Human Trafficking for Sexual Exploitation Essay Example for Free

Human Trafficking for Sexual Exploitation Essay Subject: Human trafficking is the illegal trade in persons used for reproductive slavery, sexual exploitation, forced labor, organ removal, and other forms of slavery. In Argentina, it is a crime punishable by law, however the country continues to be a source and hub for trafficking. Executive Summary: Human trafficking is an international crime, and a violation of human rights; however, it is a felony that is still committed frequently throughout the international community. The issue stems from a lack of communication between provincial and federal governments, as well as the lack of tri-border control. In order to combat this, government officials and law enforcement officers need to be educated on the red flags of human trafficking. There also needs to be more funding and support for legal systems and organizations advocating to end human trafficking. Additionally, there needs to be more border control on the three borders that surround Argentina. Discussion: According to the  ­Protocol to Prevent, Suppress and Punish Trafficking, trafficking is defined as â€Å"the recruitment, transportation, transfer, harboring or receipt of persons, by means of the threat use of force or other forms of coercion, of abduction, of fraud, of deception, of the abuse of power or of a position of vulnerability† (UNODC). Trafficking is not  limited to sexual exploitation; practices include: forced labor or services, slavery, servitude, or the removal of organs. This is an ongoing issue because the United Nations as well as individual countries have laws against these crimes but no one to ensure that the laws are being followed. In Argentina, human trafficking is now part of the political agenda because of its link to organized crime. Official policy in Argentina has made progress in dealing with human trafficking, they have signed and ratified all UN conventions and protocols dealing with human trafficking as a crime. In 2000, Argentina signed the â€Å"Protocol to Prevent, Suppress and Punish trafficking in Persons, Especially Women and Children†, this supplemented the United Nations Convention against Transnational Organized Crime (UNODC). The protocol was later ratified in 2002, however there is still progress to be made because the number of people being trafficked it still high. In 2010, more than 600 women were abducted in 18 months, â€Å"for each known case there are 6 others which remain invisible† (Pichà ©). Argentina is a central point for human trafficking trade; men, women, and children from northern and rural areas are forced into prostitution in urban centers or wealthier provinces in central and southern Argentina. Many of those trafficked through the triple frontier are destined for the illegal labour market in Argentina. However in Argentina, it is estimated that 90 percent of the trafficking victims are sexually exploited women. Additionally, women from Paraguay, Bolivia, Peru, and the Dominican Republic are subjected to trafficking in Argentina. According the United States Department of state, â€Å"in 2011 the number of labor trafficking victims identified was over three times the number of sex trafficking victims identified during the year† (Trafficking). Argentina has consistently attracted migrants from Latin American regions seeking better economic opportunities. There are about 2 million immigrants from Chile, Bolivia, Paraguay, Brazil and Uruguay. Illegal immigration fuels the trafficking business because they are smuggled into the country, and they are easy victims for trafficking rings (Project Protection). At the same time, Argentineans from the northern provinces are at high risk for  trafficking because of extreme poverty, lack of education, and access to health services. Police in the northwestern province of Jujuy have received more than 50 reports of missing young women since September 2005. Most of these women have gone to see about jobs and were never seen again (Project Protection). Most end up in major cities and tourist areas Corruption within the police force has also prevented Argentina from decreasing trafficking rates in the country. It has been reported that police officials have participated in criminal activities related to trafficking, which thwarts government efforts to prevent trafficking from happening. According to a report released by the Office to Monitor and Combat Trafficking in Persons, authorities are currently investigating over 75 federal officials who have been removed from their positions after turning a blind eye to trafficking related problems. However as of 2011, the government did not prosecute or convict any government officials involved in human trafficking. Officers have looked in the other direction when coming across sex and labor trafficking activity, or tipped off brothel owners about raids coming up. The Argentine government has made progress over the past few years collecting data and stopping human trafficking. Over the past year, the government has reported and recorded the number of trafficking victims found, and implemented protocols and guidelines to eliminate trafficking, the country has increased prosecutions and convictions of trafficking. Further, the Argentine government funded five shelters to set up throughout the country as safe-havens. Part of the progress made is due to one of the most well known cases in Argentina, the case involving Marita Veron. Maria de los Angeles Veron (Marita) went missing in 2002, when she was kidnapped. A few days later she was seen escaping from a house, but was taken on to a bus where she was never seen again. Her mother launched a campaign to find her daughter, and soon became a symbol of the fight against human trafficking in Argentina. The Ministry of Security reported identifying about 1,000 victims, most of these victims being brought into Argentina from other countries such as Paraguay and Bolivia. A majority of human trafficking cases reported are reported as forced labor cases however, recently their have been more sex trafficking cases than labor cases. The quality and legal treatment of the victims varies from region to region, and many provinces lacked resources to care for trafficking victims, especially those in forced labor trafficking situations. Once the initial testimony is recorded, it is up to the Secretariat for Childhood, Adolescence, and Family (SENAF) of the Ministry of Social Development to provide follow-up care and assistance alongside the provincial authorities. The government officials in each province, as well as SENAF officials should have greater access to resources needed to provide the best care possible to human trafficking victims. According to the NGO, the office’s effectiveness in providing sufficient care for human trafficking victims is consistently questioned based on flawed data reports and the inability to provide service to the victims. Poor coordination among officials in Argentina is preventing the human rights laws from being as effective as they could. The lack of communication between the federal and provincial governments continues to hinder the effectiveness of anti- trafficking efforts. In many provinces, there is limited or no funding for the provincial and local efforts working to combat human trafficking in their area which creates an issue in making sure victims receive the proper care. Authorities reported funding campaigns for public awareness and public service announcements about trafficking. These PSA’s are being shown on long distance buses and aired on television, but until the country receives the proper funding, support for legal systems, the human trafficking problem will continue. In December 2010, the new Ministry of Security attempted to coordinate the  efforts of different federal law entities, create a database system for human trafficking crimes, and establish protocols with other ministries to strength federal-level collaboration. NGO’s also targeted the Ministry of Security, government officials, and federal law officers