Concerns have emerged regarding the appointment of Filimone Waqabaca as the new chief executive officer for the Fiji Development Bank. The bank made the announcement regarding his appointment yesterday, revealing that he will officially commence his duties on January 15, 2025, which is nearly six months after Saud Minam, his predecessor and a well-respected figure in the banking sector, was placed on garden leave.
While the naming of Waqabaca did not come as a surprise due to widespread congratulatory messages on social media, it has ignited discussions within industry circles. Many analysts believe he faces significant challenges ahead as he steps into an influential role left by Mr. Minam.
Commentators have voiced skepticism regarding Waqabaca’s qualifications, particularly pointing out his lack of private sector experience and the fact that he has spent several years focused on diplomatic relations abroad. One industry expert speculated whether he possesses the necessary skills to advance the Fiji Development Bank’s agenda.
Notably, Titilia Kamil, the acting CEO and general manager of relationship and sales, has gained local support and is seen by some as a preferable candidate for the position.
In response to these concerns, the bank clarified that KPMG was engaged as the recruitment service provider for this crucial leadership role, emphasizing that Waqabaca was selected after a thorough recruitment process. However, questions linger about the extent of this process, given the absence of information about the pool of applicants.
Waqabaca boasts an extensive career in finance and banking, having held positions in national, regional, and international financial regulatory sectors. He currently serves as Fiji’s ambassador to Japan and has previously been the high commissioner to New Zealand. His academic credentials include a Bachelor of Arts in Economics and Management from the University of the South Pacific and a Master’s degree in International Banking and Financial Studies from the University of Southampton.
Throughout his 35-year career, Waqabaca has ascended through various roles, primarily at the Reserve Bank of Fiji, where he gained valuable experience in banking and financial management before taking on senior advisory roles with international bodies like the International Monetary Fund.
The board of the Fiji Development Bank expressed confidence in Waqabaca’s qualifications, stating that his comprehensive expertise will be crucial in leading the organization towards achieving its goals of sustainability and competitiveness. Waqabaca himself expressed eagerness to collaborate with the board and staff to enhance the socio-economic development of Fiji.
In summary, while Filimone Waqabaca’s appointment has attracted scrutiny, he brings a wealth of experience and a strong academic background that may serve him well in driving the Fiji Development Bank’s mission forward. His diverse expertise could facilitate valuable connections between diplomatic and financial sectors, potentially benefitting the bank’s future initiatives. The outlook remains cautiously optimistic as the organization navigates this transition.
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