Savannah Bank Prepares to Resume Operation
As part of efforts to return to business, Savannah Bank has said it had organised a strategic session for its top management staff.
A statement from the bank at the weekend, disclosed that the three-day session held in Abuja, was facilitated by the bank’s Financial Advisers. The bank said the move was also aimed at reviving the brand.
A Federal Court of Appeal, Abuja had on February 20, 2009, declared that the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC), wrongly revoked the bank's license in 2002.
It had ordered that the financial institution should be allowed to return to business. Since then, the bank had been meeting with stakeholders on how to return to business.
However, the statement said: “The strategy session was to ensure that a unique brand with fresh customer insight is created. The Casers Group, DDB, Lagos participated in the brainstorming session focused on transforming the bank into a specialised brand with a key market niche. DDB is expected to help refresh the Savannah Bank’s brand equity with more viable creative solutions that will create the new desired distinct brand being mid-wived by PWC.
“Now, research findings revealed that the key players in the banking sector have continued to fall short of delivering on the most basic areas of customer service, customer support and back office operations, thereby not optimally meeting the demands of the customers.”
It also said that the financial institution was set to ensure that the right people, culture, resources and service delivery that would support and grow a new buoyant middle class were engaged.
It also said that the financial institution was set to ensure that the right people, culture, resources and service delivery that would support and grow a new buoyant middle class were engaged.
The statement also said the event was coordinated by Mr. Steve Burke of PWC South Africa and Mr. Ken Igbokwe of the firm’s Nigeria office. It stated that both experts were confident about Savannah Bank’s re-entry into the market, given all the efforts and available information.
According to the statement, a special tripartite joint task force comprising the CBN, NDIC and Savannah Bank had been constituted with the mandate to harmonise the bank’s records in order to galvanise its re-entry into the market next year.
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