baltic pr awards 2011: bank citadele – communication campaign of restructuring and launch of the...
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Bank Citadelecommunication campaign of restructuring and launch of the new brand
Kaspars CikmačsBoard Member and COO, bank Citadele
19 May 2011
Agenda
Anatomy of Parex banka’s liquidity crunchCommunication goals and tasksBrand developmentDecision to establish bank CitadeleLaunch of the new BrandClient communicationTransfer processResultsCommunication team
Parex
Past
Autors: Gatis Šļūka, 2009
Anatomy of Parex banka’s liquidity crunch
LPA enlarges share capital by LVL 140 million and issues a subordinated loan of LVL 50 million
EC approves enlargement of share capital, improving bank’s capital adequacy to 11%
Bank’s administration moves to the new headquarters
14.09.2009.
Government takes over the bank;
New Board elected
Bank’s syndicated loans are restructured
The EBRD becomes shareholder of the bank
03.09.2009.11.05.2009. 22.05.2009.23.03.2009.05.12.2008.11.11.2008. 25.11.2008. 01.12.2008.
Parex banka turns to the Latvian State for financial support
EC approves takeover of Parex banka
FCMC imposes restrictions on Parex banka
the global liquidity crunch Latvia turns to the international lenders
Latvia receives international financial supportState budget for 2009/2010 has been approved, foreseeing major reductions in expenses
10.2009.
Brand development results and decision to remove the crown
Communication goals
To preserve existing client base, increase their loyalty and to motivate clients to stay with the New Bank after the crisis, taking into account extensive competition in the market.
To motivate the Bank’s employees to attain better business results and achieve impressive reduction in expenses by 40%,
To change internal environment by increasing internal communication activities,
To manage the Bank’s reputation,
To inform all target audiences about the restructure process.
Target audiences:
Clients, potential clients, employees, shareholders and investors, Eurobond owners and holders of other financial instruments, syndicated lenders and financial institutions, opinion leaders and brand specialists in Latvia, media and general public.
New bank – new strategy
Brand development
To Stabilise
To Sustain To GrowObjectives for the new brand:1. Attract new deposits2. Restore credibility3. Build value in the new bank
We started at homeBy understanding what’s special about Parex…… and what should belong to the history.
Involving: Council, Board, Management, Managers and customer service
A path for the brand’s journeyInspiring and enabling individuals and businessesto develop economically and therefore improvesociety in Latvia and the Baltic region.=Inspiring and enabling individual enterprise
Drop Crown + FontExcessiveConnection to the pastCreates distance/exclusivity
Keep RedBold, visible, standoutIt’s largely unused bycompetitorsIt makes the transition morecost effective
Establishment of bank Citadele
FCMC decides to issue a banking licence for Citadele
Payment for initial capital of the bank Citadele (LVL 4 milion)
Increase of Citadele share capital by LVL 99 million
The EBRD buys from LPA 25% + 1 share of bank Citadele and sells to LPA 11,8 million Parex banka’s shares
LPA takes over from the EBRD subordinated loan for Citadele of EUR 11,2 million
28.06.2010. 28.07.2010.22.06.2010. 02.08.2010.30.07.2010.
Transfer of Parex banka’s assets and liabilities (business transfer) to bank Citadele
01.08.2010.
23.03.2010.
Cabinet of Ministers approves Bank’s restructuring model
01.06.2010.
Cabinet of Ministers decides to establish bank Citadele
Issues to solve:SWIFT, communication with clients and collaboration partners, approvals from more than 1000 organizations to receive
Communication issues:
Launch of the Brand and client communication campaign about the transfer in order to create a more positive background for new Bank's operations
Communication challenge:
FCMC issued a release with the name of the new Bank before the launch event
Launch of the New Brand• Series of events to launch the bank’s brand - one month before the split up, marking out
a virtual boundary between the old and the new bank:• Event to provide visual materials for media use up to the launch of the new bank’s
operations;• Offering an opportunity to present professional evaluations of the new brand, also
preventing the risk of the new brand being leaked;
Aim:
• Jaunabanka.lv portal, afterwards integrated into Citadele.lv.• Special PR events for limited audience and media
• Wolff Olins company representative ‘s lecture;• Addresses by CEO and government representatives;• Video greetings from prominent individuals, including the prime minister of Latvia;• Photo opportunity for media
Communication channels:
• Special greeting to all employees of the Bank (Greeting card and a small sticker with Brand) Announcement prior the event, Letter from the CEO and a badge with logo as direct mail to all employees, Announcement after the Event, Photo gallery and videos from the launch event in intranet
Internal Communication:
• Bank’s marketing and communication team, Leo Burnett Latvia, Komunikāciju Aģentūra/Edelman Affiliate Team:
Information• Through the Bank’s channels (websites in
13 languages and countries) • Development of new communication
channels (www.jaunabanka.lv)• Direct mailings to clients and collaboration
partners, clients of resolution bank (Parex banka)
• Extensive internal communications campaign
• And indirectly through media relations activities
• Media campaign (interviews, comments and opinions, interviews, media kits to regional media etc., supported by the advertising campaign closer to the split date)
Direct Communication• Client Contact Centre• Client Managers (Q&A)
EventsNew brand reveal event for defined 200 guests and photo opportunity for news media,• Events for media(Press
conference with Parex banka and bank Citadele management after the split),
• Events for clients (top corporate client conference, event for top private banking clients from the CIS, meeting with the new management, marking of first 150 customers of bank Citadele on the day of opening),
• Internal forums and manager meetings.
