the role, behavior and responsible development of Financial Markets and Products: 1. The essentials of Equity Markets 2. The role and functioning of Fixed Income Markets 3. Sustainable development of Currency and Forex Markets 4. Good practices in Derivative Markets 5. Bond Issues and issuers performance 6. Securitisation and the side effects of the Subprime Crisis 7. Mutual and Pension Funds: Commitments to society 8. Ethical Investment in Hedge Funds: its philosophy, approach to investments and new strategies Case studies: 1. Trade, Soft Commodities and the Developing World 2. Ponzi scheme Madoff s fraudulent investment operations. 3. How to avoid interbank interest rate fixing manipulation: the Libor scandal and its implications for financial markets. 4. Sovereign debt and policy maker decisions. Greek debt relief and moral hazard. 5. AIG Short Selling CDS, Credit Default Swap, and their role in the Subprime Crisis 6. Conflict of interest in Structuring and Marketing of CDO Tied to Subprime Mortgages Readings: 1. Performance Attribution and Asset Allocation: do not dissociate investment policy from customer. 2. Systemic effect of ETFs and how to prevent Counterparty Risk. 3. Hedge Fund industry role in Financial Markets and New Regulations. 4. The misuse of alternative investments in the cases of LTCM and Amaranth Course 3: Creating a Culture of Responsible Risk Management (80 hours) Identifying, assessing, managing and mitigating the Integrated Risks of a Financial Institution: 1. Credit Risk analysis. Ethical issues in Risk Management 2. Fair Scoring & Credit Rating Analysis: The role of rating agencies 3. Reliable Market Risk Analysis 4. Operational Risk 5. Liquidity analysis, asset and liability management 6. Integrated and Strategic Risk Governance Case studies: 1. Solvency analysis of financial institutions: European Stress Tests 2. Rating agencies, ownership and conflicts of interest while structuring and evaluating assets 3. Var Risk Model failure during financial crisis: what went wrong? 4. Wells Fargo s sound approach to Risk Management 5. Responsible Lending 18

Readings: 1. Geostrategic Risk, London School of Economics. 2. Insurance 2020 turning change into opportunity, 2011, PWC. 3. The ethics of Risk Management: a post-crisis perspective, 2011, John R. Boatright. Course 4: Corporate Governance and Regulation in Financial and Banking Institutions (80 hours) Understanding new Banking Regulatory Framework, and complying with Responsible Principles 1. Introduction to ethics in financial institutions and understanding value creation and examining sources of risks in fast growing financial institutions 2. Definition and objectives of Corporate Governance 3. New Regulations and Banking Reforms: Crisis Management, Volcker s and Vickers, MIFID 4. New trends in financial accounting standards 5. Internal control, compliance and audit 6. International Taxation and Tax Arbitrage Prevention (tax haven) Case studies: 1. New requirements and changes of Basel III: Towards a new business model for financial institutions 2. Accounting manipulation and fraud: Enron, Parmalat, WorldCom 3. Whistle Blowing and Corporate Governance 4. ING Direct: a growing success story 5. Kaupthing: a risk perspective of managing growth and value creation 6. Different experiences with Bad Banks Readings: 1. Corporate Governance in Europe: (MIFID I and II) Markets in Financial Instruments Directive and the banking directive 2. Breaking up the banks from Glass and Steagall act to Volcker rule and Vickers report. Restructuring the banking system to improve safety and soundness, 2011, Thomas M. Hoening and Charles S. Morris 3. Best practices in control and compliance: the banking system in Canada 4. Did good cajas extend bad loans? 2010, Luis Garicano and Vicente Cuñat, London School of Economics. 5. Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions: A renewed EU strategy 2011-2014 for Corporate Social Responsibility. Course 5: Organisational and Strategic Corporate Management for Responsible Institutions. The individual within the organisation (80 hours) Leading Financial Institutions responsibly and creating sustainable competitive advantages by managing people and talent: 1. Organisational structures for financial institutions 2. Strategic Management, leadership and future trends in Banking Management 3. Corporate Social Responsibility Strategy 4. Responsible and Strategic compensation and key benefits 5. Professionalism in Banking: competence and integrity. Standards of professional conduct 6. An introduction to retail and Corporate Banking Organisational Models Case studies: 1. Good practices in banking. Current examples of social banking: the case of retail and savings banks 2. Banking workers resilience: the Goldman Sachs employee s resignation letter. Loyal or disloyal behavior? 3. Taxing Bonuses: The UK Experience. 4. Measuring the social dividend in saving banks: the case of Banco Caja Social BCSC (Colombia) and Hatton National Bank (Sri Lanka), perspective 57, February 2007, WSBI 5. Responses to the Financial Crisis: responsible answers of different Business Banking Models PART II Readings: 1. Banking in 2050, 2011, PWC 2. Benefits of banking for Emerging Markets Population 3. How EU States have managed banking recapitalisation: who pays the bill? 4. Islamic Banking and Finance, insight on possibilities for Europe, ESBG Perspectives N 60 Oct 2009 5. Corporate Governance and access to finance: Kenya post office savings bank (KPOSB), perspectives 62, March 2011, WSBI 19