in order to improve the enforcement of human trafficking laws in Argentina. Specialized services for trafficking victims remain uneven across the country; competing mandates and lack of coordination between federal and provincial authorities caused delays in some investigations, and significant allegations of trafficking-related complicity of government officials at the local and federal level prevented more comprehensive anti-trafficking efforts. With the corrupt police force, and lack of funding, Argentina will never be able to successfully implement the programs. NGOs and some officials asserted that poor coordination among the federal and provincial governments continued to hinder the effectiveness of anti-trafficking efforts, as did limited or nonexistent funding for provincial and local efforts to combat trafficking. The Argentine Government, in collaboration with the International Organization of Migrations, has recently published a report on human trafficking. The report identified crucial gaps in the fight against human trafficking that need to be addressed: 1. The lack of qualification of judiciary personnel and the lack of knowledge concerning the dynamics of human trafficking networks and international and national laws and treaties. 2. The lack of security along the Tri-Border area. 3. The lack of human and material resources to carry out adequate investigations. 4. The absence of programs for the middle and long-term assistance to the victims and lack of protection for the witnesses. The biggest issue for Argentina comes from the Tri-Border area. Along the border between Argentina, Brazil, and Paraguay, young prostituted children and adolescents can be seen on the streets of towns such as Puerto Iguazu,  Argentina; Foz do Iguazu, Brazil; and Ciudad del Este, Paraguay. After years of debate within the Senate in Argentina, a law was passed to â€Å"prevent trafficking in persons, protect victims of trafficking, and punish perpetrators of human trafficking† (Project Protection). Under the new law, prison sentences were established for those convicted of participating in the recruitment, transportation, or reception of people for the purpose of sexual or labor exploitation. The law provides protective measures for victims of trafficking, and gives victims the right to free psychological, medical, and legal assistance, in addition to the right to privacy. The Organization of American State has closely watched Argentina’s anti-trafficking efforts. the Argentine government has partnered with an institute in Buenos Airs to create incentives in urban areas for companies that obey the country’s labor laws. Based on the issues identified above, it is recommended that the Argentine government uses a multilateral approach to stop trafficking. Recommended action : In order for Argentina to successfully combat human trafficking at a national level, the government needs to continue to implement the anti-trafficking law with increased efforts to investigate, prosecute, convict, and punish trafficking offenders, including public and police officials who are involved in trafficking crimes. An increase in funding for victim assistance, particularly through shelters and specialized services, on a local and national level would also be beneficial to stopping internal trafficking. There should be continued education for law enforcement officials, public figures, a judiciary actors to know how to stop a trafficking ring. To prevent trafficking in individual provinces in Argentina, the government must develop and implement protocols for provincial officials to identify and assist trafficking victims. Continued investigations of labor  trafficking in urban and rural areas of Argentina, and holding companies whose supply chains benefit from labor trafficking accountable for their actions. The government needs to have better communication between the federal and provincial officials to develop and national anti-trafficking plan, and continue to raise awareness nationwide. The multilateral approach to educating and preventing trafficking in Argentina involves an agreement between the Defense Ministry, and the Buenos Aires provincial Education Ministry. This partnership would create protection by educating military and law enforcement officials, in addition to students to be aware of the human trafficking issue, and how to prevent and protect themselves. The final solution is better border control across the tri-frontier. The geography already creates an area that is hard to protect. It is hard to monitor traffic coming in and out of three countries, and some people just completely surpass border control and show no identification when passing between one country and the next. This area annually generates over $6 billion of illicit money and is nearly devoid of all governmental control. Most governments among the TBA deny the problem claiming they have not detected activity in the regions, but other countries disagree. It is vital that Paraguay, Brazil, and Argentina start paying closer attention to the border in order to stop trafficking among other illicit activity. The Argentine government’s multilateral approach to stopping trafficking by educating, training, raising awareness, and implementing better border control will help to decrease trafficking rates in Argentina, and eventually put a stop to it. Thank you for your time, Melanie Rose Sources: http://www.protectionproject.org/wp-content/uploads/2010/09/Argentina.pdf http://www.avijorisch.com/9560/tri-border-region http://www.state.gov/j/tip/rls/tiprpt/2012/192366.htm http://www.unodc.org/documents/data-and-analysis/glotip/Trafficking_in_Persons_2012_web.pdf

Liyana Badr’s A Balcony over the Fakihani, Pillars of Salt, by Fadia Faqir, and A Woman of Five Seasons, by Leila Al-Atrash :: A Balcony over the Fakihani

Liyana Badr’s A Balcony over the Fakihani, Pillars of Salt, by Fadia Faqir, and A Woman of Five Seasons, by Leila Al-Atrash In Liyana Badr’s novella, A Balcony over the Fakihani, the main character, Su’ad, meets and falls in love with a man named Umar, who towards the book’s end is killed in battle. What occurs between the meeting and the death constitutes the author’s attempt to process the environment in which she grew up. Similarly, Pillars of Salt, by Fadia Faqir, and A Woman of Five Seasons, Leila Al-Atrash, focus on and investigate women’s lives in the Arab world. At the very least, three issues are at work in these books. One string explores the oppressions and the joys, the perversities and the passions of Arab women. Another theme is Arab men’s behaviors and attitudes toward women. The final topic, which encompasses the other two, is the idea of literary form; that is, the particular ways in which the authors represent their experiences through writing. Taken together, these novels, in both shape and content, explore what it means to be a woman in an Arab , a man’s, world. One early scene in A Balcony Over the Fakihani is emblematic of the novella as a whole, as well as of the novels of Faqir and Al-Atrash; it encapsulates the authors’ artistic approach to the handling of their lives, the hostilities they must endure, the roles of Arab men and women, and the different ways both act within their setting. To begin, Badr artfully sets the stage in an almost journalistic fashion, parodying a newspaper’s objective approach in the face of so much human tragedy: "May 1973—tank gun and machine gun fire on Shatila camp (Badr, 45). This crafty setup is part and parcel of the way in which the author handles her topic. Only through art can she comprehend and process these events. In this respect, "The sky was lit with green and red stars, and the thunder and lightening wasn’t real thunder and lightening, but bullets from machine guns and small arms." In the midst of such fighting, Su’ad noticed "a white hair in the middle of her head. I couldn’t believe a baby’s hair could turn white" (46). Her disbelief is compounded when Im Hamdi sees the white hair and "cried out and wailed." Su’ad, in turn, is overcome by emotion. The two women hug and cry.

