IB Named 2008 Outstanding Organization for Strategic Execution in China's Banking Industry
In an appraisal of the 2008 outstanding organizations for strategic execution in China's banking industry recently held by Financial News, the Industrial Bank came out on top to claim the title of Outstanding Organization for Strategic Execution in China's Banking Industry. The Bank's leading system for the formulation and execution of strategies is the main reason for its success in the appraisal.
The appraisal was organized by Financial News in the aim of establishing successful paradigms of strategic execution in China's banking industry that other organizations can learn from in order to increase their capacities in this regard. The panel of judges consisted of renowned Chinese banking and Strategic Management experts. For the judging, a mode of appraisal jointly created by the Financial Times and the eGate Consulting Co., Ltd. (The only China affiliate of the Palladium Group and BSCol) was adopted. Specifically, the capacities of banking companies in the formulation and execution of strategies was appraised on the basis of the five principles of Strategy-Focused Organization (SFO) and specifically by looking at how they performed in areas such as financial performance, public recognition, normalized strategy formulation processes, clear strategic goals, rational breakdown of strategic goals, continuous strategic review, motivated and capable employees, efficient information infrastructure, outstanding leadership and modern corporate culture.
Officials from the Industrial Bank stated that in the 20 years since the Bank was founded, the number of outlets opened by the Bank has gone from 1 to 400, the number of employees from 68 to over 12,000, total assets from RMB 600 million to over RMB 900 billion, net capital from RMB 300 million to over RMB 50 billion and annual net profits from several million to RMB 10 billion. Total assets and loan balance have been increasing at a rate of 40% per year on average, deposit balance has been increasing at an average annual rate of 50% and net capital at a rate of 30%.The Industrial Bank is now one of the top 10 commercial banks in China and has been named among the world's top 200 banks. In the 20 years since its foundation, the Industrial Bank has gone from being a local bank to a regional bank, a national bank and now a listed bank.
The reason that the Bank has been able to achieve such impressive results has a lot do with the Bank's capacity for strategic planning with foresight and efficient execution. Even after having been named 2008 Outstanding Organization for Strategic Execution in China 's Banking Industry, the Bank will still continue to make new efforts to further fine tune its strategic management system and enhance its capacity in strategic execution. It will continue to strive to become a first-rate bank that will prosper for decades to come.TOP