Module I1 120 hours Specialisation, Responsible Retail Banking Management Specialisation, Responsible Retail Banking Management 1. Responsible Retail Banking Institutions 2. Strategic selling and advisory responsible approach 3. Integrity in marketing, brand positioning, competitive advantages, pricing policy. 4. Impact of Corporate Communication on banks reputation 5. Responsible Innovation in Banking: new technologies for customer-centric experiences 6. Key issues in the financing and service of Small and Medium Sized companies Case studies: 1. Advisory vs. product commercialization. Best practices in Private Banking. 2. Brand positioning of saving banks vs. banks and other financial intermediaries 3. Preferred Shares: The misleading product distribution of Spanish banks 4. The increasing importance of responsible corporate communication. A new way to manage corporate reputation 5. Microfinance s experiences 6. Proximity banking: The case of community banks in the US Readings: 1. Consumer behavior and customer analysis needs. 2. Public policies to improve credit accessibility to SME. 3. Ethics in microfinance, 2011, Reinhard H. Schmidt. 4. Poor sales practices: interest rate hedging products sold to SME in the UK. 5. Mass Retail Banking: how saving banks in Africa, Asia, and Latin America can provide usable services for the poor, working paper, WSBI, 2012. 6. Bank dependency during SME s international expansion ESBG-WSBI Perspectives N 61, Sept 2010 Module I1I 120 hours Specialisation, Responsible Corporate Banking Management Specialisation, Responsible Corporate Banking Management 1. Foundations in Corporate Finance and best practices 2. Finance and Investment: efficient and sound alternatives to banking finance 3. Corporate Finance 4. Structured Finance 5. Professionalism in Corporate Banking Case studies: 1. Conflicts of interest in Mergers and Acquisitions: the disastrous merger of Sprint and Nextel 2. Dot.com and Facebook recent public offerings. Did the underwriters act properly and transparently? 3. Multilateral banking institutions role in project development: IMF s active role 4. Current issues in insider trading: Galleon group hedge-fund founder Raj Rajaratnam s sentence 5. Jérôme Kerviel and Société Générales: Rogue trader or absent of an ethical alture in derivates management Readings: 1. Debt restructuring in Spanish banks. What lessons can be learned? 2. Capital Markets and Asset Securitisation. What went wrong at Bear Stearns? 3. Private Equity and Venture Capital. The Responsible Approach: what s behind private equity transactions? José Mª Talavera Senior Manager(Real State Dept./Headquarters) CAJA RURAL DE GRANADA, SC (Savings Bank) MRB is becoming a faithful and global guide to understand and meet consumers and general society expectations about banking social performance 20

