career profile
reaching high in society Zoe Frendo
There’s more to banking than numbers and money, says Zoe Frendo, Operations Manager at the Leeds Building Society in Gibraltar. “It’s about people, services and the trust they have in you and your team,” she explains. 16
Considering the last year or so has done little for reputations in the banking world, we were interested to hear Zoe’s perspective on the situation. She said, “Mutual Building Societies are owned by their members and this is one of the reasons mutual Building Societies are more cautious when it comes to investing funds. Another issue over the last year is the level of lending which banks have been giving to corporate clients and individuals in the form of mortgages and credit facilities. Again, as a mutual building society, we are not only more cautious, but our personal service means we know our customers well. We deal with individuals more than corporate clients and so our service is very much personalised too.” Zoe continued, “Leeds and other mutual building societies haven’t had the same trouble as the banks because they are more prudent, but there have been some knock-on effects in Gibraltar which are unavoidable. With lending much more restricted first time buyers don’t find it easy because they have to come up with a large proportion of the property value as a deposit, and although interest rates are favourable for them, it can be a big stumbling block as young couples find it difficult to come up with sufficient funds.” Zoe’s career started at the Newcastle Building Society as a branch assistant at the age of 18 here in Gibraltar. Three years later she moved to the Newcastle’s branch in Harrogate, UK, when her future husband, James, was sent as part of his Gibraltar Regiment posting. The couple returned to Gibraltar in 2003 and Zoe spent another three years with the Newcastle before taking a position at Leeds Building Society as a mortgage advisor having completed the CeMAP qualification (Certificate of Mortgage Advice and Practice). Zoe said “The Qualification is not obligatory in Gibraltar, although it is in the UK. So I felt it was important to be offering that extra level of service here on the Rock to give more confidence to our customers.” When the position for Operations Manager became available Zoe was just 27 years old, but even so had her career path clear. She said, “At the time the position in the Gibraltar branch was vacant I was effectively juggling my own job with that of the manager to keep the branch running smoothly. At the same time I went through a set of intensive interviews along with others for the position and was eventually chosen for the role. “My responsibilities fall into two categories. The first being that of reporting on possible money laundering cases, tracking suspicious movements, keeping our policies in this area up to date and working closely with the FSC, RGP & GFIU. It is an important part of the job and one I find very satisfying too. The second is investigating and developing new ways to improve services. Although this is my main workload, I have a very hands-on role within the branch and work closely with the staff. I’ve worked my way through the ranks from the bottom and often we’re short staffed so I like to keep my hand in on all aspects of the job so I can help to cover wherever I’m needed. Zoe’s position carries a lot of responsibility and when her first daughter was born one year ago she discovered not only the joys of motherhood, but those of a working mother too. She commented, “It didn’t really dawn on me at first. I always wanted to be a mother,
GIBRALTAR MAGAZINE • JUNE 2010