Management Hence free essay sample

It was a win-win proposition for both HS3C and 01B to merge to draw synergies from the strength of both, HSBCS technology, global reach and product innovation and Olds domestic reach and strong customer base. Under the terms of the merger, HSBC Middle East will inject an additional capital of US $97 4m into HSBC Oman and in turn, 01B issued to HSBC new shares equivalent to 51 per cent ot the shareholding In the combined entity. Though there were synergies end the merger provided gains, there were certdln challenges. The organisational culture, customer profile, business segment, banking products and technology in place were totally different. All these require adoption of suitable change customers and 10,000 corporate clients of more than 80 branches under one unified anking platform and connecting more than 140 ATMs to the OmanNet National Switch Network were completed by the bank well ahead of its scheduled target. In addition, issue of fresh ATM/Debit cards to ex-OIB customers were achieved in record time. We will write a custom essay sample on Management Hence or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page HSBC Bank Oman also made changes in the business process by making a number of lending policy changes to benefit its customers, rolled out complimentary life insurance on personal loans, launched receivables finance besides providing value added services like on-the-ground payments and cash management roposition to strengthen clients coverage capabilities. (wrww. hsbc. co. om) Change of management style: The bank successfully manages the changes required in technology, business practices and physical infrastructure. However, the biggest challenge for the bank will be integrating the workforce and bringing across a uniform Organisational Culture. Towards this aim and in line with the National Objectives to retain all the 1300 people of both banks, HSBC trained ex-OIB staff to new working culture and banking products of HSBC group. Unlike other challenges, this one will be difficult to uantify and could be gauged only by the success of the merged entity in terms of its market share and financial performance. Conclusions: Though the bank has achieved significant progress in initial challenges like technological and organisational integration, the impact on its business can be gauged only after looking at the financial results of the bank and its market share in 2013 and 2014. However, with a newly expanded team, diverse geographical network and growing customer base, the business opportunities for HSBC Bank Oman are significant. No doubt the merger creates an opportunity for the bank to drive growth n Oman and thereby having a strong presence in the Gulf and demonstrate its commitment.