Breaking Barriers in Banking: Ivylynn Cassar

By Kendea Smith

Banking Breaking Barriers

When you meet Ivylyn Cassar, one thing is immediately clear – she carries the rare blend of sharp business insight and grounded charm. As a trailblazer in financial services entrepreneurship, she has built a career not only defined by her strategic vision but also with her ability to lead with authenticity. Ivy’s story is one of persistence, adaptability and a quiet determination that has helped her break barriers while inspiring the next generation of women leadership in The Bahamas.

She started her career 40 years ago, upon graduating from university at age 19 on the heels of her 20th birthday.

“Touche Ross (now Deloitte) hired me as an entry level auditor. In 1987, I passed the CPA exams, promoted to senior auditor. Then in 1988 at age 23, I interviewed for a CFO job opportunity at a trust company, and the Scottish CEO told me that I was 15 years too young and 10 years inexperienced, but he saw a superstar and created a position available to report to the CFO. At age 28, I was the trust director,” Ivylyn said.

Her impressive background continued in 1997 when she was recruited as the managing director of Leopold Joseph, a bank and trust branch in The Bahamas.

Ivylyn’s mission was to build from the ground up, an extraordinary opportunity for a woman at that time.

“In my interview in the London head office, they only recruited white males from pedigree families, but I broke the ceiling as the first female from the minority race with no pedigree family roots, just a short, young woman 31-years-old, confident and resilient,” she said.

After the sale of Leopold Joseph group in 2004, the late Gilbert Cassar invited Ivylyn to join Equity Group that was formerly Experta owned by Dexia Private Bank.

It was a lifechanging moment for Ivylyn, who was now 40 and pregnant. She noted that she was grateful for Mr. Cassar’s confidence in her.

“Without the late Gilbert Cassar, there would be no Equity Group as the founder, and without his belief in me and professional and personal guidance I would not be who I am today,” Ivylyn said.

“When the markets crashed in 2009, we flew into Brussels and offered to buy Experta Bahamas. Our management buyout was later approved by the Central Bank of The Bahamas in 2010. My journey now has evolved; succeeding Mr. Cassar as Chairman of Equity Bank Bahamas Limited, employing 70 staff and contributing to the Bahamian economy.” Ivylyn is well accomplished. She was a STEP Trailblazer AWARD recipient in 2023 and holds professional accolades of CPA,TEP, ACIArb, Series 7, and JP.

Ivylyn explained that she has always been a force to reckon with because she has always been independent and fearless.

“I didn’t play like other kids, as I was bent on being the smartest student, competitive and energetic. I always wanted to be a leader, not a follower and took measured steps to accomplish this for myself,” she said.

“For example, working at the junior level to launch my career journey has helped me to have a better understanding of how it operates, which also allowed me to work and service clients globally. Opportunities to attend seminars and workshops were very valuable because they provided updates on the many products we offered. Climbing the ladder to becoming a member of senior management was not an easy undertaking, but it allowed me to function and appreciate each component as I climbed the corporate ladder to Chairman.” And the company has grown tremendously, since its establishment, Equity Bank Bahamas Limited and its affiliates have continued to evolve the broadest range of banking, investment funds, trusts, foundations, corporate products and related services.

Today, Equity employs 70 staff in its Nassau headquarters with estimated 2024 profits for the Equity Group to be between $7 to $8 million.

“The evolution and growth of The Equity Group during a period of tumultuous change and uncertainty across the international financial services industry is testament to our fierce and uncompromising client-centric commitment to professionalism and integrity in delivering exceptional services and inspiring confidence and security among our clients around the world,” Ivylyn said.

As a leader, Ivylyn takes pride in mentoring young people in the financial sector industry.

“Most rewarding is to mentor to other Bahamians to help them maximize their potential through hard work fueled by ambition and vision, especially young women. As women, we can achieve gender equality whilst having home life balance as wives and mothers. That is certainly a rewarding milestone. Some of the most challenging aspects are to win clients and gain the respect of global clients as local Bahamians operating an international financial services business,” she said.

“I believe it is important to understand the type of leader you embody. Engaging in self-reflection will enhance your comprehension of your interactions with others. Having integrity, compassion and resilience is key to building a good relationship with others. Finally, the ability to communicate your vision while allowing others to express themselves without being judged is critical in building trust.

“I believe that a leader must be able to share their vision so others can have a good understanding of who they are following, and the tasks involved in being led. As a result of my studies in transformational leadership, I have had the opportunity to strengthen not just my communication skills but also my leadership abilities. I believe in living the talk and demonstrating a positive and empathetic attitude towards others so that other women can follow.” Ivylyn noted that it’s no secret that women have historically faced greater barriers than men when it comes to fully participating in the economy. However, she says that this is rapidly changing. “I’m happy to take my seat at the table in financial services as Chairman and stakeholder. For many decades, The Bahamas workforce was dominated by men. It’s a man’s world with a small percentage of leading women. It’s true that in The Bahamas the woman is often seen as the head of the home, but she not the head of corporate even with all the progress we’ve made in recent years. The gap is closing as more women rise to the top tier,” she said.

“Women in Financial Services industry in the Bahamas have increasingly become a hot topic, as the Bahamas seeks to empower women as a part of its agenda, and gender equality continues as a debate constitutionally. While it’s thrilling to see the current energy and excitement around women’s leadership, the reality is, women have been practicing leadership, doing amazing things, and making global contributions for centuries enabling positive change, inspiring action, addressing difficult issues, moving communities forward.” Ivylyn said that unlike many of the competitors in the region, The Bahamas has a long history in providing international financial services.

She added that this is what makes the country’s financial sector formidable.

“Our experience is incomparable, and this experience has led us to be creative and responsive to emerging global trends and changing client requirements. A most recent example is in the digital assets area where we have created a regulatory environment that establishes us ahead of the pack of competing jurisdictions,” Ivylyn said.

“Our ability to be responsive is driven by a very strong and unique private and public sector partnership. That partnership is sometimes tested but there is a realization on both sides of the vital importance of the sector to the Bahamian economy.

The Bahamas embodies a full-fledged international financial center, offering comprehensive wealth management solutions that encompass banking, investment funds, asset management, trusts, succession planning, and now digital assets. This comprehensive approach is supported by a solid risk management infrastructure, confident regulators, a stable government, and a stable currency.

Additionally, The Bahamas benefits from being English-speaking, easily accessible, and a pleasant destination to visit. Moreover, we have the skill set to devise tailored solutions that may involve structures in The Bahamas but can also leverage our global network.” She also noted that The Bahamas offers a comprehensive wealth management environment where various financial services integrate seamlessly.

“This holistic approach ensures clients are not operating in isolation. They benefit from the synergy between private banking, asset management, investment funds administration, FinTech strategies, and corporate services,” Ivylyn said. For Ivylyn, success in the financial services has always been about paving the way for others. As one of the few women to rise to the top in a traditionally male-dominated industry, she understands both the challenges and opportunities that come with breaking barriers. Her journey is proof that resilience, vision and confidence can open doors that once seemed closed. And to women aspiring to carve out their own path in finance and entrepreneurship, Ivy offers this encouragement: “Envisioning goals and aspirations are what propels an individual toward their future. Failure serves as a valuable learning tool rather than an option. Strive to ensure that you have no regrets in your endeavors,” she said.