Commercial Bank International (CBI), a bank based in the United Arab Emirates, has hired Boston Consulting Group (BCG) to develop its 5-year strategic plan. The consultants will advise the bank on how to define its business strategy and coordinate the execution of the project, from data research to the final deliverable. The project is due to be finalized by the end of 2013.
In a press release CBI announced that it is a corporate strategic plan, which will entail all business units, including Retail Banking, Corporate Banking, SME and Treasury. BCG will perform three main analyses as a basis for drawing up the future strategy. Firstly, the consultants will perform a market analysis of the regional banking market. In addition, findings from global market studies will be integrated into the study.
Secondly, BCG will bring along best practices from clients regarded as 'world-class' banks, across all business areas, ranging from sales, marketing to operations and ICT. Lastly, BCG will analyse current internal policy and ambitions, in order to ensure that the bank's strategic priorities and DNA are incorporated into the future vision and roadmap.
“It is time for CBI to develop our next strategy and we are extremely excited to have partnered with BCG to do so. The outcome will provide a clear direction; a vision and a mission for the Bank, identifying the strategy that will make us achieve our aspirations for the next five years”, says Kris Babicci, Chief Executive Officer of CBI.
“CBI is a key player in the local banking sector, and we see great potential for the bank to further develop its capabilities. By developing and implementing the correct strategy, CBI has the potential of becoming a major industry player in the UAE within five years, and we are pleased to support them in their efforts to achieve these goals”, thus Ganesh Mohan, Managing Director of BCG in Dubai.
* CBI was founded in 1991 and has grown to a bank with 19 branches across the UAE.