Visible leader

Mauritius’s abundant natural blessings have made it an iconic tourist destination – but its location in the Indian Ocean, at the crossroads of Asia and Africa, has long positioned it as a trading and financial hub.

In the 17th century, traders from the West, India, China and the Middle East met in Mauritius to settle and pay their accounts. Four hundred years later, the country’s stable economy and business-friendly environment have helped to create a thriving financial sector and one of the most developed banking markets in Sub-Saharan Africa.

Gateway into Africa

This makes Mauritius a key ‘gateway into Africa’, according to Danny Balluck FCCA, regional CFO for Southern Africa and Mauritius at Standard Chartered. ‘The banking sector is an important pillar for our economy and critical to the financial services sector,’ he says. ‘We are an investment-grade country and an important emerging international financial centre of repute, with a special focus on the corridor and flows of Asia-Africa business.’

A strong regulatory system, good levels of capitalisation, and financial resilience – displayed during the 2008 financial crisis and, more recently, the pandemic – have underpinned the impressive growth of the banking sector, which is approximately four times the size of the entire Mauritian economy.

As a regional CFO, Danny is heavily involved in the strategy of the bank, which opened its subsidiary in Mauritius in 2002. ‘I see my role as looking after the organisation’s financial health and resilience, and I take a leading role in the financial and strategic aspects of the organisation, both in a business-as-usual or a crisis situation,’ he says. ‘That’s what I love and what makes me jump out of bed every morning.’

Regulatory compliance, of course, is the other focus of his role. ‘Regulators in the banking industry are very demanding and ahead of the curve, for the right reasons,’ he says. ‘We need to make sure we have all the infrastructure and processes in place to meet their requirements and expectations at all times. That’s non-negotiable.’

Business of prosperity

Born and raised in Mauritius, Danny says he always wanted to work in the financial sector. ‘Banking is a highly dynamic industry; it’s what I love and what I am passionate about. We are in the business of prosperity; we make a positive impact on the lives of people who bank with us. Banks are not just businesses; they are a movement for socioeconomic development and transformation.’

With ambitions to work in the financial sector, an accountancy qualification was ‘the natural portal’, he says. ‘In the late 80s and early 90s the country embarked on an important development phase with the setting up of the financial services sector and Global Business, a licensing regime to attract foreign investment into the country. It created a lot of interest and opportunities for school-leavers and graduates.’

Rather than joining an audit firm, Danny took the less travelled route and joined one of Mauritius’s largest manufacturing companies, CIEL Textile, as an accounts clerk, at the same time studying for the ACCA Qualification. ‘ACCA was already well known at the time and had a high reputation for its brand and global coverage, so it was an easy choice,’ he says.

After moving to EY for a period to gain exposure to different sectors, particularly in the consultancy area, Danny returned to industry, taking up a financial controller role in the hospitality sector, before rejoining CIEL as CFO of its investment management company, Investment Professionals. In 2008, CIEL acquired a banking entity and Danny was offered the position of CFO. A few months later, the financial crisis hit. ‘Challenging, but exciting,’ is how he describes this baptism of fire. ‘It was a turning point in my career, and my experiences intensified my passion for international finance and banking.’

Commitment to governance

Danny’s interest in and commitment to governance extend well beyond his day job at Standard Chartered. He is also chairperson of the Mauritius Institute of Directors and a board member of the Financial Reporting Council, where he currently chairs the Financial Monitoring Panel. The institute is focused on training and coaching directors and aspiring directors to give them the skills they need to reach board positions and contribute positively to the country’s success. ‘Good governance is critical in any organisation, industry, country and society at large,’ he says.

The role of the CFO, he says, has ‘dramatically evolved’ during his time in the workplace. ‘The CFO is in a unique position; they have a broader view of what’s happening in the organisation and, more importantly, have extended responsibilities beyond finance, playing an important role in strategy, risk management, investor and stakeholder engagement and regulatory compliance.’

Raising the profile

Danny is particularly passionate about the need for accountants to raise their profile. ‘It’s important to be active and provide visible leadership on strategic issues,’ he says. ‘Accountants need to up their game and lead in the strategic development journey of the organisation. There are big improvements to be made in that respect. And we need to enhance our engagement with partners outside the business; we tend to be too local, despite the fact that we operate in a globalised environment.’

In this, Danny is leading by example. Last year he was recognised for his skills and experience when he won the inaugural ACCA Africa CFO of the Year Award.

And, as an active member of the ACCA’s Global Forum for Education, he is passionate about the changing skills of professional accountants. ‘The CFO is expected to operate as a transformational leader, who shapes the organisation in a more resilient way to cope with future challenges and disruptions,’ he says.

‘We talk a lot about the future of finance, but in my view the future of finance is already here. And we, as accountants, are in the middle of it.’