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OPTIONAL STUDY VISITS 9 The best complement The optional study visits are an important educational component of the Executive Master Programme and the opportunity to learn banks best practices in a chosen country. The objective of these visits and meetings is to illustrate course content with local visits, enabling discussions with practitioners. Whilst covering strategic aspects and operational banking practices, as well as highlighting the challenges facing both sides and what it takes to be successful, the study visits also provide insights into ways of working in varying cultural environments through different client experiences. It is a unique professional and personal opportunity. As an optional extension, Executive Master students will be able to attend classes at the London School of Economics for a week, five days, in September. Other optional visits or International Forum Events are planned to a European, Asian or Latin American country. Elisabeth Franco PhD candidate, HEC Montréal Chair of Ethical Management This Executive Master gave me a deep understanding of the practical issues that banks have to face when trying to act responsibly and ethically. It is a valuable complement to the thesis I am writing and give a lot of business and companies examples (products, risks, HR approaches,...). The teachers have a high educational level and come from various countries and backgrounds; this diversity is definitely a competitive advantage of the program. Tha fact that we get a formal recognition and title as ethical banker from a well-known institution gives more weight to the Executive Master. At last, I would recomend it to managers from financial sector seeking to improve the ethical behaviour of their banks and who look for meaningful business solutions. Students will be provided with a programme for these events. Study visit costs will be provided to students in advance. These fees include the course tuition, course materials and accommodation. Each student will be responsible for its own travel expenses including flights, meals and ground transportation. 22

The London School of Economics Academic Stay 10 The LSE is a centre of world renowned for teaching and research in all matters related to economic, social and political sciences. No other university in the world is as global in the origin of its students and teachers, or in the focus of its activity. Ever since its foundation, the aim of the LSE has been to convert itself into an authentic laboratory of economic and social sciences, a platform to develop, analyse and assess ideas to be divulged around the world. LSE has over 65,000 registered students in 195 countries. 23

LSE has, for many years, occupied the first places in the Times Higher Education Supplement rankings, only behind Harvard University and before institutions such as Stanford University or MIT. Located in the heart of London, the school is in the centre of one of the most cosmopolitan cities in the world. At a stones throw from the European legal and financial centers, LSE is at the centre of international debate, fundamental for the identity of the School as an outwardly oriented institution with an active participation in British, European and world affaires. During the course a global view of the consequences of the crisis on private equity, regulation and banking and global political economy in general will be achieved. In particular, the classes will be focused on the following topics: Global Political Economy: Long term trends in the USA, Europe and the Asian Economies Emerging Markets Business Ethics and Values Concepts in Practice Communicating with Investors The Trade Game Regulation and Banking Post-Crisis M&A Strategy and Hedging for wealthy Investors Private Equity Global Financial Risk These topics may be to able to change. 24 22

COACHING SESSIONS 11 An outstanding opportunity After this Executive Master Programme, it is expected that students will be eager to put into practice their new knowledge. They will most likely hope to see their peers and managers adapt their behaviors in line with responsible banking principles. However, as is well known, any change of mindset and habits represents a challenge and takes time, which might, discourage some students. Therefore, after completion of the Master, coaching sessions will support students in the implementation phases of their learning outcomes. Coaching session objectives: To keep the necessary momentum throughout the implementation phases of students learning To analyse situations students will have to manage when they rejoin their companies To highlight the resources students should count on in their company as well as the obstacles they will most probably encounter and have to manage To increase students range of management tools, in particular in communication and management change To build a network of students which will continue sharing and disseminating advice and good practices for the implementation of responsible banking principles. What students can expect from these coaching sessions: based on the model GROW (Goals, Reality, Options and Will) students can expect: To define their Goals as regards the implementation of responsible banking principles To analyse the Reality of their local environment To identify realistic Options for implementation To list the necessary communication and change management tools they will need To build up the Will necessary to achieve their goals. Mobilisation of the group members intelligence will be requested through brainstorming sessions that will enrich each of the above phases. The sessions will aim at generating solutions under the guidance of a coach who will manage the group discussions, emphasise the best tools and encourage people to develop an appropriate strategy to achieve their goals. Five coaching sessions (one hour each) are foreseen in the programme. These will be provided through virtual platforms for groups of three people. Should students desire additional coaching sessions, they will be provided individually by Skype and invoiced separately. 25

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12 FACULTY STAFF A prestigious team 27

