Global management strategy firm McKinsey has signed an agreement that will see it serve and advisory role to the Equity Bank Group in the implementation of the bank’s 3.0strategy.
On hand to close the partnership agreement at Equity Bank Headquarters was Global Managing Director Mr. Dominic Barton and Equity Bank Group, Managing Director, Dr James Mwangi.
Equity Bank’s engagement with McKinsey, will guarantee the bank access to a pool of global management resources required to fuel its transformational 3.0 strategy geared at changing banking to a lifestyle.
The strategy will turn Equity Bank from the conventional banking model;-Somewhere you go; to Something You Do.
Speaking when he hosted McKinsey& Company Global executives at Equity Bank Group Head office, Equity Bank Group, Managing Director, Dr James Mwangi,said that the growth of third world countries to medium income economies, will be highly dependent on a mix of local and global value systems including shared prosperity values, financial literacy, social cohesion and deliberate efforts to raise academic standards.
Such inclusive partnerships, he said, will involve efforts to empower African public and private sector players to adopt world class but locally formulated development strategies through mutually agreed collaborative avenues.
Equity Bank’s success, he noted is primarily as a result of formulating solutions to local financial inclusivity challenges. “We think global and act local in innovation and delivery of our services.”
The McKinsey & Company Global Managing Director Mr. Dominic Barton, who is also a member of the Canadian Prime Minister’s Advisory Committee on Public Service, welcomed Dr Mwangi’s views and described the partnership with Equity Bank as a unique opportunity. “We are happy to work with a partner such as Equity Bank; that promotes a unique globally recognized business model anchored on values and purpose driven principles which are the same principles that we uphold as McKinsey,” Barton said.
Barton noted that with a projected growth of more than 2.2 Billion middle class, highly urbanized, consumer base, in the next 20 years, the world’s economic powerbase will shift fundamentally. He said that the largest part of this population will come from emerging markets in Africa and Asia.
“Such a shift requires the integration of values and systems that can support a purpose driven organizational development,” Barton said. “Most importantly business organizations must shun their short term thinking and adopt a long term purpose driven approach to management,” he added