CBI Launches New Strategic Plan
Monday, May 19, 2014
Bank to re-position with New Strategy, Vision & Values
Commercial Bank International (CBI) announced today the launch of its five-year Strategic Plan, following an extensive exercise led by management consultancy experts and endorsed by the Bank’s Board of Directors.
CBI’s new Strategic Plan provides an agenda to transform the Bank to take full advantage of its strengths, re-position for future growth, and maximize business efficiency across all functions.
Kris Babicci, CBI’s Chief Executive Officer, commented on the Bank’s Strategy: “Our Strategy will turn up the heat on our competition and allow us to seize and grow market share. We have put our years of business expertise at work and have hired a management consultancy firm to conduct extensive research into the shaping of a solid business plan for the future of CBI, calibrating growth over the next five years.”
The Bank’s new strategic focus will, in addition to the retail segment and large and medium-size companies, pay special attention to small and medium size enterprises in mid-cap segments. “Our main business focus will be on mid market segments in retail, SME, and Corporate through Syndications. In fact, Trade & syndications are major focus areas for the Bank where we are significantly leveraging on our strategic partnership with Qatar National Bank (QNB),” noted Babicci. “We are re-positioning for future growth. We will deliver improved returns by building on our strengths, concentrating on high growth areas, exiting marginal businesses and sharpening our focus on client needs and on building long-term relations with our customers. In the future, CBI will be stronger, better balanced and well positioned to deliver sustainable growth. In short, we are creating an agile bank that combines the highest standards of customer service and the finest aspects of a refined banking experience.”
At the core of CBI’s Strategic Plan lies a new shared vision for CBI, embodied in a new Vision & Mission statement - To be the preferred bank in the UAE for customers, shareholders, and employees, by constantly working harder building partnerships.
“We can achieve and deliver a solid performance when we are grounded in strong values and a common goal. We have hence agreed a single core Vision & Mission, a common purpose for CBI, and four Values that underpin it,” commented Babicci. “A proactive approach to customers is at the centre of CBI’s new strategy. As we move towards building profit-centered stability, and with all the potential offered to us by our strategic partnership with QNB, we realize that service quality, operational excellence, business efficiency, and long-term customer relations will be crucial to enhance and sharpen CBI’s competitive edge.”
CBI’s new Values formalized as PACT – standing for Passionate, Accessible, Committed, and Trusted – are “meant to help the Bank re-establish connection with its customers and better understand and meet their needs,” CBI’s CEO observed. Cultural change is therefore an essential part of CBI’s Strategy. “One crucial step is to bring the attitudes, behavior, and goals of our staff in line with the needs of our clients and our overall business objectives. We will measure and reward our people not just on commercial results, but on how they live our Values.”
In 2012, CBI entered a strategic partnership with Qatar National Bank (QNB), the leading financial institution and largest bank in the MENA region, with the latter’s acquisition of 40% of CBI shares. CBI’s new brand launched in March last year reflects this partnership.