Courtesy of Redwhite Communications

Ecuadorian banker Sebastian Paredes, the former president director of PT Bank Danamon Indonesia who spearheaded the aggressive transformation of the bank, has chosen Indonesia as his second home.

Brought up in a well-established family in the mountainous Ecuadorian town of Quito, the 49-year-old, who ended his tenure as president director of Danamon last week, had the wanderlust bug from an early age. His business administration education, coupled with a desire to see the world, made him a globetrotting banker.

But, despite his sojourns to France, Honduras, South Africa, and Turkey, Paredes said he still wanted to stay in Indonesia after resigning from Danamon’s top post, and make the country his home base, a decision he took after six months’ reflection.

“I want to station myself in Indonesia. Of course, I will go back to Ecuador, spend some time there for holidays and do some traveling. But I would like to stay here, and make Indonesia my home country,” he said.

Paredes said he was engaged to actress and pop singer Shanti, but did not elaborate on whether his decision to stay in Indonesia had anything to do with his relationship with her.

Paredes, born Juan Eugenio Sebastian Paredes Muirragui, said his decision to resign from Danamon was something he had been reflecting on for a long time.

“It’s a decision I took a long time ago, it is very important to continue the strategic phases of organization. The strategic transformation of Danamon over the last five years has been fundamental and sort of extraordinary,” he said.

Under Paredes’ leadership, the Bank more than doubled its loan book and expanded its customer base from 2 million to 5.2 million, according to the bank’s data. Its revenue grew by 241 percent, while its network expanded from 929 to more than 1,900 branches and points of sale. Danamon has grown to be among the largest employers in the country’s financial industry with a total of 41,000 employees, up from 26,000 in 2005.

“When Temasek bought this bank from IBRA [the Indonesian Bank Restructuring Agency], this bank didn’t have any business in the micro or consumer finance space. Today, micro lending and our consumer business represent 65 percent of the bank’s revenue. As you can imagine, the transformation has been profound,” he said.

“But in 2009, I realized the bank needed to reach the next stage of its transformation. This probably required a new direction that would take the bank to that level within the next five years, and I was not going to be at the bank for the next five years,” he said.

Paredes said his personal goals had always been linked to a professional desire for transformation and finishing a cycle. “I believe my cycle in Danamon has been completed. In the long term, I would like to continue to be part of something transformational, where I can really make a difference, where I can really take things to the next level,” he said.  

Before joining Danamon, Paredes was with Citibank for 20 years.

Paredes said he had taken time off to reflect on what he would embark on next. Banking is what he does best, but he is open to opportunities outside banking, and is currently evaluating some new ones. “But, I haven’t made a decision yet,” he said.

Paredes said living in different parts of the world had influenced him “profoundly”.

He lived in France for almost a year when he was younger, finished his undergraduate studies in the United States, and his master’s degree in Spain. He worked for Citibank in Honduras, South Africa and Turkey.

Paredes has grown to love Indonesia and its people. “The way people are in Indonesia; their friendliness; the openness and way of embracing the differences. It’s something I really treasure,” he said.

Indonesia’s diversity made it a unique place, he said.

Paredes’ father, a lawyer and journalist, sent his children to a German school in Ecuador. “My father always considered German schools offered the best education in terms of teaching and discipline,” he said. “You know, we, Latinos, sometimes lack structure. My father thought, if you wanted to get structure and discipline, the Germans know how,” he said.

He then seized every opportunity to work and live abroad. “My philosophy is that every country will give you something unique, in terms of culture, people and environment. And if you go with an open mind, there’s nothing but learning in every experience,” he said.

“And because I have an adventurous heart and mind, I took all the opportunities that came my way and always said yes when they made sense, and I have never regretted a single place I’ve been to,” he said.

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