Holly Farms

Holly farms strategy Introduction In order to revive profits and save themselves from bearing heavy losses, Fred and Gillian Giles had opened a two purposed farm for the general public in 1993. Their ambitious goals had let them to put in all their savings to establish facilities on the farm which would entertain the tourists. This side of the business was apart from the usual farming being carried out which included the distribution of ice cream which was manufactured behind the farm in a small factory, a milking parlor to see the latest technology being used to milk the cows and an additional guided tour of the farm.Even though the business is currently running reasonably well, the owners are facing some serious issues related capacity constraints and competition. Answers Answer 1: There is a no. of issues which Gillian Gales is facing in her side of the business. These issues include the fact that in order to grow the Holly Farm's business, it is not possible for the owners to add additional capital. They have already invested a lot of money and any additional capital available to them will be in terms of a loan.However, the interest rate on the loan is expected to be above ten percent which would not make it feasible since the owners are not expecting to earn that high a return on their investment in order to pay the interest and the principal amount. Other issues which Gillian needs to take notice of include the fact that the ice-cream factory is not operating at full capacity, the freezer which has a capacity to hold 10,000 units is operated at 7000 units' storage to allow for stick rotation.The lack of preservatives used in the ice-cream would also be a factor in this regard where the inventory needs to move out of the factory within 6-12 weeks. This factor would be driving down retail sales to shops and hotels which might be interested in stockpiling the ice-cream for their peak periods (since Gillian is not in a position to increase production for them at that time). Gillian also needs to decide whether to promote coach firms or market to families and schools for trips to their farm.Gillian mentions that on average one out of two coach customers' buys one liter box of ice-cream while a four occupant car buys the same amount. This data, though a good starting point, would not allow for proper decision making since data on how many a coach normally holds. Also the use of averaged data is not advisable when making decisions as to who the target market would be for the coming year.There is also a need for extra staff by the farm, currently the ice-cream manufacturing employs farm workers' wives (three) and a maximum of four flavor can be produced given the time constraints and the set up time (to change flavors). Since capital investment is not possible at this time, Gillian would need to hire more staff for ice-cream manufacturing if she plans to increase the number of flavors to ten, analysis and accurate forecasting of what quanti ties of flavors to produce would also be required if the number of flavors is to be increased.Market researches as to which flavors are being demanded by the customers would also be required and could help eliminate the need to expand to ten flavors outright, but this is currently not being undertaken by Gillian. The lack of promotional activities by Gillian has seen the number of arrivals to the farm cap at 15000 a year; this situation is being ignored as Gillian is concentrating more on expanding the manufacturing side, now she needs to take a more active approach to increasing the traffic at the farm.The issue of farm timings not being conducive to picnics and factory visits (20% of the customers leave before the milking process) and this very fact that many visitors are unable to see the milking process is also one which would be driving lower ice-cream sales and needs to be looked into by Gillian. Answer 2: To increase the number of farm visitors by 50% in a single year is a al most unachievable goal that Gillian has set for herself. Although it is possible that the number be increased, but going from 15000 visitors to 22500 visitors is not a small task which can be achieved in the duration of a single year.This is due to a number of factors which, for Gillian, would be constraints in achieving this growth target. These factors include: 1. The fact that the farm is open to visitors for 7 months in a year, during the remaining months the animals are kept inside and the rides etc available to customers are not safe due to the weather situation. This is a limit which Gillian would be unable to surmount in a single years time without capital investment into building sheds and indoor facilities etc at the Holly Farm. 2.Another time constraint is the fact that Gillian and Fred found that keeping the farm open for more than the four days it is already open (Friday to Monday) is not feasible due to the low traffic during the remaining days. Also the farm workers w ould not be free during the three days of the week (they would be involved in the â€Å"real† farm work), so the only way to keep the farm open the entire week is through hiring extra staff which could only be justified and feasible if Gillian were able to confirm attendance/traffic at the farm during these days via school trips etc.The weekend is the peak period for Holly Farm and it is unlikely that working individuals would be willing to take farm trips during work days. The sales forecast for 1999 shows that Gillian has prepared is highly presumptuous given that she has yet to decide how she would be increasing the number of customers on the farm. Whether she wishes to bring in more customers through coach firms or target the family and recreational travelers (who come by car).With coach firms Gillian would most likely have to offer discounts on the farm visits to the coaching firms to plan trips or revert to her old marketing tactics of giving lectures at schools and ins titutes and market her farm herself. The decision on whether or not to engage with coaching firms is not possible at this time because the number of passengers on each coach has not been identified, thus one cannot calculate the profits to be had from the sales of ice-cream and other produce along with the admission fees (with or without the discounts).Even if the averaged figure of one-liter ice-cream sale per two coach passengers is taken to be reliably accurate without the number of potential customers coming through the coach trips, and via cars for that matter (one liter per four passengers), choice between the options would be more moot point than proper decision making on the part of Gillian. If we were to assume that half the customers come by car and half come via coach trips than promoting coach trips would yield more benefits in terms of ice-cream sales as * 7400 coach trips/2 = 3700 liters of sales & * 7400 car travelers/4 = 1850 liters of salesGiven that 13500 liters we re sold through the retail shop ($27000/$2(selling price)) this would mean that close to 41% of the sales comes through the customers on the farm. A 50% increase in the number of customers on the farm would lead to sales of $40,000 only if the number of customers at the farm window also increased by 50% which is a market not being targeted by Gillian, thus the following calculation leading to a figure of $40,000 would be incorrect as the sales would be lower (higher from the customers on the farm but when including the trend based sales through the farm window the total sales would be lower). 