CHANGE MANAGEMENT

FINAL PROJECT

Submitted to:
Sir CDR ® M. AKRAM

Submitted by:
Uzair Bin Zafar (Leader)
M.Furqan Zeb
Rao Sabir Vaqaur
M.Abdullah
Ibrahim Sohail Dar

Class: BBA VI-B

Table of Contents
Table of Contents......................................................................................................1
ASKARI BANK...................................................................................................................3
Introduction:.......................................................................................................................3
History:...........................................................................................................................3
Vision:.............................................................................................................................3
Mission...........................................................................................................................3
Products and Services:......................................................................................................3
Consumer Banking Services:.........................................................................................3
Islamic Banking Services:..............................................................................................4
Agriculture Finance Solutions........................................................................................4
Rebranding:.......................................................................................................................4
The Name:......................................................................................................................4
The Logo:...........................................................................................................................5
The new Colours:...............................................................................................................5
The stylized "AB":..............................................................................................................6
Slogan:...............................................................................................................................6
Effects of Rebranding:.......................................................................................................7
Change of environment:.................................................................................................7
Financial Analysis:..........................................................................................................7
Improved customer services:.........................................................................................7
Forces for Change:............................................................................................................8
Forces Resisting the Change:...........................................................................................8
Positioning:........................................................................................................................9
Sponsorships:.................................................................................................................9
Alliances with different companies:..............................................................................10
 ASKARI BANK

Introduction:
History:
Askari Bank was incorporated in Pakistan on October 9, 1991, as a public limited company. It
commenced operations on April 1, 1992, and is principally engaged in the business of banking,
as defined in the Banking Companies Ordinance, 1962. The Bank is listed on Karachi, Lahore
and Islamabad Stock Exchanges. Askari Bank has expanded into a network of 200 branches / sub
branches, including 20 dedicated Islamic banking branches, and a wholesale bank branch in
Bahrain. A shared network of 2,991online ATMs covering all major cities in Pakistan supports
the delivery channels for customer service. As at December 31, 2008, the Bank had equity of Rs.
12.97 billion and total assets of Rs. 206.19 billion, with 816,629 banking customers, serviced by
6,496 employees.

Askari Investment Management Limited and Askari Securities Limited are subsidiaries of Askari
Bank engaged in managing mutual funds and shares brokerage, respectively.

Vision:
“To be the Bank of First Choice in the Region”

Mission
To be the leading private sector bank in Pakistan with an international presence, delivering
quality service through innovative technology and effective human resource management in a
modern and progressive organizational culture of meritocracy, maintaining high ethical and
professional standards, while providing enhanced value to all our stakeholders, and contributing
to society.

Products and Services:

Consumer Banking Services:
• Mahana Bachat Account

• Roshan Mustaqbil Deposit

• Deposit Multiplier Account

• Personal Finance

• Mortgage Finance
 • Smart Cash

• Credit Card

Islamic Banking Services:

• Islamic Corporate Banking

• Islamic Investment Banking

• Islamic Trade Finance

• Islamic General Banking

• Islamic Consumer Banking

Agriculture Finance Solutions

• Kissan Ever Green Finance

• Kissan Tractor Finance

• Kissan Aabpashi Finance

• Kissan Livestock Development Finance

• Kissan Farm Mechanization Finance

• Kissan Farm Transport Finance

• Agriculture Banking Network

Rebranding:
Askari rebranded itself in June 2007. Askari bank’s performance had been remarkable. With the
growing competition and changing environment, it became inevitable to change the brand and
launch a new corporate identity with an objective to project the bank’s image in a more effective
and impressive way on the national and international horizons.

The Name:
To cope with the market dynamics, the management and board of directors of Askari Bank
decided to change the name of the bank from Askari Commercial Bank Limited to simply Askari
Bank Limited. This was for multiple reasons - firstly, the bank was generally referred to as
"Askari Bank". Secondly, in the current scenario, the word "commercial" has become redundant
since all banks are commercial banks.

The change of name presented an excellent opportunity for a fresh new look for the bank, which
would be a reflection of the bank's desire to continue to evolve with and adapt to the changing
environment and dynamic consumer needs.

The Logo:

Previous logo

New Logo

The typeface used for the bank’s logo is simple yet elegant. Without being overly stylish, it
makes a solid statement about the bank, its approach to business while maintaining the most
critical aspect of any logo’s design, readability. This signifies ability of any text to be readable
and recognizable at first glance. The new “askaribank” logo is distinctive and can be recognized
instantly on sight. The use of all lower case letters and the use of “askari” and “bank” as one
word gives the logo a unique identity, enabling it to stand out from the crowd. The last two
colors, orange and yellow, are used in a combination which is representative of a rising sun. The
colours themselves, aside from the positive connotations of a rising sun, carry the joint properties
of sunlight, joy, happiness, hope, wealth, energy and enthusiasm. The stylized 3D icon represents
a positive link between the past, present and future of the bank.

The new Colours:

Change and evolution being the key driving elements of the new brand identity,
the colours of the bank have been revisited completely. The new colours are blue
and grey, with a touch of orange/yellow. Understanding this selection needs a
basic study of colour psychology. Blue is the colour of peacefulness, loyalty,
productivity and strength (or solidity). It is a colour that induces positive emotions
in the human body and its effects on productivity, even human strength, have been
documented.