The academic staff of the Executive Master Programme is composed of professionals from the financial sector (financial institutions, regulatory official institutions, financial analysts, prestigious auditing and consultancy firms, portfolio managers, etc.). All lecturers possess high level university training and many of them hold an international certification like as Executive master, a Doctorate, CFA, FRM, CAIA, EFA, etc issued by prestigious universities throughout the world. Furthermore, their teaching capacity and efficiency in transmitting knowledge have been largely demonstrated. Each module is developed with input from academia and leaders in the business community. All professors are successful practitioners who combine a solid academic background with real world experience and insights. Accustomed to working in multicultural environments, they work in the field they teach. Both, the Director and the Associate Director of the Executive Master have a highly experienced background. 28

THE EXECUTIVE MASTER S DIRECTOR: Jorge Medina Aznar Jorge Medina acts as an Executive Director at Deutsche Bank and Board Member of its Asset Management business in Spain. He s a former Sales & Marketing Director at RBC Investor Services, Royal Bank of Canada Group (ex-bancoval), ex-supervisor at CNMV (Spanish Securities Market Commission) and ex-certified Chartered Accountant at KPMG. He is also currently a Board Member of Enefgy, focused on energy efficiency management. He earned his degree in Finance from Edinburgh University (Scotland), and his degree in Economics from Zaragoza University (Spain). He also received a MBA from IE (Spain) and attended an in-company Senior Management Programme at IESE and ESADE (Spain). Jorge Medina is an Associate Professor at IEB and his research interest includes Corporate Governance, Banking Strategy and Alternative Investments. THE EXECUTIVE MASTER S ASSOCIATE DIRECTOR: Alberto Moreno de Tejada Alberto Moreno de Tejada has a PhD in Political Science from the Universidad Complutense of Madrid and Instituto de Investigación Ortega y Gasset. His prime research interest is in ethics, leadership and governance in organisations. He also holds an MBA (European University) and a B.Sc. in Business Administration (Saint Louis University) as well as B.A. in Law (UNED) and a Diploma in Religious Science (ICADE). He is currently an ethics and compliance lawyer at Madrid s Bar and has been a consultant for the OCDE. He is also Associate Professor of Deontology and Business Ethics at IEB University. 29

