International banker Julio M. Herrera Velutini belongs to a banking family with a 120-year history in Venezuela. Julio Herrera Velutini has extended his family’s history with his own 15 years in banking. Those years include expanding banking services to other countries and providing new services to meet the needs of art collectors and investors. Mr. Velutini works with a Puerto Rican-based international bank that provides art advisory services through expert advisors to help art collectors and investors make informed decisions about their art purchases. Art advisors for banks typically have deep knowledge of art and art history, an article published by Forbes.com, suggests. The Art of Investing in Art profiles an art advisor for Citibank, who was hired for her position after earning a master’s degree in art history from Cambridge University. Her expertise and that of other similarly qualified art advisors give banks the credentials and credibility to advise customers on art acquisitions. Counsel typically covers the areas of art advice, which may guide connoisseurs to art suitable for their collections, art investment, and estate and philanthropic planning. Advice on art investment helps investors select art that may be used in gaining liquidity for themselves, their heirs, or the philanthropy of their choice.
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Julio Herrera Velutini has the rare privilege of continuing a family tradition that extends four generations—banking. Among Julio Herrera Velutini’s banking forefathers is Jose Herrera Uslar. Here are a few facts about this distinguished Venezuelan.
In 1936, Mr. Uslar became a founding member of the Progressive Republican Party, which sought to combat Marxism in the country. After World War II, Mr. Uslar served as the Venezuelan ambassador to Switzerland. During this difficult period of time in Europe, when many thousands of children were orphaned, Mr. Uslar successfully placed 1,000 orphans in Venezuelan homes via his connections with Europe. Although the sport of basketball first arrived in the country in the 1920s, it wasn’t until the 1930s that Venezuelan teams were awarded professional status. This status was achieved through effort from people like Jose Herrera Uslar, who helped found the Basketball Federation of Venezuela (or Venezuelan Basketball Federation). Today, the organization represents the Venezuelan National Basketball Team. Julio M. Herrera Velutini and his family have served in the international banking industry for over 120 years. As a banking leader in Venezuela, Julio Herrera Velutini remains up-to-date on the latest technology in the banking industry. Technology has changed how many industries operate, including the banking and finance industry. In 2013, there were 1.8 billion mobile phones sold around the world, and 968 million of these were smartphones. This number rises every year. Thanks to smartphone technology, many banking customers now use mobile apps, like expense-tracking apps and digital calendars, when they calculate their personal expenses. They also use social media, which allows customers and bankers to communicate in new ways. Financial institutions and bankers are virtually always open when they integrate technology into their businesses. Now that customers can publicly demand the banking services they want and need, the onus is on banks to provide them. With the open door that technology offers, the banking industry is better positioned to make the changes that the public desires. Julio M. Herrera Velutini is an international banking professional born into a family that has been active in the Latin American banking industry for more than 120 years. In his position as chairman of an international bank based out of Puerto Rico, Julio Herrera Velutini aims to provide his customers with the convenience of easily accessing his establishment’s services online. The following questions and answers about international banking can help prospective customers better understand the services and benefits that international banks have to offer. Q: What is the difference between domestic and international banks? A: Both domestic and international banks function as firms that collect and lend money, however international banks are able to connect savers and borrowers from different countries. Additionally, international banks assist in trades and financial agreements between business people on a global scale, and help moderate foreign currency exchange rates. Q: What are the benefits of international banking? A: Because international banks connect businesspeople from different countries, the market is open 24 hours a day, 7 days a week, making it much more accessible to clients than conventional banking methods. Additionally, foreign currency exchange is simple and swift for international banking clients, and the process provides some protection against fluctuations in exchange rates. Q: Who should consider using an international bank? A: International banking is best suited for individuals who frequently travel or work abroad, who receive income in multiple forms of currency, or who want to send money or make payments in multiple currencies with ease. A member of the family that established Venezuela’s banking system, Julio M. Herrera Velutini serves as the chairman of an international bank with offices in Puerto Rico and Florida. Julio Herrera Velutini’s bank maintains membership with the Association of Banks of Puerto Rico (ABPR). In addition to representing banks, the ABPR publishes resources for consumers on various banking matters. For example, the organization’s website contains advice on what consumers should do if it becomes difficult to make mortgage and credit card payments. The ABPR first recommends contacting the relevant financial institution, as many lenders can negotiate payment alternatives, especially in the event of catastrophic illness or job loss. After communicating with the financial institution, the ABPR states that consumers can work with consumer credit-counseling services to decrease monthly payments and devise a budget. The ABPR cautions against doing business with organizations that claim to “fix” credit problems, explaining that only time and consistent payments can resolve credit issues. Julio M. Herrera Velutini, the scion of a family of entrepreneurial Venezuelan bankers, serves as the chairman of an international bank with offices in Florida and Puerto Rico. In that capacity, Julio Herrera Velutini stays abreast of the latest developments in the banking industry, particularly online trends.