148001. 5=22200 customers * 11100 coach trips/2$2=$11100 * 11100 car travelers/4$2= $5550 * $16650/0. 41 = $40,610 in sales. School parties and trips could be a good tactic on the part of Gillian as they would ensure higher number of visitors and a larger sale of ice-cream and other products which could be made on the farm. Charging a lower admission fees for parties and retaining the catering of the party would be a good source of income for the farm and has the potential of increasing the traffic at the farm by opening a whole new target market for Holly Farms i. e. party venue.Gillian should invest some time and effort into undertaking market research into how many schools would be willing to have parties or field trips on the farm (before offering party packages), also information on the customer tolerance for queuing (to watch the milking process) would be beneficial to Gillian in analyzing how to increase the number of customers on the farm because if the customers are not able to watch the milking process and view this as a deal breaker, they might seek out other sources of recreation and by increasing customers in the short run, Gillian might lose customers in the long run.Information on the actual number of car visitors vs. those coming through coach trips should be sought before Gillian decides on a course of action. Answer 3: Before undertaking a decision to in crease the number of ice-cream flavors from 4 to 10 Gillian should weight the advantages and the disadvantages of this venture. The first factor which Gillian needs to consider is whether a market exists for ten flavors of ice-cream or not, and whether it is feasible for the farm to be producing ten flavors.The fact that capital investment is not possible for Holly Farms means that the additional production would be through an increase in the labor force but the overall quantity of the ice-cream produced would still be limited to an inventory level of 7000 liters (which can be held by the freezer). This would mean that the new flavors would be introduced at the expense of the old flavors. This can be an advantage if the customers of Holly Farm are seeking one or two flavors other than those eing offered (market research would be required to confirm this) and that the quantity demanded would allow for greater turnover through either farm or retail sales. Alternatively this venture co uld lead to unsatisfied customers in cases where the farm could experience stock outs of certain flavors due to the fact that many flavors would be under production. A move to directly offering ten flavors would also create logistical problems as the machines available for production and storing are limited.The fact that more staff would have to be hired would also increase the cost of production of all ice-creams and that would affect the profits of the ice-cream venture and Gillian would be forced to make another key decision on whether to pass on the increased cost to the customers in the form of higher prices, and risk losing some business, or decrease the profit margins of the same.Since an increase in volume is only possible if the inventory turnover is greatly enhanced by the introduction of new flavors (which is not certain) the profits for the farm would be on a downward trend if all other factors remain constant and flavors are added to the product offerings.Since there is no research to suggest that there would be a greater uptake of ice-cream (at retail or farm level) with more flavors, a jump to 10 flavors would be rash and create more problems for Gillian in terms of resource management, forecasting the demand for individual products and overlooking the manufacturing of the same, rather than the advantages Gillian seeks.Undertaking some degree of market research and exploring one or two additional flavors (based on research findings) whilst maintaining the same level of staff could be more beneficial for Holly Farms and they could expand their flavor offerings over the long run when they have the capacity to increase production or maintain higher levels of inventory. ConclusionThe case under review explores the capacity and resource constraints being faced by a small business which was able to attract customers and diversify into other forms of complementary businesses i. e. tours and ice-cream retailing. What we find in this case is that Gillian , the partner in charge of the complementary businesses is facing two critical decisions (a) how to increase the number of customers visiting the farm and (b) how to increase the retail sales of the ice-cream.Since capital investment is not a viable option for the business the means of increasing customer traffic are limited to promotional activities and attracting the right customers for both tours and ice-cream sales. We find that such decisions are not possible with the data available to Gillian at the present time and that the option to increase the number of ice-cream flavors to ten (from four) is also not viable given the manufacturing and storage constraints.Gillian should therefore seek additional data on the target audience for promotional activities and if she plans to increase the number of ice-cream flavors she should start on a smaller scale after conducting proper market demand research. References [Author of Book] (1999), â€Å"Case Study: Holly Farms†, [Name o f Book], Pp 244-248 Read more:  http://www. ukessays. com/essays/business-strategy/holly-farms-strategy. php#ixzz2DakGnUSm

An assessment of the Emirates NBD Bank - Free Essay Example

Sample details Pages: 20 Words: 6113 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Emirates NBD is a bank which came into being on 16 October 2007 after the merger of Emirates Bank International and National Bank of Dubai. Since, the two banks were among the top four banks of the region; their merger made them the leading banking group with the largest asset base. It is the fastest growing bank in UAE with over 132 branches and 705 ATMs complying with its vision of being the most dynamic and leading financial service provider in the region. Don’t waste time! Our writers will create an original "An assessment of the Emirates NBD Bank" essay for you Create order Apart from this, the bank delivers solid investments with equal emphasis on the brokerage and asset management services. It is well ahead of its competitors being a leader in retail and corporate banking sphere. It offers banking in many areas such as personal, private, priority, corporate and business. The bank believes in expanding by mergers and acquisitions. It has shown interest in the recent past to acquire any inconsistent rival to expand beyond Middle East. Emirate NBD asset management has an impeccable reputation to analyse the investment potential of a region. It has raised funds better than the local and international companies working alongside revealing its strong human capital. Also the sound liquidity management has raised deposits leading to greater revenue. The bank is driven by optimisation of balance sheet, investment and profitability making it the regions trading, financial and economic hub. The bank consists of 12 Board of Directors who are industry leaders in t heir respective fields and meet monthly to discuss the strategies, control and risk management policies to be implemented by the top management team. The