Commercial International Bank: Leading Transformation in Turbulent Times Empowering People, Winning With Data
Subject
Economics, Organisational Behaviour
Authors / Editors
Peterson R
Biographies
Publication Year
2018
Abstract
In 2011, Cairo became the cradle of the Egyptian revolution. Transport workers, ambulance drivers and bank employees called for the end of President Hosni Mubarak’s regime. With a backdrop of volatility, Commercial International Bank (CIB), Egypt’s leading private bank, embarked on a major transformation. Hisham Ezz-El Arab, Chairman of CIB, placed customers, employees and shareholders at the heart of everything: his decision to invest in turbulent times went against conventional wisdom. In 2015, he hired Islam Zekry as chief data officer (CDO) to lead a new decision-making support unit. Trust was central. In the Arab region, leaders have power but they must also consult. Data transformation became the main pillar of the bank’s strategy, but Zekry’s team faced obstacles. The data geek squad proposed changes ranging from product offerings to advances in blockchain. In July 2017, CIB was named the ‘World’s Best Bank in the Emerging Markets’ by Euromoney. Still, its challenges were unmatched. More Egyptians were unbanked than banked and the country was dealing with an ailing tourism sector and soaring inflation. The bank’s future success would rely on the combination of data analytics, human capital, leadership and a culture of openness.
Topic List
Change management, Crisis management, Human resource management, Leadership, Strategy
Industry
Banking
LBS Case Number
CS-18-004
Location
Egypt
Publication Notes
Available on ECCH
No
