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Retail
Strategy Development for a Major UK Retail Bank |
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We led a successful Board level initiative to more than double the
intrinsic value of the Bank’s core retail business. Reporting
to a steering committee including the Chief Executive, the Finance
Director and 3 key business unit managing directors we assembled a
joint team consisting of external consultants and client managers
to develop the fact base, understand and prioritise the key issues,
develop high potential strategic alternatives and, ultimately, determine
the value maximising strategy for the Bank’s core retail business.
Having developed a fact-based view of the
Bank’s strategic / competitive position using both internal
and external information sources, we generated insights that fundamentally
shifted our client’s view of its key markets. The
broad based review identified issues with product participation and
mix, customer focus, pricing, organisational structure, management
and salesforce incentives and operations. Having developed a grounded
assessment of the value of the business under various market and competitive
scenarios we evaluated the strategic alternatives to address the highest
priority issues. |
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A number of strategies including both organic and acquisitive
alternatives, offered substantial value upside. We were able to build
consensus around a strategy which would more than double the value
of the business over 3 years yet maintain flexibility to adapt to
significant uncertainty in key markets and to exploit opportunities
to achieve the benefits of scale through further acquisition. Together
with key executive and line managers, we worked to develop the strategy
into an implementation plan. This included detailed investment requirements,
performance targets (both strategic and financial), accountabilities
and milestones. This was then detailed in the annual budgeting process
setting detailed targets for the following year. Finally a management
agenda of high priority issues was developed to maintain focus on
those outstanding strategic, operational and organisational issues
which could not be resolved in the course of the Assignment.
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