The bank was one of the oldest banks in the region and had a reputation for stability and strength in the marketplace. This conservative culture caused the bank to move slowly to change the business model as the market evolved, thus causing the bank to begin to lag the marketplace in innovation.
The management team recognized the need to improve efficiency and become more flexible to adapt to client needs. As a result, the Bank was re-organized along business lines and most support functions had been centralized. With the success of early changes, the Bank had identified the need to re-examine the Bank’s operations base and identify more positive opportunities for change in order to meet the challenges and leverage the opportunities presented by the expected expansion of the market.