Antonio Bosch Bachelor Degree in Business Administration. UCM Program for Management Development (Harvard Business School) 2001-2007 he led the task force of Bankinter for implementation of Basel II Currently Head of Capital and Basel Program Soren Braes Degree in M.Sc.(Eng.) from the Technical University of Denmark. He founded the education line Statistical Finance and his Master Thesis back in 1988 was on Modeling the Price Building Process in the Danish Bond Market using Zero Coupon Pricing He worked with SimCorp (a financial software company) and founded their German subsidiary together with 4 other partners Actual CEO of Risk Repair José María Capapé Aguilar Degree in Economics by Universidad Complutense de Madrid MBA, IESE Business School Currently, Head of ABS Origination Spain and Portugal at Natixis Jeffrey Chwieroth He was Visiting Professor in the Department of Political Science at the Institute for Advanced Studies in Vienna (Institut für Höhere Studien), a Visiting Scholar in the Research Department of the International Monetary Fund Consultancy and advisory work including Oxford Analytica and the World Association of Investment Promotion Agencies Currently a Reader in International Political Economy at the Department of International Relations at the LSE He serves as the Director of the MSc. in International Political Economy at the LSE Professor Lord Meghnad Desai PhD from the University of Pennsylvania 1964 He came to LSE as a lecturer in 1965 His books, among numerous publications, include Marx s Revenge: the resurgence of capitalusm and the death of statist socialism (2002) Chairman of the ixxi series, LSE s flagship forum for high level debate on current affairs Laurie Dufays Business Degree in Economics from the University of Louvain-La-Neuve (Belgium) Worked as corporate credit manager and branch manager for banks in Argentina and Belgium Professional Coach trained in NLP, Board Member of the International Coaching Federation in the Belgian Chapter Actual Deputy Director at the World Savings-Banks Institute (WSBI) Kent Eriksson PhD, Business Studies, University of Uppsala, Sweden Professor, chair in business studies Worked as head for applied retail banking research center. Has also worked as consultant in retail bank development work, and with government and authorities in regulation of banking and insurance industry. He was previously on the board of directors of the Sweedish financial supervisory authority Rafael Gómez de Iturriaga Piña Bachelors Degree in Business Administration, La Comercial (Universidad de Deusto) and currently CFA level II candidate Currently Director at the Corporate Finance Division of Banco Sabadell Before joining Banco Sabadell in 2007 worked at the M&A division of ABN AMRO and N+1 Corporate Finance, both in Madrid. Previously, worked for Mangement Solutions consulting firm specialized in the risk management of financial institutions Ample experience in advising corporates in the fields of Mergers and Acquisitions and Equity Capital Markets transactions Manuel Goudie BA in Business Administration, UCM MBA, University of Miami, Florida Country Manager Spain & Portugal, Clayton Euro Risk General Manager, Antares Association. Former Country Risk Manager, Citibank, N.A. Former Treasurer, Spanish Association against Cancer. Director of Master in International Finance at IEB Chang He Bachelor Degree in Political Science, University of Chicago MBA, INSEAD Worked as Analyst in Financing Group at Goldman Sachs in Hong Kong, Associate in Merger&Acquisition Group at HSBC in London, Deputy Director of Strategic Planning in Consumer Finance at Banco Santander in Madrid, and Asia Region Director at Villar Mir Energia, Grupo Villar Mir in Madrid. Currently, she is the founder and CEO of CollegeMarch, an IT service company providing high quality career services to young students in Europe and Latin America. Katia Keats CFA Charterholder since 2001 Bachelor Degree in Commerce (Major in Finance) from Concordia University, Montreal, Canada MSC in International Economics, Banking and Finance from Cardiff Business School Global Institutional and Retail fixed income portfolios as a senior fund manager Michael Lafferty He is Chairman of Lafferty Group, which founded and received The Queen s Awards for Enterprise in 1988 He is also heavily involved with the Official Monetary and and Financial Institutions Forum He was a Financial Times journalist Rodrigo Manero Bachelor Degree in Electronic Engineering MBA from IESA PhD Courses (DEA) in Banking from Universidad Autónoma Madrid Trading Desk Manager in Banco Santander in Madrid, responsible for Secondary Market products. Laura Merlini BA in Business Administration at Bocconi University in Milan and received the CEMS MIM (Communiy and European Management Schools) MSc in Internactional Management in 2002 Director of Business Development EMEA for the Chartered Alternative Investment Analyst (CAIA) Association. Worked at Credit Suisse (previously Fortis Prime Fund Solutions) in Milan, Madrid and Geneva. She earned the CAIA Iberia chapter (based in Madrid) in 2008 and she has led the Geneva committee of CAIA Switzerland since 2010. She is also a member of the Educational Committee of 100 Women in Hedge Funds association in Geneva. Paul A. Moran BA and MA in Economics and Business Studies, Trinity College, Dublin DEA, European Economics, Universidad Complutense, Madrid Worked for Salomon Brothers in London, Price Waterhouse in Paris and the European Commission in Brussels Currently the Director of the Center of European Studies in Madrid Michael Pinkney BSc from Bristol University (UK) and holds the Chartered Financial Analyst (CFA) Bachelor Degree in Chemistry, University of Bristol, U.K. Equity Research analyst for over twenty years servicing international institutional investors and hedge funds in Europe, USA, Middle East and Asia Worked at Barclays, Carnegie, Schroders, Salomon Brothers Director of Citigroup Investment Research in Madrid 30

