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Hits the ground running
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2
stock-takingin
1999-2000
Brand Equityof the Bank
Did Share Pricereflect the
Brand Equity?
How one translatedBrand Equity into
Share Value
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1993 Reserve Bank of India ( RBI the Central
Bank of India) opened the banking sector to allow
Private Banks to operate in India once again Private Banks those dominated the market till 2000
ICICI Bank
HDFC Bank Global Trust Bank
BANK OF PUNJAB (BoP) TRAILED
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Growth of Deposits during 1998 99
@ 52% [up from Rs.170 million to Rs. 260 million ]
Total Business during the period @ Rs.393.2 million [ up from Rs.260.8 million]
Industry surveys indicated
Ranked No.11 amongst Indias Private Sector Banks
Ranked No.22 amongst Indias Best Banks [ Private & Public
Banks]
Ranked No.36 amongst all Banks in India [Including International
/ MNC Banks]
5
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To be a financial supermarket (thought of it in 2000)
To have a significant presence in the country by
2005 with primary emphasis on retail banking
6
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An exponential increase in its customer base :
- One million customers in two years, up from the four hundred
thousands present in early 2000.
- 15 additional branches in fiscal 2000 - 01.
- Calcutta and Chennai branches ( Metro City Branches) to be
operational by early 2001.
- install 100 ATMs with a focus on off-site installations by the end
of financial year of 2000 - 01.
A 24-hour customer care centre for tele-banking in place to
manage customer queries and information services.
7
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Network of 55 branches
Internet banking scheduled to go online in 2000 - 01
off - site ATMs and Debit cards on the anvil
Interconnected call-centres planned at Delhi, Chandigarh and
Mumbai
Recently joined MasterCard Global ATM Network
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The problem could be in the following key areas:
Perceptions about the bank
Services compared to competition
Inadequate communications initiatives
Positioning of the Bank
9
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A Quick survey reveals interesting insights :
Bank of Punjab lacked a definite identity
Most often confused with an Indian nationalized bank
(Punjab National Bank)
Did not have the image of being a modern or technologically
savvy Bank
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Perceived as a regional bank
Perceived as a predominantly agrarian bank [perhaps due to
the association with the state of Punjab]
Lack of awareness on the BoPs capabilities
Credibility lower than the other peer banks
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Courteous and polite
Branch ambience rich but traditional
Environment not young
Executives lack the conversion drive or laid-back in their
attitudes
Some degree of lack of awareness amongst existing
customers about the range of services
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ICICI Bank @ that point of time :
Modern and technologically ahead
Proactive & prompt
The GenerationY of Banks
Good network of branches and easily accessible
At par with international / MNC banks
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HDFC Bank @ that point of time :
Friendly and reliable bank
Leader in deploying technology in its services
A leader in the personal loans products
Relatively large , especially by the virtue of buying out Times
Bank ( a Private Indian Bank promoted by a well-known
Indian media house)
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@ that point of time :
While the Public Sector Banks needed time to adapt their
wide and far flung branch-based database to operate through
the net technology , both ICICI & HDFC Banks, who did not
have this baggage, surged ahead
Their initiatives in technology-led strategy gave them the
image of leaders . All others were me-too
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HDFC Bank had created a brand equity that reflected trust
and integrity
HDFC Bank in assistance / legacy with its promoter Company (
HDFC = Housing Development Finance Corporation Ltd) had
set up a center for housing finance to assist the government
& other institutions
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ICICI Bank was planning to set up net-Kiosks for its customers
[ web active customer base 100 thousand ]
ICICI Bank was targeting the kids-market through parents
opening accounts for them on the net
ICICI Bank was in the process of setting up 20 city specific
portals [e.g.: www.cafemumbai.com]
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Both banks were setting up shopping portals where
customers of the Banks could buy using their bank a/c
number
Both were positioning themselves as much more than just
banks . They were already perceived as comprehensive
financial supermarkets. They were focused at creating virtual
market places on the net
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Global Trust Bank (GTB) @ that point of time :
ABACUS [Any Branch any customer]
My Time ATMs
2424 Phone Banking
ibank@gtb
GTB also tied-up with MindTree Consulting Solutions (knowledge enabled software
services company)
MOUs with Indiainfo.com and Sharekhan.com ( various service providers in Financial Services
space)19
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The leading Banks were already positioned as financial
supermarkets, with a personality that was young, aggressive
and creative
While Bank of Punjab worked to position itself as a financial
supermarket , the leaders could get repositioned as premium
Wal-Mart in retail banking space in India
The differentiators would be the-ability-to-add-value , the
global image, and thepersonality
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Over 70% of Banks (Public Sector Undertakings included
PSU Banks) would be computerized within the year in India
All were aggressively looking at Information Technology
paddled services