The second colour used is a dark grey. This is the colour of elegance, respect,
wisdom and balance. Darker shades of grey are said to be more representative of
the properties of the colour black, which are modernity, power, sophistication and
wealth. However, by being grey and not black, it avoids the connotations of death,
fear, etc.

The last two colours, orange and yellow, are used in a combination which is
representative of a rising sun. The colours themselves, aside from the positive
connotations of a rising sun, carry the joint properties of sunlight, joy, happiness,
hope, wealth, energy, enthusiasm.

The stylized "AB":

Evolution, not revolution, is the key in the development of a brand. The stylized
AB, presented in 3D and in the new brand colours, is a solemn nod to the outgoing
logo design, which has served the bank very well for the first 15 years of its
existence. Retaining this icon maintains the recognition of the old logo, while also
creating a positive link between the past, present and future of askaribank.

Slogan:
The Previous slogan reflected the trust that people had in the name of Askari. It was “The
security bank- A name to trust”

The new slogan of Askari Bank reflects the customer service philosophy – we’re Askari Bank,
ask us!

Effects of Rebranding:
Change of environment:
With the changing of the green color, Askari Bank has changed the whole environment of the
banks. The image, layout and color schemes of all the branches have been changed from green
color to blue and grey. The new environment does not depict any association with the military.

Financial Analysis:
Before rebranding, Askari Bank was earning decent profits. The annual profit for the year 2006
was Rs. 4,476 million. After the rebranding, the profits dramatically increased to Rs. 6,222
million.

If we look at the 2009 profits, they have decreased to Rs. 4,534. This decrease in profits is due to
the current Global Economic Crunch.

Before rebranding, the total assets of Askari Bank were about Rs. 166 Billion. Total assets
increased to Rs. 206.2 Billion in 2008. The increase in assets is due to the addition of 50
Branches in Askari Bank network.

Earning per share (EPS) decreased from Rs 6.61 per share to Rs. 0.95 per share

Re stated for bonus shares issued during 2008.The decrease is mainly due to high provisions and
write off.

Improved customer services:

The customer services of Askari Bank have been improved as a part of the rebranding process.
The new logo “ask us” clearly indicates that the bank wants its customers to think of it as a more
customer friendly bank which satisfies the customers by fulfilling their needs and answering to
all of their queries.
Forces for Change:
• Strong need for changing the image of the bank in the world of competition.

• No change for almost 15 years.

• Strong need to uplift the status of the bank

• To keep the bank separate from the Army.

• Some employees are happy and welcome the change because they benefit from it, like
getting promoted.

Forces Resisting the Change:

• General trend of people to oppose change.

• Allocation of funds for change.

• Expensive

• Major changes in the themes of the branches and head office.

• The fear of getting moved and transferred after the change.

• The fear of getting fired.

Positioning:
Askari Bank positions itself among the leading banks of Pakistan. It sponsors a number of events
which shows that Askari wants to position itself as a premium bank of a Pakistan.

Sponsorships:
Askari bank has demonstrated a leading role in supporting a large number of important activities
and significant events..This also shows a touch of fulfilling the Corporate Social Responsibility
that it cares for its community and it is willing to invest in the betterment of its environment by
creating and promoting a good sports culture. Major activities in which the Bank participated as
a key sponsor during 2007 were:

Sports:

• Pakistan Open Golf Championship 2007 (Asian Tour).

• 70th Punjab Games 2007.

• 1st Tour of Islamabad Cycle Race 2007.

• South Asia Swimming and Water Polo Championships 2007.

• Askari Bank ITF Pakistan International

• Futures Tennis Tournament & 2nd

• Pakistan - India Tennis Series 2007.

• The Asia Central Zone Volleyball

• Championship 2007 (India – Pakistan Test Series).

• Askari Bank Presidents Cup Golf Tournament 2007.

 • Polo Team representing Askari Bank in the President of Turkey Polo Cup 2007.

• Pakistani team’s training for World Games in China 2007.

• All Pakistan Golf Tournament 2007.

“Similarly there is a long list of events which were sponsored by Askari Bank in the categories
of social events, educational events and environmental campaigns.

Alliances with different companies:

Askari Banks has its alliances with the following companies:

• Allied Bank

• Ufone

• Wateen Telecom

• PIA

• Pak American Fertilizers limited

• Fatima Fertilizer Limited

Conclusion & Recommendations:

• Askari Bank rebranded its brand after about 14 years of its existence.

• The whole green colored theme is now blue. So as to keep it separate from the military.

• The “the AB diamond shaped logo is almost similar to the old one except the color and
the removal of letter C from the middle.

• The slogan has been improved to “ask us” which not only is closely associated to the
word Askari but also gives the impression that the bank is ready to help its customers.

• Askari should not have removed the word “commercial” from its name as now it has
become ABL which is also the name of Allied Bank.
• The color scheme that Askari is using, of White and Blue, is also the same as that of
Allied Bank Limited

• With the process of rebranding, Askari could have introduced some celebrity as their
brand ambassador. Like HBL did.

• Their website also changed with the rebranding, how ever the new website is not very
user friendly. It can be improved.