Wednesday, January 19, 2011

Mr. Salfiti, Isam / Chairman, Union Bank



Company Profile:
Union Bank was established in 1978 as a public shareholding company. The Bank was initially established as an investment bank, and in 1991 it completed all requirements for its transition into a full commercial bank. Union Bank has successfully evolved into one of the fastest growing banks in the Jordanian banking sector today.
Through the years, Union Bank managed to achieve very good organic, steady and sustainable growth. It has financed a number of vital infrastructure projects that hold long term benefits to the country and it’s citizens.
It currently operates a domestic network of 23 branches and offices distributed throughout Jordan in addition to one branch in Ramallah, Palestine, and a fully owned brokerage firm that operates one of the best money exchange operations in the Jordanian Market.
Part of the bank’s vital role is its integral part in the citizen’s daily life by supporting several community participation initiatives & market- outreach programs relevant to social and cultural activities, public health, education, entertainment, sports, musical, theatrical and literary activities.
Furthermore, Mr. Salfiti is incorporated with the following:
Chairman: Union Land Development Corp.; Chairman: Jordan Hotels and Tourism Co.
Board Member: Zara Invest. (Holding) Co. Ltd.; Board Member: Union Tobacco and Cigarette Factory; Board Member: Amman Baccalaureate School; Board Member: King Hussein Foundation; Board Member: Jubilee School Board of Trustees
Board of Trustees: The Red Sea Institute of Cinematic Art; Board of Trustees: The University of Jordan; Board of Trustees: Jordan Career Education Foundation; Board of Trustees: Columbia University Middle East / Research Center – Amman

How did you start your business?
I joined the family business, money exchange, with my father, Halim Salfiti in 1967, and then it evolved into a finance company (Arab Finance Corporation) in 1978. Eventually, it became Union Bank in 1991.

When you first started your business, were you expecting that it would become not only your full-time occupation, but also a growing company?
Not really. I did not see at that time it would evolve into a bank. Although, as years passed by, our dedication, ambition, and precision helped the business evolve and expand.

What is the most rewarding thing you have accomplished and why do you cite it above all your other accomplishments?
My three sons Basem, Nadim and Wasim are the most rewarding accomplishments that I cite above all. I find it rewarding to see their achievements and it makes me feel very proud. Seeing the success story through my children’s achievements is a wonderful feeling.

What were the biggest challenges you faced as an entrepreneur and how did you overcome them?
The biggest challenge would be turning from a privately owned business into a public shareholding company.
To overcome those challenges, I constantly taught myself with the guidance of my mentor, the belated Dr. Khaled Al Saleem, how to institutionalize and how to think accordingly.

What do you think it takes to be successful in the industry your company competes in?
Hard work, diligence, and a little bit of luck!

What advice would you give to those contemplating starting their own business?
They should learn how to inspire and motivate the people who will work with them and for them.
What is the question I did not ask, but should have?

Q: How can the upcoming generation incorporate and share their success with their country and its people?
It would be very noble of people, especially the upcoming generation, to reach out and serve the community they live in. By doing so, they will offer great support and opportunities to people less fortunate to achieve their dreams. In return, they would be serving their country and on a personal note, they could see how they were capable of altering citizen’s lives. I strongly believe in CSR, community participation and market outreach.

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