Client communication
Client communicationPrior to Split
• Letter to TOP 20 000 retail, corporate and wealth management clients
• Letter to 3000 merchandisers
• Announcement in internetbank
• Announcement in mass media
• Q&A to client managers
• Communication guidelines to client managers
Around Split day
• Information in branches and Client customer centres
• Information in web pages • Parex.lv• Jaunabanka.lv• Citadele.lv
• Annoucments in internetbank
• Letter about the actual split to the clients in the CIS
• Interviews and articles in press in Russia and the CIS
• Direct communication with clients using RUR payments
External Communication • 2nd “Dress rehearsal” and its results• Shareholder meeting• Information kits to regional media• Advertorials where necessary• Information in the bank’s web channels
Prior to Split date
• Media event• Introduction of Management of bank Citadele and Parex
banka• Press release• Fact sheets and press releases
Split date
• Information of transfer on Non Latvia jurisdictions• Interviews and comments to Latvian media• International media activities (interviews and comments
where possible)• Information on values, mission, vision and business goals of
bank Citadele
After the split date
Internal Communciations
• 2nd “Dress rehearsal” and its results• Shareholder meeting• Management of bank Citadele and Resolution bank• Communication transcripts for customer service managers• New business cards, e-mail signatures
Prior to Split date
• Management Forum• Information to client managers of Branches and customer service
centres – actually working on 1 August• Communication transcripts to customer service managers
Split date
• Information of transfer on Non Latvia jurisdictions• Information on Exterior and Interior Sign Change in LatviaAfter the split date
Communication for Resolution BankPrior to Split
• Management Forum
• Q&A to client managers
• Communication guidelines to client managers
Around the Split date
• Letters to 3000 clients of Parex banka
• Information on the Management of the Resolution bank
• Announcement in the first page of parex/citadele.lv websites
Technical split in LatviaData migration in information systems took 25 hours (31.07 14:00 – 1.08 15:00).
ATMs, internet bank, payment cards were working without interruptions.
Citadele web pages in 13 countries and internet bank were launched at 0:00 on 1 August.
All client current accounts were moved from Parex banka to Citadele. Any further transactions with Parex banka are carried through accounts in Citadele.
Client reaction after the splitDeposit volumes have increased during the first week of Citadele operations and the positive trend has remained.
Number of internet bank visitors during split:
At night until 6:00 – 289 visitors,
Total on 1 August – 37% more than on average Sunday.
Call centre received 30% more calls than usual.
Number of internet bank and payment card transactions without significant changes.
ResultsThe public was well informed about the restructuring of Parex banka and establishment of bank Citadele:
affirmed by the results of opinion poll, showing that 88% of Latvia’s inhabitants have heard about establishment of bank Citadele and its brand. Especially good results were achieved in the groups with higher income;
Publicity results:In July and August 2010 the 12 spokespersons of both bank Citadele and Parex banka were among top 20 in the Latvian media.Although in June 2010 Parex banka had the greatest number of publicity (1194), it had the largest amount of negative publications (91). In July and August 2010 share of voice peaked both for Parex banka (35 and 33%) and bank Citadele (17% and 16%). In August both banks had the highest publicity efficiency index – 38.37% and 38.24% respectively. The positive and neutral publicity reached 98% and only 2% of publications were fairly negative.
An increase in the Bank’s business was observed, including increase in corporate deposits, stabilisation of the client base.
the Bank repaid EUR 17.3 million deposit to the Ministry of Finance prior to the set deadline as the Bank has succeeded to grow its deposit base by another LVL 48 million in August 2010; thus, the Bank’s liquidity indicators substantially exceed the requirements;Clients were well informed about the split process and received the split calmly as direct communication with the most crucial target audiences was ensured.
Virs 801Ls
600Ls-800Ls
400Ls-600Ls
251Ls-400Ls
151Ls-250Ls
Līdz 150Ls
Nav at-
bildes
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
100%98%97%
94%76%79%
88%
0%2%3%
4%18%14%
8%
0%0%0%
2%5%7%5%
Ir dzirdējis Nav dzirdējis Grūti teikt
Augusts Septembris0
100
200
300
400
500
2 211 2
448406
45102
2755
Citadele's publicity by typeAugust - October 2010
Negative Alm. Negative Neutral Alm.Positive Positive
Am
ount
of p
ublic
itatio
ns/p
lots
Have you heard about bank Citadele?
No answerLess than 150 Ls
151-250 Ls251-400 Ls401-600 Ls601-800 Ls
Above 801 Ls
Haven’t heardHave heard Hard to say
August September
Communication teamPR agency: Komunikāciju Aģentūra/Edelman AffiliateBrand developers and implementers: Wolff Olins (UK) and Leo Burnett (Latvia)Banks Communication team: Maija Celmiņa, Raimonds Bricis, Indra Zinkeviča, Arita Featherstone, Mārtiņš Panke, Inga SalenieceManagement team: Nils Melngailis, Guntis Beļavskis, Valters Ābele, Vladimirs Ivanovs, Kaspars Cikmačs, Tīna Kukka, Daniel Frumkin
Thank you!Video “Ekspertu vēlējumi Citadele”
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