BIM | Crisis: managing change to face the new environment

Fernando Sánchez, CEO of BIM, was invited by the National Chamber of Industries of Bolivia to share a talk with Marcelo Trigo, representative of the Association of Private Banks of Bolivia. The conversation revolved around the crisis caused by the COVID-19 pandemic and the decisions that companies must make to face a changing and, many times, unpredictable context.

Each sector has its own qualities, Fernando commented on this occasion, and each company is different, so the analysis must be adapted as appropriate, however, there are criteria that must be considered at all times. This refers to the importance of being creative enough to propose, both to creditors and investors, something key: alternative solutions. Another criterion is the non-interruption of the payment chain under any circumstances, as this will go against the business that you want to maintain. “Seeking creative solutions to the imminent change in market behavior, taking care of the relationship with customers and using technological solutions are also part of this new search for solutions to the crisis,” he commented.

Likewise, the CEO of BIM highlighted that the role of CFOs in companies has also changed. In practice, a financial manager has to understand the business very well, as well as the capital markets. He must also interact with shareholders, with creditors and be a link between the capital markets and the rest of the stakeholders.
For his part, Marcelo Trigo, explained the measures that the bank took to face the consequences of the quarantine and commented that at this time one of his responsibilities is to channel the resources that the State will provide for the reactivation of the productive sector. The event was attended by the directors of the National Chamber of Industries, representatives of departmental Chambers and more than 200 attendees.