management team comply with the decisions made by the Board of Directors. The bank has been progressive in its approach to establish itself as the leading bank in the Middle East. The financial statistics of 2009 showed that the bank has total assets of about AED 281.6 billion with total income of AED 108 billion, 20% cash dividends, customer loan at AED 214 billion and deposits at AED 181 billion. Though 2010 proved to be a challenging year as the revenue declined by 5% in the corporate sector and 2% in the consumer sector due to bad loans amidst slower global recovery from recession, Emirates NBD seems optimistic to avail the growing opportunities in the market. The brand value is stronger as the organisation is represents unity as its growth icon. The strategy of the organisation is to improve its network by implementing high le vel IT services and penetrating into unveiled markets and hence drive profitability. The financial stature of the bank has been increasing as it saw a 28% increase in income in the year 2009. The various sectors of banking and intermediate risk management strategies have been supportive to the objectives of the organisation. Also, the bank has been involved in several Corporate Social Responsibilities such as boosting emiratisation, hence inscribing trust and responsibilities towards its stakeholders. (About Emirates NBD) 2.0 Situation Analysis The present stature of the organisation has been high and is continuing to increase over the years. The merger of the two banks leading to the formation of Emirates NBD has made them the largest bank in terms of assets in Middle East. The new brand thus formed is successful incarnation of its unified efforts which represents its dominant size and strength making it a territorial powerhouse, bank values making it secure and trustworthy and brand values concerned with meeting the customer expectations, thus allowing the bank to evolve and pursue substantial partnerships on the client front. The bank offers many services such as: Investor relations Emirate Asset Management Treasury Brokerage services Corporate social responsibility Advisory services Discretionary portfolio services The Emirates NBD Bank is an excellent financial institution and practices firm fundamentals to grab staggering business opportunities, well supported by its rich human resources. (Em irates NBD announces its 2009 result) 2.1 Market Summary The Emirates NBD is leading banking sector in the region and has a strong hold on the market variables. Their whole service sector has been categorized into several sectors such as personal, corporate, priority, business and private banking which offer to its set of customers and shareholders with an array of services and hence are complimented with staggering opportunities to grow. To reflect upon the brand value in the market the company follows a standard architecture ensuring usability and flexibility. This has benefited the organisation as it reduced complexity and ensures proper addition of newer services to the existing ones with minimum efforts offering simplicity. Internally, the various services are comprehended as a single brand to facilitate better understanding and trust among the bank and its customers. Externally, the bank has formulated policies and directives to ensure global recognition. (Emirates NBD, 2009) Target Markets The greater assets have been advantageous to the banking sector and bank has been growing at a greater pace. This has opened a lot of opportunities with a greater number of services and a larger customer base. The organisation aspires to gain over the markets given below: Consumer and Wealth Management Wholesale Banking Global Markets and Treasury Network International IT and Operations Investment Banking Outlook 2.1.1 Market Demographics The customers to Emirates NBD are the most valuable assets. In 2009, the customer loans had grown to AED 214 billion and customer deposits at AED 181 billion. The key focus of the company has been on giving its shareholders and customers, better services and opportunities of value to their money. Thus, it is important to analyse the characteristics of its customers on the basis of geographic, demographic, behavioural and brand architecture factors: Geographic Emirates NBD Bank has established itself as a global entity and has been extremely blessed at arranging debt capital market transactions globally. This has shown that Emirates NBD Banks position in the global arena is increasing over the years complementing its astounding success in the Middle East. It has a growing interest to expand over the Indian subcontinent and China. It has also expressed interests in taking over smaller banks to expand its empire in globally. Recently, Emirates NBD Bank in connection with HDFC, an Indian Bank launched an online remittance facility for its Indian customers. This would allow the expatriate Indian community in the Middle East to reemit its funds to their HDFC account. According to the bank, the Indians form the largest of the demographic base in the Middle East and hence have been advantageous even during recession which made the region the largest remittance earner with money valued at $55 billion in 2009. Thus, the Emirates NBD Bank is smart enough to understand that the its operations are highly valued in Middle East but to expand globally it needs to collaborate and merge with the regional banks to expand its customer base. The ownership statistics are also affected geographically to some extent. There are over 1500 shareholders of which the maximum numbers of shares are held by the Investment Corporation of Dubai. The foreign ownership is restricted to a mere 5 % of the original of which about 3.8% is occupied and rest is under the nationals. (Shareholders Resources) Demographics The banking facility is available to all people and does not distinctly identify people on the basis of age, gender, education, nationality and family size. However, certain factors such as income and nationality may affect the strategic implications of the policies on the customers. The income of a person drives the benefits availed by a person i.e., larger and frequent transactions by a customer are preferred over the other customers when the interests of the customers are considered. A person capable of earning by himself is considered for credit cards. A minor can only form an account with the bank in presence of some elder. The benefits availed by the customers also depend upon the type of account, credit card owned by the customer and loyalty is considered a true virtue and always respected. Behavioural The involvement of the banking system in everyday life of people in any nation is immense. Mostly all the transactions involved in any customers activities are dealt by the banking system a person is involved in. Thus, the banking system is independent of the behaviour of the customer as whether the customer lives an active lifestyle or a passive one, the need of bank would be inevitable. It however, would affect the frequency in the transactions that a customer is used to and hence would differ with respect to the benefits or products that the bank provides to its customers and shareholders. Brand Architecture As discussed earlier, the brand architecture of the Emirates NBD bank consists of the Masterbrand which is further divided into: Retail Personal Banking It is the most basic form of personal banking where the customers