According to a report by the research and consulting firm Celent, the ease of opening a new bank account online differs significantly from one institution to another. The firm compared the process of creating an online account at 26 banks in 2015 and found that applicants fared best when banks took a customer-centric approach and offered quick entry, an array of well-presented product options, and streamlined Know Your Customer (KYC) due diligence. In other systems, the process was less user friendly due to wet-signature requirements or notification about zip code restrictions late in the application process. Celent found that implementing a smooth online-account-setup process is extremely important because it is often a customer’s initial introduction to the institution and can determine the tone of the bank-customer relationship. As fewer transactions are conducted at branch locations, it’s essential that banks offer a user-friendly online experience. Julio M. Herrera Velutini, whose family has long been involved in Venezuela’s banking system, currently serves as the chairman of an international bank headquartered in Puerto Rico. Under Julio Herrera Velutini’s leadership, the bank is a member of the Association of Banks of Puerto Rico, an organization that represents financial institutions and offers resources to consumers.
Among its many services, the Association of Banks of Puerto Rico is conducting a financial literacy campaign to help consumers effectively manage their finances and navigate current economic conditions. The campaign educates consumers through a variety of channels, including a weekly radio show, financial training workshops, advertisements, and educational materials distributed to banks across Puerto Rico. On its website, the Association also publishes informative articles on financial matters relevant to consumers. For example, one article discussed lending money to a friend and explored the various considerations and possible complications associated with that decision. The Association also posted articles about creating a personal budget, saving on groceries, and applying for a loan. More information about the Association of Banks of Puerto Rico’s financial literacy campaign is available online at www.abpr.com. Recognized as a banking industry leader in South America, Julio M. Herrera Velutini belongs to a family with more than 120 years of history in Venezuela. Julio Herrera Velutini has also conducted extensive banking-industry work in Brazil, where all financial systems and capital markets are regulated by the National Monetary Council, the Brazilian Securities and Exchanges Commission, and the Central Bank of Brazil.
The National Monetary Council, consisting of officials that include the finance minister and the planning and budget ministers, develops credit and monetary policies for financial and capital markets. The National Monetary Council also handles areas such as payment for credit transactions, operating limits for financial institutions, and the availability of credit. Much like its American counterpart, the Brazilian Securities and Exchange Commission oversees the financial activities of many different entities, ranging from publicly traded companies and exchange markets to commodities and futures markets. Finally, the Central Bank of Brazil is responsible for the execution of the policies established by the National Monetary Council. A longtime banking executive based in Caracas, Julio M. Herrera Velutini carries on a 120-year family tradition of banking in Venezuela. Julio Herrera Velutini also played a central role in the advancement of the banking industry in Brazil, which has enjoyed considerable economic prosperity since the early 2000s. Over the past five years, however, GDP growth has slowed significantly in Brazil, reaching only 0.1 percent in 2014.
To revitalize the nation’s economic growth and combat current imbalances in the macroeconomic system, the Brazilian government has set surplus targets of 1.2 percent and 2 percent in 2015 and 2016, respectively. Authorities hope the surplus will offset the country’s primary deficit of 0.6 percent and overall GDP deficit of 6.7 percent in 2014. To realize its surplus targets, the Brazilian government has begun cutting discretionary expenditures and reducing entitlements. Authorities also have decreased treasury support for the electricity and public banking sectors in an attempt to shrink the country’s fiscal deficit. Julio M. Herrera Velutini, chairman of Banco Real in Venezuela, comes from a family with 120 years of continuous experience in the banking industry. Julio Herrera Velutini currently serves on the Banco Real directorial board alongside four generations of his family.
Family-owned businesses play a key role in the world economy. In Venezuela, approximately 90 percent of the country's 6,000 formally established businesses operate under family ownership. In the United States, family businesses produce 57 percent of the country's gross domestic product and create 78 percent of new jobs. As of 2011, family businesses also employed 65 percent of the active American workforce. Family businesses tend to generate a 5 to 6.5 percent higher level of productivity than their competitors. Economic experts attribute this trend to the higher levels of accountability and a sense of shared purpose that the family leadership team tends to bring to the table. Family business executives also tend to look toward the business' long-term success and succession. In the current market, 30 to 40 percent of family businesses pass to the next generation, a process that requires the business to be both well established and stable enough for new leadership. |
AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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