Case Studies
A Private Bank: Opening of a New Office in Frankfurt
Client contact: Finance Director
Parkwell staff: 1 senior consultant
Objectives and project background
The client identified a team from a German bank who were looking to move. It was decided to employ this team and to open a Frankfurt branch office to continue the bank’s strategy of expansion in Europe. The branch would be a stand alone operation using systems to allow it to cater for various specialities in the German private client market. The branch would consist of 10 staff and would use office space available in the client’s Frankfurt office. Back office functions, including settlement and client reporting, would be outsourced to another German bank.
The key objectives of the project were as follows:
- To agree and implement the branch’s structure, control procedures and reporting lines.
- To achieve regulatory approval for the branch.
- To select and implement all systems required for the bank’s operations.
- To fully test all areas of the branch’s operation prior to launch.
- To co-ordinate the marketing and publicity project for the bank’s launch.
Scope & Boundaries
Key activities were as follows:
- Procedures, including liaison with the other German bank.
- Create test plans.
- Complete and sign off test plans.
Agree and meet all criteria for the branch to go live.
The following was outside of the scope of the project:
- HR issues. The team had already been recruited prior to the start of the project.
Deliverables
Deliverables were as follows:
- Regulatory approval for the bank’s launch.
- All procedure and process documentation to govern the bank’s operation.
- Fully tested and implemented systems.
- A signed contract with the other German bank, to whom back office functions were outsourced.
- Production of all marketing literature.
- Agreement from Senior Management at the client that the branch could go live.
Key Performance Indicators were as follows:
- Sign off for all control and corporate governance procedures by Compliance and Risk.
- Successfully completed test scripts for all systems.
- Sign off for the marketing campaign from senior management.
Critical Success Factors
Critical success factors were as follows:
- Branch to open on schedule.
- All external and internal approvals to be achieved.
Benefits
The branch launched on time and with no issues outstanding. This provided the client with a key presence in the lucrative German private client market and was a significant advantage on competitors. The arrangement with the other German bank meant that the branch could offer a fully customised service for the German market, without being tied to London working practices.
Project Conclusion
The project concluded successfully with the branch opening on schedule.