are complimented by general insurance plans, protection and health plans. Priority Banking Here the customer is given outstanding value for the money, along with dedicated relationship manager, exclusive hospitality and priority services. The customers also avail promotional offers and preferential pricing. They are also given priority in the usual banking transactions. Specialist Corporate Banking This sort of banking is not personal and meant for large corporate houses and industries. The cash and liability management services by the bank help the corporate clients in meeting their objectives. Investment Banking The investment banks are not concerned with deposits and invest the cash in the government and corporate offices to attend to the security issues. The clients are offered with the shareholder services such as analyst coverage, dividend history, and share tools. Asset management Securities The asset management services by the Emirates NBD bank provide investment opportunities. They believe in supplying the products and services in relation to investment to its customers and shareholders to satisfy in the best possible way. Business Banking It is very similar to the corporate banking however it is concerned with the small and medium business industries. The benefits are less as compared to the corporate banking which includes cash management and trade services. Exclusive Private Banking Such a banking facility is only for valued clients which helps the customer through the sustained financial services. The customers are showered by the global wealth management expertise and liable to the Sharia compliant fund and banking solutions. The benefits of the above banking vary considerably from the retail to specialist to exclusive where the exclusive customer receives maximum benefits and the retail customer receives the minimum. (Emirates NBD, 2009) 2.1.2 Market Needs The Emirates NBD bank is the leader in the banking sector which is well structured and branded after the very successful merger of the Emirates Bank International and National Bank of Dubai. Being the leader in the banking front, the bank needs to analyse the market and hence offer solutions to its customers to win their trust and hence avail newer opportunities. The solutions which fulfil the market needs add to the success story of the bank. The Emirates NBD has been keen on improving its customer base and hence, has undertaken several steps in order to increase its customer base around the globe. Amidst the global recession it has been settled onto achieve excellence which shows that its solutions were of strategic importance to its development. Some of the many steps taken by the bank are: New Emirate NBD credit card The target of sector was the premium banking area. This was a definite step to increase the market share of the organisation by a whopping 15-20%. The aim was to lure the high end users i.e., the customers availing the benefits of premium sector of retail banking. Thanks, to the 30 million outlets of the Emirate NBD bank worldwide, the response would be faster and more dominant. This would attract not only the regional customers but the global customers. The offer was open to the existing as well as the newer users. (Business|Banking) Remittances facility This was done to support the overseas Indian clients to transfer amount from their Emirate NBD account from Middle East to the HDFC account in India. This online remittance facility given to the Indians generated excellent exchange revenues. (Emirates NBD, HDFC launch e-remittance facility ) Private Banking Centre in Abu Dhabi Amidst the growing need of wealth management solutions, the Emirates NBD bank opened its banking centre for its valued customers in Abu Dhabi. This facility was also more liable for the high end customers. This would help the bank offer solutions to its investors and hence provide better solutions to them to build and use their wealth. The same has also opened gateway for the Middle East to interact with the global community interested in investing to the benefit of the society and government. After the recession such an opportunity to gain from the experienced team managers of the organisation is lucrative for various global customers. (Emirates NBD opens first) World Class racing experience The customers who had taken or are willing to take an auto loan from any local or global branch of the bank would be eligible to the world class racing experience to be availed by the lucky 15 of the eligible ones in the prestigious auto show in Abu Dhabi. This was valid for a limited interval but such a strategy has driven customer loans. Dedicated Business Banking Centre In accordance to its policies and vision, the organisation established a Business Banking Centre for the small and medium business to promote their development thus creating newer opportunities in terms of jobs, ventures, ownership and capitalism. Overdraft Facility The temporary cash shortfalls of a customer was a problem which was shadowed by the bank by introducing an overdraft facility which ensured to solve the emergency cash requirements of a customer and hence would be able to solve the bouncing of cheques. However, every customer would have to sign a contract with the bank to avail the facility. The maximum amount permitted would depend on the salary of the customer. Such an step was beneficial to the bank as well as the customer as it solved instant money shortage problems. (Emirates offers customer protection) 2.1.3 Market Trends The market for the banking sector is vast but the risk associated with the banking sector is huge. Banking in UAE in general is moving forward. The reason being Foreign investment and bigger players such as investors from Europe and America have become active participants who are generally associated with larger, complex deals and transactions. The banks in the Middle East are progressing to the next level because the deals are regional and it is more suitable for the regional bankers as they are more familiar with regional market structure. The banking has become more sophisticated, transparent and advantageous. Fall backs in the corporate governance are reducing. Financial industry in the Middle East is improving but is still not at par with the global standards. The oil money gorge prevalent from many years seems to have been sort out. The above changes are very well reflected in the strategies and policies of the Emirates NBD Bank. Corporate Governance The bank identifies that corporate governance is vital for the development of the banking sector and also to avail benefits to its stakeholders. Of the several benefits of corporate governance, the bank pays importance to risk management and modifying stagnant policies required to gain strategic advantage. The major policies followed by the organisation are: The policies followed comply with the international standards. The policies are effective in controlling risk management, information disclosure, thus are accountable and transparent. The internal structure is well versed and relationship among the board members and the management team is friendly. The same goes for the external structure where the bank is highly cooperative towards its stakeholders and regulatory bodies. The bank complies to the Basel II and with International Anti Money Laundering Laws. (Corporate Governance) The investment banking sector in the Emirates NBD offers huge opportunities