Isidro Fainé Reelected President of the World Institute of Savings Banks and Retail Banks (WSBI)

The President of the “la Caixa” Foundation and CECA has renewed his three-year mandate as President of the World Institute of Savings Banks and Retail Banks (WSBI) during the General Assembly held in Rome.

The reelection took place during the commemoration of the WSBI’s centenary, with the presence of authorities such as the President of the Italian Republic, Sergio Mattarella. The Institute, founded in 1924, currently represents the interests of over 6,400 financial entities spread across 78 countries globally.

The entities associated with WSBI have a total of 13.25 trillion dollars in assets, employ 2.1 million people, and serve 1.7 billion customers with a network of over 220,000 offices. The priorities for the new mandate focus on financial and social inclusion, digitalization and innovation, sustainability, and social responsibility and global impact.

“Every year, the entities associated with WSBI allocate 3.5 billion dollars to social initiatives. Our goal is to reach 5 billion dollars in two years. By working together, we can go much further and benefit the lives of many more vulnerable people and groups across the globe,” emphasized Isidro Fainé.

Rome, October 31, 2024.- Isidro Fainé, President of the “la Caixa” Foundation and CECA, has been reelected as President of the World Institute of Savings Banks and Retail Banks (WSBI) during the General Assembly held in Rome, commemorating the centenary of the entity’s creation.

The meeting was attended by authorities such as the President of the Italian Republic, Sergio Mattarella; the Minister of Economy and Finance, Giancarlo Giorgietti; and the Governor of the Bank of Italy, Fabio Panetta.

The members of the Assembly of WSBI, which represents the interests of over 6,400 savings banks and retail banks in 78 countries, unanimously reelected Isidro Fainé to lead the institution for the next three years. The German Peter Simon remains as the General Director of the entity for this period.

In his speech, Isidro Fainé referred to the centenary of the Institute: “Reaching 100 years is an emblematic milestone in our history. Our founders were inspired by the ideals of saving and social progress and laid the foundations of an Institute that has endured all kinds of economic upheavals, wars, pandemics, and technological transformations.”

Furthermore, the President stated: “The members of WSBI have more than justified reasons to proclaim that we are more than mere financial institutions, as with our philanthropic actions, we drive social change and facilitate human progress. We understand human nature, and we are defenders of its freedom. We are also lovers of justice and equity. And we do everything in our power to assist the most vulnerable groups.”

In this same vein, Isidro Fainé asserted that “every year, the entities associated with WSBI allocate 3.5 billion dollars to social initiatives worldwide. Our goal is to reach 5 billion dollars in two years.”

The President also reminded that “at WSBI, we use the famous three Rs to summarize our system of values and corporate culture: retail, referring to our commitment to customers; rooted, because we are committed to the territory; and responsible, for our commitment to the society of which we are part.”

Finally, the President outlined the strategic objectives that WSBI has set for the coming years:

• Financial and Social Inclusion: provide financing to the most vulnerable segments of the population, maintain broad networks of branches that facilitate access to in-person banking services in rural and remote areas, and serve all segments of the population, with an emphasis on the elderly.
• Digitalization and Innovation: ensure that its members and clients are well equipped with the tools, skills, and knowledge necessary to thrive in the digital world, always keeping ethical considerations in mind.
• Sustainability: promote the United Nations Sustainable Development Goals through substantial investments and specific programs.
• Social Responsibility and Global Impact: the entities associated with WSBI are at the forefront of this task, through the Social Work and philanthropic programs.

Social and Philanthropic Council of WSBI, International Social Work

The Social and Philanthropic Council of WSBI, chaired by Isidro Fainé since its establishment in 2023, embodies principles deeply rooted in the savings banks and retail banks associated with WSBI: social investment and contributions to philanthropic projects.

This Council serves as a platform for WSBI members to exchange ideas and share best practices, and fosters concrete investments that strengthen communities and empower the most vulnerable individuals. Its areas of work encompass six domains: poverty reduction, youth support, education promotion, women’s empowerment, elderly care, and environmental sustainability.

The entities of WSBI allocate annually 3.5 billion dollars to social initiatives worldwide. This figure, which has doubled during Isidro Fainé’s last term as president of WSBI (1.8 billion dollars annually in 2021), highlights that the savings and retail banking sector continues committed to supporting and channeling private funds toward sustainable economic development, focused on poverty mitigation and educational advancement.

Prominent international actors in Social Work and philanthropy are part of this organization, such as the “la Caixa” Foundation and CECA (Association of Savings Banks, their Banks, and Foundations) of Spain, the Grupo Social Foundation of Colombia, Al Barid Bank of Morocco, GSB Foundation of Savings Banks of Thailand, the State Bank of India, and the Sparkassenstiftung of Germany, among other reference entities.

100 years of WSBI, a century of social commitment

Founded on October 31, 1924, in Milan during the I International Savings Congress, WSBI has become the world’s oldest banking association, with 103 members in 78 countries. Over a century of history, WSBI’s activities have demonstrated a lasting commitment to positively influencing the lives of individuals and communities worldwide.

From October 28 to 31, WSBI commemorated its centenary during its 27th World Congress. The meeting took place at the Auditorium di Confindustria in Rome in collaboration with the Italian Association of Foundations and Savings Banks (ACRI), paying tribute to a historic trajectory of innovation and commitment to serving society.

The World Congress brought together prominent representatives from the banking sector to discuss the present and future of banking, under the theme 100 years together shaping the future of responsible banking, which summarizes the vision and commitment of the international body to shape the next era of banking. Throughout various round tables and presentations, participants explored fundamental topics such as financial inclusion, sustainable finance, digitalization, and gender equality in the financial sector, among others.