An entrepreneur in the banking industry, Julio M. Herrera Velutini stands out as the chairman of a prominent international bank. Also the founder of one of Venezuela's most prominent financial organizations, Julio Herrera Velutini emphasizes banking and lending standards as crucial elements necessary to stabilize national economies.
According to economic forecasters, Latin America continues on a path of slowing growth in 2014. Although the region's economy reported flat growth throughout 2013, early reports in 2014 suggested that capital influx to the region would lead to an economic pickup. Estimates in August 2013 suggested a growth of 1.6 percent this year, but September adjustments reduced this rate to 1.3 percent. Experts note that if this adjusted estimate remains accurate, the Latin American economy will grow at its slowest pace since 2009. However, current forecasts suggest that cash flow may resume in 2015, which would likely prompt an increase in growth. Current predictions suggest a 2.5 to 2.9 percent growth in 2015 and a 3.5 percent growth in 2015.
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Julio M. Herrera Velutini has more than 20 years’ experience in international banking, and he currently manages a major banking institution based in Puerto Rico. A hobbyist diver in his free time, Julio M. Herrera Velutini also enjoys taking advantage some of the location’s world-renowned diving sites.
Recognized by scuba divers as one of the most diverse locales in the world, Puerto Rico features an abundance of outstanding places to dive. Mona Island (Isla de la Mona) is the third largest and most distant island in the Puerto Rican archipelago and arguably one of the most beautiful. Uninhabited for more than 50 years, Mona Island is a protected 14,000-acre nature reserve hosting over 100 endangered species, including the Mona iguana, dolphins, and giant sea turtles. Its rich wildlife diversity has rightfully earned it the moniker the “Galapagos of the Caribbean.” Rising out of some of the deepest waters in the region, the mostly limestone landmass features a virtually untouched reef and countless miles of underwater caverns. To this day, the island’s only residents are employees of Puerto Rico’s Department of Natural and Environmental Resources, although it remains open to able-bodied tourists and divers who can manage the 40-mile boat ride. With a family history of more than 12 decades in the financial industry, Julio Herrera Velutini is a prominent banking professional in Venezuela. Julio M. Herrera Velutini serves as chairman of the board of an international bank in Puerto Rico, and formerly led as chief executive officer of a financial institution based in Caracas, Venezuela.
The official currency for Venezuela is the bolivar, also commonly referred to as bolo and luca. With a currency symbol of Bs, the Venezuelan bolivar has an inflation rate of 56.2 percent as of September 2014. In 2010, the Venezuelan government established a two-tiered official exchange rate system, which includes non-essential and essential rates. Non-essential rates are placed on imports and are set at 4.3 bolivares per dollar. Essential goods have a lower rate of 2.6 bolivares per dollar. Determined by the government, essential goods consist of expenses related to culture, health, sports, and scientific investigations; remittances to relatives settled abroad; and currency conversions for diplomatic activities. Over the course of his career, Julio M. Herrera Velutini has held executive leadership positions at numerous financial firms in Venezuela. Julio Herrera Velutini draws on this experience, in addition to knowledge gained as a broker in the Caracas stock market, to serve as chairman of a Puerto Rican bank. In doing so, he carries on his family’s century-long history of success in the banking sector.
Although 9 out of 10 formally established businesses in Venezuela are family owned and operated, maintaining a family business is not an easy task. Even in stable economic climates, 70 percent of family businesses are not succeeded by the second generation. Only 10 percent of family businesses remain successful long enough to see the third. The difficulty of passing a company on to heirs may be attributed to several factors. Rivalries and feuds among family members, even when unrelated to business, can negatively affect company operations. Family members may also disagree as to how the business should be run, which can lead to power struggles. Establishing solid guidelines for the succession and administration of a family business can help to anticipate such issues and solve them when they arise. Julio M. Herrera Velutini currently serves as chairman of an international bank and has previously led several financial institutions in Venezuela. With more than a decade of experience in international banking, Julio Herrera Velutini continues his family’s contributions over the course of a century to Venezuela and the development of the country’s banking industry.
The Velutini family’s influence on Venezuelan history began in the late 19th century with the accomplishments of Jose Antonio Velutini. A prominent public figure, he served as a military officer before holding several government positions, including cabinet member and state governor. An experienced diplomat, he also served a term as vice president and later led the country as acting president. The family’s success in the banking sector began in the following generation. A lawyer and scholar of political science, Julio Cesar Velutini Couturier launched his career in Venezuelan banking in the early 20th century. Becoming the president of Banco Caracas at the age of 30, he consolidated the bank’s stock and managed the printing of legal tender until the Central Bank of Venezuela assumed currency responsibilities in 1934. The Velutini family maintained control of Banco Caracas for more than four decades until its acquisition by Banco Provinicial. Serving as chairman of the board for a prominent international bank based in Puerto Rico, Julio M. Herrera Velutini carries on an extensive family history in the banking sector. For more than 120 years, Julio Herrera Velutini and his family have played a key role in the development of banking institutions in Venezuela.
