Steven K. Bake is a former Citibank executive and telecom entrepreneur with 20 years of professional experience in Asia. He is founder and CEO of Micronesia Registration Advisors, which has a 30-year exclusive contract with the Federated States of Micronesia to promote in Japan its corporate registry, captive insurance regime, venture fund management program, and 25.5% corporate income tax regime. In Honolulu, he is also the founder or board member of investment and technology companies, as well as a Trustee of Hawaii Pacific University (www.hpu.edu).
Mr. Baker was an executive with Citibank for over 22 years, based in Asia Pacific for the majority of those years. He was a member of the Group of 55, Citicorp’s senior strategy body, and was also designated a Senior Credit Officer for the bank. He was the Division Executive in charge of the Worldwide Securities Services division, with staff in fifty-two countries and a US$600 million dollar revenue base. In 1992, he headed up one of the well-publicized global Task Forces, established by the Chairman, to help turn the bank around. Formerly, he was based in Hong Kong for eight years and was Citibank's Division Executive for North Asia countries, as well as Hong Kong’s Country Corporate Officer, and developer with Great Eagle of Citibank Plaza’s 50-story towers. Prior to that, he was in Australia as Citicorp’s only Managing Director, where he formally and simultaneously launched five retail branches of the first foreign-owned nationwide bank, with Australian Treasurer Paul Keating. His earlier Citibank assignments were in Indonesia, as second in charge, and in New York, as head of the Corporate Real Estate department, for major homebuilders and land developers.
After retiring early from Citibank in 1994, he was based in Singapore, as the Managing Director of Transmarco Limited, a computer distribution and telecom service company listed on the Stock Exchange of Singapore, in which the Sampoerna Group, a billion dollar tobacco group based in Indonesia had a controlling interest.
He was a founder in 1996, the largest individual investor, and until September 2005 the Chairman of Lanka Bell (Private) Limited (www.lankabell.net), a fixed-wireless telephone company in Colombo, Sri Lanka, with a 25-year nationwide license. In this context, he raised US$175 million in debt and equity funding over the years, and helped arrange the sale of the company to Stassen Group, the largest business group in Sri Lanka. In Honolulu, he is a founding managing member of Palm Cove Capital, Seawater Investors, LLC, and Maunalua Bay Capital, LLC, boutique investment firms focused on green energy and high technology businesses.
In community and industry affairs, Mr. Baker has served on numerous boards in Asia, North America and Europe. In Hong Kong, he served on a number of Government and other Boards, including the Hong Kong Port Development Board, as appointed by the Governor, the Community Chest, the American Chamber of Commerce, the Hong Kong Centre for Economic Research, and he was appointed an Advisor to the Student Associations of the top two universities. Until 2005, he was also a member of the Board of Advisors of Round Hill Capital Partners, a Singapore and Tokyo based opportunity fund. Outside Asia, Mr. Baker was a Board member of the National Securities Clearing Corporation in New York and McLaren Cars N.V., based in the U.K. He was also a Participating Member of the Zurich-based International Society of Securities Administrators. More recently, he was a member of the search committee to identify and recommend the taxation director for the new Governor of the State of Hawaii.