to the cus tomers. The recently opened private banking centre in Abu Dhabi has been a huge establishment for the bank as it would attract a number of wealthy global investors. Thus this would connect Middle East to the Europe and America. (Emirates NBD Private Bank) The structure is well sorted with the branding done after its latest merger. Each of the products provided by the organisation is valued as single brand and hence they are independent of the other products. This helps the bank to focus on each brand separately and keep it up to date. This has brought about Restructuring Simplicity Flexibility Usability 2.1.4 Market Growth The regional banking sector in the Middle East has been growing at a much faster pace than the rest of the world from the past four years. In accordance with a Retail Banking Research Analysis, the banking sector in Middle East is robust with the involvement of foreign investors and regional bankers. Also, the study revealed that the growth of ATMs in the region is expected to shoot up by 75% in the current scenario. The involvement of much bigger players like Europe in the banking sector has allowed regional bankers to expand and hence improve the information technological services available. This has been robust and unified and has paved the way towards a sophisticated, transparent, regional banking of international standards. In the GCC countries such as Egypt, the development in the banking sector has been standard and fast because of the boom in the oil prices which tremendously increased the liquidity in the markets of Middle East. The internet penetration in the Middle East has been driving the IT services in the market. The growth in the Banking sector was fired up by the increase of internet usage. Also, it gave way to yet another aspect of banking called the mobile banking and internet banking. This has further revolutionised the banking sector. (Emirates Bank NBD Dubai UAE) (Regional Focus) 2.2 SWOT Analysis The SWOT analyses the strengths and weaknesses of the Emirates NBD Bank and implies prospective opportunities and threats. 2.2.1 Strengths The company is the leading bank in terms of assets in the GCC nations. Thus, being a leading bank gives you wide opportunities to participate in the development of the region and strengthen the financial position of self. The Banking in the Middle East is driven by the economic growth as a result of increased oil prices. This has brought a lot of money into the hands of the customers. The banking is customer driven; hence the market is quite liquid. The rebranding of the Emirates NBD has been a success, hence the brand architecture of the bank adds to its advantage as it is flexible and enhances usability. Also the consideration of the brands as single entity adds to its simplicity and thus, uniforms the entire structure. The bank has realised that demographics is a key factor affecting the growth of the banking sector to global spectrum. The steps such as launching remittance with an Indian Bank to facilitate the Indian living overseas, opening a private banking and busin ess banking centre in Abu Dhabi to develop the city and bring in huge foreign investments was of strategic importance for the organisation as well as the region. Such decisions by the top management and board of Directors is blooming the banking sector in Middle East. The organisation is a leader in the global markets with larger assets. The foreign investments from Europe and America have also brought in advanced technological changes and improvement in the IT services. This has led to the development of the organisation on technological front. The organisation practices and adheres strongly to the Corporate Governance policies. The Corporate Governance is quite an asset to the development of an organisation as it is among the major flaws in the banking sector in the region. The banks in the Middle East have been unable to cope with the dearth in realisation of Corporate Governance. The internal structure of the organisation is quite friendly where the Board of Governors a re in perfect sync with the management team of the organisation. The external structure also is quite robust and delivers its shareholders with interests at par with their expectations. Such a structure is key to its architectural design and branding. 2.2.2 Weaknesses The banking sector in Middle East is highly fragmented with over 46 institutions, comprising of 21 National banks and remaining 25 being the Foreign banks serving a mere population of 4.4 million. Since, Emirates NBD is one among these banks; it is highly likely that the competition would be stiff. The majority of the banks in Middle East are funded by customers. The customers or clients or shareholders are driving the banking sector. The banking sector believes that every customer is of value to the bank and hence, in cases of bad loans or money shortage where the loans are quite high compared to the deposits, the bank is likely to face a meltdown. Such a high exposure to mortgages on housing does not bother the bank now because of its higher economic growth but in times of softening, the real estate could prove dangerous to the banks. The increasing global influence on the regional banking could prove rendering. The recent meltdown did not affect the banks in the Middle Eas t as they posted profits amidst the global recession because the money in the Dubai Financial Markets is limited to the global exposure but with higher exposure and increasing global investment in the Middle East, the global meltdown could hit the banking sector hard next time. The majority of the workers in the Middle East are the expatriates, hence the bank needs to take into consideration the demographics and study their effect on the markets in more depth. The initiation in this regard has been shown by collaborating with HDFC but it is limited and needs to expand to all sections of expatriate community. (Merger increases pressure) 2.2.3 Opportunities The bank has divided its brand to the three categories: retail, specialist and executive. Such a categorization has helped the bank in making sound decision and focus on each of the above independently. The opportunities in the retail sector are as the bank continues with its strategy of merger s and acquisitions. The corporate sector is quite fruitful as well with the establishment of the Business Centre in Abu Dhabi. This has opened gates for the regional companies and small business houses to bloom by borrowing loans and mortgaging. The foreign investors are also attracted as they are likely to avail the benefits of the executive brand of the bank. With the increasing competitive market it is easy to diversify and concentrate on core banking areas to generate higher revenues. The act of mergers and acquisitions is an inevitable story and more are likely as the company expands over the years. The increasing foreign trade and investment has opened doors for economic developm ent and gaining exposure to the IT services. The technological front is an area to improve upon and imbibes in itself countless opportunities to spur the economic growth further. The identification of the needs of expatriates in addition to the locals would increase a global presence of the bank. Since, the bank is in line with the global treaties and is directed by the International Standards, the opportunities are limitless. The expansion provides with opportunities to gain experience, train employees, and build a rich human capital. 