With profits declining in 2017, Noor Bank’s newly appointed Management Committee designed a 3-year turnaround strategy underpinned by a culture transformation plan.
In 2018 the bank reported an 18.9% increase in total assets and a 62% increase in net profit, the highest of all banks in the GCC.
In 2019 the success story continued with the bank increasing its net profit further, winning the ‘Best Transformation and Strategy 2019’ award, as well as CEO John Iossifidis being named ‘Best Transformational Leader 2019’ at the Global Islamic Finance Awards.
All this was made possible by creating an Organisational Culture that supported the bank’s strategy. As said by Gerhard Strydom, the Senior Vice President of Noor Bank at the time, “You can’t separate strategy and culture, you need to bring the two together.”
This article will describe the process, and go through the concrete steps it took to change the culture successfully.