Most resurrected PSU Banks would have larger networks and
penetration
Bank of Punjab would be one amongst many of Indian Banks
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Moving ahead ... but so are many other banks
BoP did not have a strong enough identity
The identity, in fact, seemed to have some negatives
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To be seen as dynamic Outrun the others
To be seen as innovative Product / IT Service difference
To be seen as vibrant Be the Hero in customer service
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Share prices need not be a reflection of present
health
Most often share prices reflect the affirmation in the
companys future
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Bank of Baroda (PSU) HDFC
Profits Rs.95 million Rs.12.5 million
HDFC Bank valued @ Rs.480 million
BOB valued @ Rs.150 million
* These figures are nearest approximation for illustrative purpose 25
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Share valuation
is a matter of perception
it is valuation of the brand
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Valuation of a bank is a function of:
Operational viability
Present activity
Growth expectations, visibility and credibility
Vision for the future
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Market Valuers could look at a few key issues:
Is there a track record
Is it technologically viable
Any acquisitions or products on the cards
How will it sustain profits
28
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Discerning investors would also look at:
Capital base
Staff & training
Culture
Level of technology
Composition of the Board of Directors
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A Scientific Process
Reflection of aspiration
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A strong brand has:
An identity
An identity that is positive
An on-going excitement about it that generates
expectations
Memorability
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32
Core
ProductPackaging Image
Association
B
R
AN
D
Delivery Of
Promises
Strong Brand
Personality & Credibility
STRONG VALUATION
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Our belief
strategy and discipline
will build the brand and the share value
The key question:
Can This Be Achieved?
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At a crossroad
Need to tackle issues like:
Perception of the Bank
Image of the Bank
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Association with Punjab too restrictive
Credibility low
No innovations perceived
Awareness on the bank pan-India very low
No USP
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Essential to have a national image
Need to promote an image of the promoters as visionaries or
ThoughtLeaders Project the bank as customer oriented and warm
Project the Bank as technologically advanced and efficient
Project the Bank as accessible everywhere
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Bridge the gaps in the banks services and positioning , both in
real terms and at the perception level
Create products and services that unify BoPs image across
the country
PR exercise to build up BoPs visibility , credibility and position
it as a bank to watch out for
Conduct conferences targeted at Investors and Corporates to
raise the visibility with the Investors
37
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Create visible activity amongst the retail segment in the 4
regions / 5 Metros and generate a unifying energy
Ensure that the core products at par with the best within 6months
Become aggressively consumer friendly
Innovate relationships with the consumer [even beyond the
banking need ]
Adopt a conscious image make-over route
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The Bank must ensure up-gradation of its banking facility on
the net : it was a MUST
The Bank to put in place a product that unifies the bank
nationally [e.g. easily accessed ATMs or Credit Cards]
Initiate conferences in Mumbai, the financial hub of India, to
build on customer satisfaction and technology
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Knowledge/convenience/Banking cafes
Journey to leadership contest / seminars
Logo & identity programme
Banking portal
Launch of credit card
School and college debates & projects on finance issues :
creating financial literacy among school ( in higher classes,VIZ Standard VIII,IX,X) going children and college going youth
( First Year )
Get to know relationship meetings with key-media
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Build relationships with media
Initial months the focus on:
Familiarizing them
and Creating Credibility
41
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OBJECTIVE:
Create awareness about the bank amongst mainline papers
and business dailies
Get BoP to close to the top of mind with the Press Feed information to the press on BoPs products, new
services etc
Initiate meetings with the bank s senior management for
familiarization on selective basis Make presence felt in Mumbai on customer satisfaction and
technology
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OBJECTIVE:
Creating awareness about the product by having Contest
Journey to Leadership which will run nationally for 3
months BoPs Financial Results to be Advertised as well as Press
announcements in all the mainline and financial dailies
Create excitement amongst the customers through
demonstration of new products & services and launch ofBanking & Personal Finance Portals
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OBJECTIVE:
Launch the Credits Cards all over the Country within the
period. This would be leveraged in the national press
Create credibility with press conferences and also having
one-on-one interviews with the board members
Position the Bank as customer focused
Target the schools and colleges in a strategic manner
Initiate inter-school debates on personal finances [sponsored
by the Bank] Sponsor projects on Technology Breakthroughs
These were the initial years of opening up of the Indian Banking sector with Credit
Cards, Net Banking, ATM services, Connectivity in Branch Banking etc.