His family’s involvement in the banking sector began with Julio Cesar Velutini Couturier. Born in 1880, he became a prominent lawyer and political science scholar before entering the banking industry. At only 30 years old, he assumed the role of president at Banco Caracas. He remained in this position for the rest of his life, making many improvements, such as the consolidation of the bank’s stock administration. Because Banco Caracas was established before the formation of Banco Central de Venezuela, he also oversaw the printing of Banco Caracas’ own currency. During the establishment of its banking legacy, the Velutini family also held key roles in the public sector. From the late 1800’s until the early 20th century, José Antonio Velutini held numerous government positions, including state governor, cabinet member, and diplomat. In addition to his time as a military officer, he also served as vice president and acting president of Venezuela. With more than a decade of experience in the banking industry, Julio Herrera Velutini currently serves as the chairman of an international bank based in Puerto Rico. He also has experience as a stockbroker, board member, and equity partner. Julio M. Herrera Velutini’s family has been involved in the Venezuelan banking industry for more than 100 years, and he has firsthand experience with the growing importance of technology for the industry.
Whether smartphone banking allows customers to leave their wallets at home or peer-to-peer banking becomes the dominant method of the future, technology undeniably plays a significant part in banking. With customizable mobile interfaces and bank-based message centers to serve a wider variety of clients better, banking in the future will likely be more customer-centered and offer more security on the go. Along with mobile banking, an increased emphasis on synergy and infrastructure improvement will help the industry stay ahead of the curve. For example, a loan started online could be finished over the phone or in a branch without having to start the process over. All of the changes focus on making the customer’s experience safer, easier, and more convenient. A prominent name in Venezuelan banking, Julio Herrera Velutini is part of a family legacy of successful financial advisors. Having worked for a number of financial institutions in Venezuela, Julio M. Herrera Velutini has played a crucial role in helping the country strive for economic stability.
In recent economic developments, Venezuela raised the amount that banks must deposit into the reserve by 1 percent, bringing the new figure to 21.5 percent. The hike is designed to curb the country’s inflation rate. Despite inflation, monetary liquidity increased to a tune of 70 percent last year following heavy spending by the state-owned oil company PDVSA. The reserve hike reversed the rate of 20.5 percent set in December 2013, placing more control on the country’s currency. While the government blames the rising inflation on unscrupulous business owners, the opposition cites product shortages and private sector confrontation as the reasons for the increase. International banker Julio M. Herrera Velutini boasts a family history of banking that spans more than 120 years in Venezuela. Following in the steps of his ancestors, Julio M. Herrera Velutini founded one of the largest financial entities in the country.
Venezuela currently operates under a fixed exchange rate, which presents a number of pros and cons. On one hand, the fixed exchange rate creates economic stability and serves as a way to lower inflation. One of the key objectives of fixed currency is the ability to support domestic industries. Although oil accounts for more than 90 percent of the country’s income, fixed rates allow Venezuela to increase its agricultural output. Today, the country produces between 70 and 80 percent of the country’s food domestically. On the other hand, the fixed exchange rate makes it difficult to provide foreign currency. Many international airlines and automakers report trapped funds in the country due to exchange system delays. In addition, the fixed rate causes a surge in parallel or black-market activities on websites or other sources that show unofficial exchange rates for Venezuelan currency. Julio M. Herrera Velutini is an international banker whose family has served as leaders in the Venezuelan banking industry for more than 120 years. As a participant in the banking industry and charitable activities in Venezuela, Julio M. Herrera Velutini understands the obstacles faced by the country’s economy.
New Venezuelan president Nicholas Maduro recently promoted former Public Banks Minister Rodolfo Marco to the role of Finance Minister, and he introduced a new industrial plan for Venezuela. To address the emergence of the black market in the country under its previous president, Hugo Chavez, Maduro designed a new plan to attract national and international private investment while boosting the value of Venezuelan goods. In 2013, Venezuela had one of the world’s highest inflation rates due to currency exchange and the reluctance of foreign investors to invest in Venezuelan endeavors. Production of goods in the country also decreased, and many individuals found themselves unable to obtain daily necessities. The new socialized economic plan focuses on adding value to Venezuelan goods, attracting investors, and creating a more sustainable economic future for the country. |
AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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