Miguel Ángel Otero Master of Arts in Economics and Bachelor of Science in Economics. Bachelor of Arts in Business Administration. Expert in IFRS and Banking Regulation. Former Bank Supervisor at Directorate General Supervision. Bank of Spain. Bank Expert at European Banking Authority. Ian Roxan (BA University of Toronto; LLB Osgoode Hall Law School, Toronto; MPhil and PhD Cambridge); Senior Lecturer in Law at LSE since 2003 In 2000 he won the Wedderburn Prize for his article Assuring Real Freedom of Movement in Direct Taxation in the Modern Law Review He is a member of the European Association of Tax Law Professors, the International Fiscal Association (British Branch) and the Institute for Fiscal Studies Roberto Savina Bachelors Degree in Mathematics, Turin University FRM certified by GARP - Global Association of Risk Professionals Worked for Intesa Sanpaolo, AIS Financial Decisions and La Caixa, actively leading a broad range of Risk Management and Capital Market initiatives Currently Head of Risk Governance at Genworth Mortgage Insurance (Madrid/London) Julius Sen Academic director and senior programme advisor at LSE Enterprise Member of the International Trade Policy Unit in the department of International Relations LSE Special adviser to the professional public affairs body FIPRA International. Recently appointed Professor of Public Administration by the Academy of Public Administration under the President of Kazakhstan Daniel Scanlan MBA in International Management from the Thunderbird School of Global Management based in Phoenix, Arizona He was responsible for managing Global Trade at Bank of America based in San Francisco. He joint Bank of America in 1994 in Hong Kong, where he spent eight years managing Regional Cash Management and Trade Finance Sales teams He has more than 25 years of banking experience, working in various capacities including, sales management, product management, and operations Mathias Schmit PhD in Finance from the Solvay Brussels School of Economics and Management (Brussels) Worked in banking and public-sector-related activities for 15 years Currently, lecturer for major institutions (e.g. IEB, INSEAD, Amsterdam Institute of Finance, TiasNimbas, Hanoi National University) Lesley Sherratt BA (Hons) Oxon., Philosophy, Politics & Economics. MA (Distinction) King s College London, Human Values & Contemporary Global Ethics Former Head of Flemings Global Portfolios Group, running $5bn collective investment funds Former Investment Director of Fleming Flagship, Save & Prosper Former CEO Ark Asset Management Ltd (ran hedge funds in the financial services area) Currently awaiting viva for submitted doctoral thesis for PhD at King s College, London on Ethics in Microfinance David Serrano Bachelor Degree in Business Administration Master in European Business, Leicester University CISA, CISM, CGIT, international professional certifications in the audit and control field Member of the Internal Audit Institute of Spain, ISACA (Information Systems Audit and Control Associations) Worked at Bankinter Internal Audit Division, with different responsibilities Currently Manager (Head) of the Business Processes, IT and Subsidiaries audit team 31

STRATEGIC ADVISORY COMMITTEE 13 An essential support In order to promote the concept of responsible banking and its related principles in relevant international financial circles, the IEB, the WSBI, and the LSE Executive Programme have created a Strategic Advisory Committee composed of high level policy and decision makers from the economic, banking, regulatory and academic world. Committee Mission: To act as an ambassador for the Responsible Banking (RB) concept and principles (10) and seize every opportunity to promote them in high level, international forums. Committee Members: Mr. Heinrich Haasis Former president DSGV (German Savings Banks Association) and present WSBI President. Mr. Soren Braes Outstanding Consultant and Academic, CEO of Risk Repair. Professor Lord Meghnad Desai Professor Emeritus of Economics at LSE and also Chairman of the Advisory Board, Official Monetary and Financial Institutions Forum (OMFIF) in the UK. Mr. Rudi Vander Vennet Professor of Economics and Banking at Ghent University, Belgium; Chairman of the Department of Financial Economics, Member of Stakeholder Group at European Banking Authority. Klaida Çekrezi (Eminaj) Manager Project and Structured Finance Department Banka Kombetare Tregtare Albania This course stimulates thinking with regards to a responsible approach, on a 360 degrees spectrum of activities conducted in Banking. It also provides a fascinating up to date panorama of the recent trends, activities, issues and achievements in Banking, on a global outreach with the case studies as an integral part of the course. 32