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A name change has not been recommended in the plan only
so as to keep it name insensitive ( We have examples of
Bank of Baroda, Bank of Maharashtra, Punjab National Bankall PSU banks though)
However, it was recommended that some detailed research
carried out on the advantages and disadvantages ofcontinuing with a name that was restrictive and has
associations of agriculture and regionalism
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What was BoP
Branded as a small regional bank
A desirable acquisition for the biggies
Perceived as an old economy bank
Low awareness level of various products
Lack of customer-service focus
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PR Task
Position BOP as new private sector technology savvy bank
with national presence, customer-focus and innovative
products
PR Strategy
Strategic Communications
Consistent & systematic flow of messages
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THE SAMPLE MEDIA COVERAGE
49
I have only provided one simple collage of a few media clips to provide
the flavour of the media report being in sync with the strategy. Interested
readers can search the world-wide-web of relevant period and can look
at various media reports from other print, wire and visual media.
Unnecessary media clips would have made the file too heavy to load
anyways. And to find examples to support strategy reference, one can
always do Google Search for media reports.
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BoP regularly featured in leading financial media
Perceived as a bank with a national presence and huge
growth potential
New private sector bank with a strong foundation still a
probable takeover target though
A technology savvy & client driven bank offering latest
products & services
51
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'Centurion Bank of Punjab'- M&A road for
consolidation
The price of BANK OF PUNJAB stocks steadily increased over next 4 years
from 2000 till 2004, nearly 30 banks were in Private Sector Banking space in
India at that time
The top five controlled nearly 65% of the assets. Most of these private
sector banks were profitable and had adequate capital as well as
technology edge
In 2005 BANK OF PUNJAB (BoP) and CENTURION BANK (CB) were merged to
form Centurion Bank of Punjab (CBoP) 52
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The Reserve Bank of India, the Indian Central Bank, approved the
CBoP merger effective 1 October, 2005. The merger was at a
swap ratio 9:4 and the combined bank was called Centurion Bank
of Punjab
CBoP had a presence of 240 branches and extension counters, 386
ATMs, about 2.2 million customers. As on March 2005, the net
worth of the combined entity was Rs. 69.6 million and at a capital
adequacy ratio of 16.1%
http://www.business-standard.com/india/news/94-swap-ratio-for-
bankpunjab-centurion-bank-merger/212660/
53
http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/http://www.business-standard.com/india/news/94-swap-ratio-for-bankpunjab-centurion-bank-merger/212660/8/4/2019 bankofpunjabprcasestudyr-12667865361469-phpapp01
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CENTURION BANK OF PUNJAB a part of
HDFC BANK IN 2008
HDFC Bank bought Times Bank from media publisher
Bennett Coleman & Co in 2000While Centurion, which was bought out by Sabre
Capital in 2003 after major losses, also bought Bank
of Punjab and Lord Krishna Bank in 2005 ( Merged
entity Centurion Bank of Punjab)
HDFC Bank bought Centurion Bank of Punjab and
merged it with its mother Bank in 2008
54
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The biggest merger in **Indian banking is about to happen. HDFCBank will take over Centurion Bank of Punjab (CBoP) in an all-stock
deal. The respective bank boards are likely to meet on Saturday to
consider the merger proposal. The share-swap deal, worth over Rs
10,000 crore, may be worked around the current market price of Rs57 a share of CBoP.
In the pecking order, the merged entity will still be way below Indias
biggest private sector bank ICICI in terms of assets, but it will be
significantly bigger than Axis Bank. On Wednesday, officials of boththe banks held marathon meetings with a leading investment banker
to discuss the finer points.http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/Centurion-Bank-
of-Punjab-to-merge-with-HDFC-Bank/articleshow/2802712.cms
**Standard Chartered and Anz Grindlays merger was bigger in value but it was for whole of Asia, the
Middle East and possibly some part of Africa 55
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56/56
Thus ended the story of the amazing journey of
Bank of Punjab
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