Building a Bank- Learnings & Reflections from a Start-Up Bank Treasurer with Neophytos Kathitziotis
WHAT ATTRACTED YOU INITIALLY TO THE OPPORTUNITY OF BUILDING A BANK, FROM BOTH A PROFESSIONAL AND PERSONAL PERSPECTIVE?
There were really two things that appealed to me. First, the adventurous aspect of the opportunity — the chance to work on something with real complexity, in a new international setting. The idea of helping to build something from the ground up was both exciting and motivating.
Second, it was the shift in focus. I’d spent the first ten years of my career in banking during a time of constant restructuring — largely around cost-cutting and operational streamlining. This was a growth project, and that calls for a very different mindset and skill set. Growth creates opportunities, especially if you’re involved from the early stages. If you’re willing to get stuck in and deliver, you can gain experience and insight far more quickly — and that really supports both personal and professional development.
LICENSING & TARGET OPERATING MODELS – WHAT ROLE DOES TREASURY PLAY IN THE LICENSING PROCESS AND IN DEFINING THE TOM OF AN ASPIRING BANK?
Treasury plays a central role. Naturally, the commercial case has to be sound — the products and client proposition need to make business sense — but Treasury is really the backbone of the bank. We shape the balance sheet, model its development, and ensure the bank meets its regulatory obligations, both in normal conditions and under stress. Much of the content that goes into a licence application depends heavily on Treasury.
In the early days, Treasury also acts as the first line of defence for risk. Before you start taking on credit exposures through new client activity, most of the bank’s key risks — aside from operational — are Treasury-related. So it’s a function that sits right at the core of the bank’s early structure and decision-making.
Because of that, you find yourself working very closely with the management board from the outset. The nature of the role gives you visibility and exposure at the top table, and it allows you to contribute meaningfully to key decisions around strategy, planning, and execution.
HOW DO REGULATORS RESPOND AND INTERACT WITH BANK LICENCE APPLICANTS, AND WHAT PART DID YOU AS THE TREASURER PLAY IN THOSE CONVERSATIONS?
Regulators are understandably thorough — their focus is on ensuring the proposed bank is not only commercially viable but also safe, sustainable, and well-managed from day one. A key part of their assessment centres around the business plan, the ICAAP, and the ILAAP — and Treasury typically leads on all of those fronts.
The conversations are rigorous but constructive. It’s important to approach them with transparency and a readiness to show how your assumptions and frameworks stand up under scrutiny. Regulators want to see that you understand your business, your risks, and your resilience — and that you have the right governance and controls in place to manage them.
WHAT CANDIDATE PROFILES WORK BEST FOR AN ENVIRONMENT LIKE THIS, AND WHAT SKILLS DO PROFESSIONALS TAKING ON ROLES IN THIS SPACE NEED? (PRACTICAL / COMPETENCY / TECHNICAL)
It really depends on two key factors: the seniority of the role, and the individual’s approach to working in a dynamic, build-phase environment.
For junior roles, attitude and technical curiosity are essential. You need people who are eager to learn, adaptable, and comfortable with ambiguity — much of the technical detail can be picked up on the job, provided they’ve got the right mindset. A solid level of comfort working with data is also important. When you’re building everything from the ground up, the ability to create basic models or automations — whether in Excel, Python, or similar tools — really helps move things forward efficiently.
For more senior positions, the ability to work independently is critical. You need people who can take ownership, solve problems proactively, and navigate stakeholders across functions. Influencing skills, resilience, and sound judgement are just as important as technical knowledge. It’s not just about knowing your subject — it’s about being able to apply it in a fast-moving, evolving context.
Problem-solving is essential at all levels. You need people who can think critically, spot issues early, and get things over the line. Those who’ve only ever worked in steady-state, business-as-usual environments may find it challenging to deliver in a build phase — and vice versa. It’s about finding the right mix of profiles at the right time in the project.
At the end of the day, it’s less about perfect CVs and more about having the right mindset and being willing to build things from scratch.
HOW IS TECH BEST BEING DEPLOYED IN THE CHALLENGER BANK SPACE?
Technology plays a critical role in challenger banks — it’s what enables leaner teams to manage complexity, scale efficiently, and meet regulatory expectations without relying on large infrastructures. But in reality, not everything is fully built or integrated on day one. Especially in Treasury, you often find yourself needing to work around what isn’t there yet.
Treasury depends on a range of data points — from regulatory reporting outputs to finance and risk metrics — in order to manage liquidity, funding, and the balance sheet effectively. In the early stages, this often means building interim processes, manually reconciling data, or working closely with other teams to get the inputs you need. It’s not always streamlined, but it’s essential.
A common trade-off in early-stage banks is delaying the implementation of a Treasury Management System (TMS) to manage cost. While understandable, this often places a real strain on day-to-day Treasury operations. Without a TMS, it’s harder to maintain a live view of the balance sheet, manage liquidity dynamically, or respond quickly to shifts in the market — or to regulatory expectations.
So while you don’t need a full tech stack from day one, I’d argue that investing in core Treasury tooling early — even in a lightweight or phased approach — gives you more control, improves data confidence, and reduces operational risk. In this space, tech isn’t just about efficiency; it’s a key enabler of sound balance sheet management.
WHAT WAS YOUR BIGGEST LEARNING IN THE ROLE?
Resilience. That’s the single biggest takeaway. There’s a huge amount of change in a build environment — and not just in the technical or operational space, but particularly on the people side. Building a sense of shared purpose is essential, because deep working relationships take time. And not everyone will feel this journey is for them — and that’s perfectly okay.
I also learnt the importance of staying flexible in how you show up. Sometimes you need to lean into certain strengths or dial up your energy, and in other situations, it’s better to take a step back and listen. It’s a bit of a test-and-adjust process, based on what the moment calls for.
Another big learning was how often you’re operating without a clear blueprint. In a small entity, and especially in a new set-up, you’re often working with limited precedent — not just in terms of delivery but also in interpreting regulation and understanding how it plays out in day-to-day practice. There isn’t always a handbook.
To deal with that, I found it really helpful to build a small network of senior Treasury professionals to bounce ideas off, maintain open dialogue with consultants who’ve worked across different institutions, and engage with industry events. Embedding those voices into conversations with senior management also helped bring outside perspective to internal discussions.
ON REFLECTION, HAS THE EXPERIENCE MADE YOU A BETTER TREASURY PROFESSIONAL OVERALL, AND WHAT SKILLS WILL YOU CARRY FORWARD?
It’s a tricky one to answer. I’ve definitely learned a lot — especially around the practical challenges that a new bank faces as it approaches go-live. There are questions I now know how to answer with confidence, and I probably wouldn’t have known those before this experience. That said, in today’s world, if you’ve got a solid foundation and access to the right people — or even AI tools — you can often work out the technical answer. So I don’t think technical knowledge alone is the differentiator anymore, particularly in a smaller bank setting.
What I’ve really taken from this is a stronger approach to problem solving, a better ability to navigate ambiguity and complexity, and the confidence to influence senior stakeholders when key decisions need to be made. Those are the capabilities you only develop through practice, and more experience brings more confidence in your ability to drive good outcomes.
I do believe I’m a stronger Treasury professional now — someone who can deliver under pressure and bring people along. At the same time, I recognise there are plenty of others who are sharper in certain areas, and I’d genuinely welcome the chance to learn from them or have them on my team. Supporting the growth of others has become more important to me, and it’s something I want to keep building on.