EXECUTIVE MANAGEMENT COMMITTEE 14 A rigorous supervision The Executive Management Committee has been established in order to supervise the academic contents of the Executive Master in Responsible Banking. The Academic Committee will be formed by: Mr Pablo Cousteau Bsc Business Studies. Universidad Autónoma of Madrid. Was Specialist in Private Banking. Bancapital. Worked as Specialist in Capital Markets in Banesto. Former Head of OTC Equity Derivatives, BCH. Director of Specialized Programmes of IEB Mr Adam Austerfield BA (Hons) in History from the University of London, MSc Economics and Politics, LSE. Currently Director of Projects, LSE Enterprise Ltd. Secretary-General of LSE Alumni in Spain, President of the British Chambers of Commerce in Madrid, Board Member of the International Policy Group and UK Alumni Network (UKAN) Spain, and of the Fundación Hispano-Británico. Ms Laurie Dufays Business Degree in Economics from the University of Louvain-La-Neuve (Belgium) Worked as corporate credit manager and branch manager for banks in Argentina and Belgium. Professional Coach trained in NLP, Board Member of the International Coaching Federation in the Belgian Chapter. Actual Deputy Director at the World Savings-Banks Institute (WSBI). 33

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ADMISSION 15 Train with the leader Anyone interested in studying the Executive Master should fill in the application form or contact mrb@ieb.es The admission process consists of two phases: candidates will first have a telephonic interview with a member of the Admission Committee and afterwards they will be requested to carry out written access online tests to confirm their level of knowledge both in Financial Markets and in English. The third test is a personality test. IEB will ask candidates to send and fill in some documents as part of the Admission Process too. 35

DURATION AND CALENDAR 16 Programmed to fit you It is a one-year programme starting on May every year. The number of hours is as follows: Executive Master in Responsible Banking: one specialisation in Responsible Retail Banking or in Responsible Corporate Banking, 520 lecture hours. Executive Master in Responsible Global Banking: both specialisations, 640 lecture hours. Students will study approximately 10 hours per week, depending on the module. COST OF STUDIES 17 The value of the best training PROGRAMME SPECIALISATIONS FEES Executive Master in Responsible Banking Specialisation in Responsible Retail Banking or in Responsible Corporate Banking 9.000 Executive Master in Responsible Global Banking With Specialisations in both Responsible Retail Banking and Responsible Corporate Banking 10.600 WSBI-ESBG members and alumni of the IEB and LSE will benefit from a reduction on the above listed price. For more information and possible scholarships, please contact the IEB at mrb@ieb.es Executive Master fees include: Access to online study materials: readings, video streaming, exercises; All online assessments: exams, tests, case studies, final paperwork; Copies of course materials; Online tutorials, discussion groups and support; IEB student membership. 36

EXECUTIVE MASTER IN RESPONSIBLE BANKING IEB C/ Alfonso XI, nº 6 28014 Madrid T. 91 524 06 15 F. 902 190 200 91 521 04 52 mrb@ieb.es www.ieb.es Specialisation Corporate Retail PHOTO PERSONAL DATA Surmane...Name... ID or Passport nº... Nationality... Date and place of birth... Personal address...zip Code... Town... Country... Personal e-mail... Telephone... Professional e-mail...cellular Phone... ACADEMIC DATA AND PROFESSIONAL EXPERIENCE UNIVERSITY STUDIES Degree University Years Grades COMPANY IN WHICH YOU ARE CURRENTLY EMPLOYED AND PAST POSITIONS Post Company From (year and month) To (year and month) 37

LANGUAGES Written Read Spoken High Medium Low High Medium Low High Medium Low English HOW DID YOU HEAR ABOUT THE MASTER? PRESS RADIO INTERNET FORMER STUDENT FAIR SOCIAL NETWORK OTHERS Which... DOCUMENTS TO BE ATTACHED TO THE APPLICATION FORM Once the candidate completes this Application Form, IEB will contact him/her. The candidate will receive an e-mail from mrb@ieb.es providing him/her with more information about the Executive MRB admission process. IEB will ask him/her to send some documents as well as to fulfil the questionnaire that IEB will provide him/her. All the information provided by the applicant will be trated in accordance with the Law for Data Protection and will only be used for academic purposes, no other use being made of the same without prior express consent by the applicant. Date: Signature: Interviewed by:... Observations:... Signature (Reserved for the Master Directorate) Date 38

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c/ Alfonso XI nº6 28014 Madrid Tel. 91 524 06 15 Fax 902 190 200 / 91 521 04 52 mrb@ieb.es www.ieb.es 40