CHAPTER 1
INTRODUCTION TO THE COMPANY OF PLACEMENT
This chapter gives an introduction of the organisation where the writer conducted his attachment. In this case the Attachment was conducted at Ecobank Zimbabwe which is an affiliate of Ecobank Transnational Incorporated (ETI). This chapter will look at the core values of Ecobank, the vision, the mission statement as well as a brief description of the whole organisation at large.
1. Background of the organization
1.0 Ecobank Group
Ecobank Group is universal banking group which was founded through a spirit of integration, cooperation and private sector development. Ecobank Group was formed in 1985 in Togo as a banking holding company through the support of ECOWAS. The Group is comprised of the parent company known as Ecobank Transnational Incorporated (ETI) and the other subsidiaries in other African countries. However in those subsidiaries the parent company would be the major shareholder. The bank has agreements with the government of Togo in terms of exchange control and legal rights.
The bank was formed to bridge the gap which existed in many Western African countries as most banks were state or foreign owned. Ecobank was established as a commercial bank due the fact that there were hardly any commercial banks in West Africa. Commercial banks are in the business of offering loans (line of credits), current accounts, etc.
Ecobank is currently present in 35 African countries, making it one of the banks with large branch network in Africa. Ecobank also has representative offices in France, London, Dubai, Beijing and Johannesburg. However the main vision for Ecobank is Pan African. The shares for Ecobank are traded on 3 stock exchange markets and these are; the stock exchange in Ni...
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...eatly discouraged as they harm productiveness.
c) Innovative
Ecobank encourages its work force to be creative. This is because it is through innovation that the bank can survive in an environment which is now being characterized by cut throat competition. Unproductive habits are not encouraged at all.
d) Effective
Ecobank believes in a culture of working hard and as a result the employees must be effective. The goals set should be smart and performance must be monitored against the deadlines.
e) Entrepreneurial
Ecobank expects its employees to be innovative. The employees should always be seeking for new business opportunities and then working towards exploring this opportunities in a profitable manner.
1.8 Ecobank’s 3 Pillars
The number 1 employer of choice.
The number 1 Customer Service Provider.
The number 1 bank in Generating Returns for Shareholders.
As Kerr is an educator and a professor in universities and not an economist, he examines his idea or creativity in the organization by making inquires starting from top management to the bottom in the organization and also to people who knew what the buyer or customer should be; then he would run it through his network in and outside GE to cross examination and double check or assessment (Davenport et al). Kerr’s successes effectively with the standing of ideas and creativity mainly rely on his continuing exploratory research with great creative thinking skills, expertise and motivation, and they also depend on his outstanding leadership and exceptional organizational culture of innovation in GE (Davenport et al, 2003).
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Canadian Imperial Bank of Commerce, also known as CIBC, is Canada’s fifth largest bank. Established in 1961, the bank that we know today was formed through the merging of the Canadian Bank of Commerce and the Imperial Bank of Canada. At the time, these two banks were the largest banks in Canada. CIBC’s head office is located at 199 Bay Street, Toronto, Ontario. This international company operates in Canada, Europe, the United States and the Asia Pacific region. CIBC`s vision is To be the leader in client relationships. They value Trust, Teamwork and Accountability. Their corporate objectives include building on their financial strength, unlocking value for reinvestment and to culture focus on client relationships. CIBC currently
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Kelley,T. (2005, Oct.). The 10 faces of innovation. Fast Company, 74-77. Retrieved 6th March’ 2014 from http://web.ebscohost.com/ehost/detail?vid=9&sid=1d6a17b7-c5f7-4f00-bea4 db1d84cbef55%40sessionmgr10&hid=28&bdata=JnNpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#db=bth&AN=18386009
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1997). By reviewing the literature on learning and innovation, we try to answer the following
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