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| Tuesday, 12 October 2004 |
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Pan Asia Bank goes for multi-faceted change Pan Asia Bank yesterday unveiled its new corporate logo and name change as PABC Bank: Pan Asia Banking Corporation Ltd, Gearing itself to enter the bigger league in the local banking sector. The new logo of the bank was launched at a function at the Colombo Plaza Hotel. This strategic initiative was an outcome of the bank's multi-faceted change process launched in mid 2003 to re-strategise, re-structure and re-engineer its operations to strengthen and address key result areas (KRAs) where further improvement was needed for the long-term growth of the Bank. With the launch of its new logo and identity the bank expects to change the paradigm of customer care and service excellence, into a new dimension. PABC's new stratagem focuses on the direction of retail and middle market business, primarily on customer care and delivering service excellence, as the bank believes that service is a competitive edge it could deliver with its new branding. As such significant efforts have been put forward to re-align work processes, the organisation with the deployment of aggressive human resources development programs to train, educate, motivate and groom its employees. By developing its human resources, the bank also hopes to differentiate itself in the market by introducing a productivity system called, 'Balanced Scorecard' an internal HR program that is expected to bring in an element of competitiveness in the workflow and help stimulate growth, improve productivity and customer service of its employees. The Balance scorecard has already shown a change in attitude. The bank believes it will help recognise and reward employees and business units, with outstanding performances based on four critical factors, namely people, customers, processes and financials. In addition, by using its staff as the foundation for service, the bank hopes to forge ahead with a strong focus on retail and consumer banking which is expected to broadbase its clientele and improve on its fee based income. As such the bank will expand heavily on to retail banking and will extend its portfolio from basic retail banking services to exclusive specialised services with a spectrum of value added benefits. These include initiatives such as its Foreign Exchange Service (FES) - a specialised department whose main function is the sale and exchange of foreign exchange (travellers cheques and currency) to some of the Sri Lanka's largest corporates, travel agencies and high net worth individuals at their doorsteps - and 'Gedarata Mudal' - a unique home cash delivery service. To reach out to consumer across Sri Lanka, PABC also hopes to look into the expansion of its branch network primarily in the western province and in several strategic business hubs. At present PABC operates with 18 branches and hopes to increase the delivery channels within the year 2004. PABC has also given greater emphasis on streamlining its IT infrastructure to support and cater to efficient delivery of its services. As such the bank has increased its reach to customers by introducing a touch screen ATM network at identified key locations whilst planning for the implementation of additional ATMs in other locations convenient to customers. The on-line branch network of the bank will also be further strengthened by the addition of trade service extension offices at Dam Street and branches in Dehiwala, Wattala and Kotahena. PABC has also put in place a sound corporate management team of qualified, experienced and dynamic personnel to support its operations. The appointment of the Post of Deputy CEO, Head of Human Resource Development. Head of IT and other senior positions to the organisation has strengthened its ability to implement new bossiness plans, expedite its change process and formulate and execute effective corporate policies with the objective of creating a better future for all its stakeholders. PABC, which is a public limited liability company was incorporated in Sri Lanka in March 1995. In 2003 under an aggressive recovery strategy the bank was re-capitalised and re-structured and commenced operations with a clean balance sheet commencing January 2004. These aggressive plans launched to turn its business operations around showed tremendous success within six months. Today the bank sets out on a mission to steer itself to the future with a professional and passionate corporate management team, a supportive and persuasive Board of Directors and a dedicated team of over 370 employees. |
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