2.2.4 Threats The stiff competition from the regional banks has been a cause of distress for the bank. With the increasing fragmentation, the shares or revenue generated are at stake. The recent merger of the bank and rebranding itself has forced many of the competitors such as Commercial Bank of Qatar to buy stakes in Sharjahs United Arab Bank and National Bank of Kuwait hence dominating the Turkish Banking sector. This has increased the competition further. The locals in the region are not well versed with the technological advancements, hence are incapable of working in the banks where newer technology is entertained. This has forced the organisations to hire expatriates which do not seem to support emiratisation. This is not of national interest. The security of the banks has become a cause of worry for the regional banks. The recent upsurge in the technological advancements such as increased establishments of ATMs could cause frauds and attacks on the ATMs. This is a threat to the saf ety of the customers money and banks astounding prestige. The cost of funding in the banks is rising at a stepper rate. The greater number of credit card could point to the same problem of bad loans. The various brands of the organisation offer abundant credit cards to its customers which could leave the bank rendering. 2.3 Competition The banking sector in UAE came to being in 1980 and the money from the oils gave way to the sudden development of various banks. There are about 46 financial institutions in the region, of which 21 are National and 25 are Private. The Emirate NBD is a private bank and faces stiff competition from a whopping 45 banks in such a small region which serves just the 4 million people. The mergers and acquisitions by the bank have paved off as it now owns 19.2 per cent of the total assets making it the leader in the banking sector. It also enjoys 22 per cent of all loans and 18 per cent of all deposits which is quite an accomplishment. By considering the stature it is well ahead of its rivals but still faces competition from these regional banks as it aspires to expand globally. The trend of mergers has been propelled in the rest of Dubai where Banks namely, Commercial Bank of Qatar is buying stakes to increase its percentage of assets. This would distribute the interests of the foreign in vestors towards the banks and hence, the dividends and profits may go low. 2.4 Product Offering There are a number of products offered by the bank depending upon their involvement in a brand i.e., the products vary greatly depending upon the customers involvement in personal, private, priority, business or corporate banking. Credit cards include Dnata Platinum Credit Card (travel benefits), Skywards Infinite Credit Card, Infinite Credit Card, Platinum Credit Card, Business Credit Card, Gold HYPERLINK ../../My Web Sites/marketing strategy/www.emiratesnbd.com/personalBanking/cards/creditCards/silverAndGoldCreditCards/index.htmlHYPERLINK ../../My Web Sites/marketing strategy/www.emiratesnbd.com/personalBanking/cards/creditCards/silverAndGoldCreditCards/index.html Silver Credit Card, Debit cards offer better shopping and make day to day purchasing easier by making billing more secure and upfront by its set of cards such as Visa, Visa Platinum, and Visa Infinite etc. The investments include International wealth Account and Savings Programme. Personal loans and auto loans can be easily taken. Internet banking and mobile banking are yet another easy way to transact money from one account to other. Several packages can also be availed which offer the best possible services and other offering in a single package to suit to your needs to the fullest. The also offers financial planning and wealth management solutions to its esteemed customers and helps them make fruitful decisions regarding investments. A financial investor is eligible for private banking which is reserved for a very few of the clients. The bank offers many more products such as educational assistance, greater investment plans etc. It has also formed an Emirates NBD Foundation to help assist to its cause of Social Corporate Responsibility. 2.5 Keys to Success To achieve global excellence, the bank needs to attract foreign investors. This could be made a possibility by imbibing trust and satisfaction among customers regarding the organisational product and its offerings/ benefits. 2.6 Critical Issues The major issues administered by the bank are: To maintain its leadership in the banking sector by providing newer opportunities and benefits to its existing customer base. The increased competition from the financial institutions. Advanced technological reforms bringing in security issues. The funding is mainly governed by the customers. (Emirates NBD, 2010) 3.0 Marketing Strategy Optimising balance sheet Managing risks Driving Profitability The bank also believes in investing in particular programs to stimulate growth (Emirates NBD, 2009) 3.1 Mission The sole mission of the Emirates NBD is to gain global recognition as the leading and most dynamic financial service provider in the Middle East. It also aims at implementing IT services to complement the banking experience of its customers. (Emirates NBD, 2009) 3.2 Marketing Objectives The group aims to increase its capital by expansion and acquiring under-penetrated areas. The growth of Emirates Islamic Bank could be facilitated by acquiring preferred geographies. The bank also aspires to increase its deposits by laying emphasis on funding. It also is determined in offering services to benefit its stakeholders and wide customer base. The risk strategy quantitatively measures the risk associated with an operation hence controls, manages and monitors the risk portfolio of the organisation. (Emirates NBD, 2010) 3.3 Financial Objectives To maximise customer revenue The performance of the organisation financially should be firm compared to the 1st and 2nd quarter of 2010. The strategic implication of optimising balance sheets must improve liquidity and offer impregnable capital ratios. To enhance further the credit quality and keep the results within expectations. 3.4 Target Markets The consumer and Wealth Management operation of the bank have seen growth in the number of customers amidst recession. The private banking sector was even recognised for its outstanding growth. With continued focus on liquidity and structured relationship with the customers the wholesale banking reported a staggering growth of 23% over last year. The credit fastening and retrieval of equity helped the company gain on the global front. Network International also recorded growth as it quickened the growth of credit card diligence. The company has been operating on newer IT services which have provided several resources to secure their customers. 3.5 Positioning The Emirates NBD is positioned at the top of the chart in terms of assets and enjoys extensive opportunities to grow in wide array of features. The company has been improving on its security issues by implementing advanced IT services. The internal relations among the employees are cordial and bank offers its customers with services that are at par with their expectations. The top management and Board of Directors work in unison to make it possible. 3.6 Strategies The objective of the company is to establish itself as the leading bank in the retail and corporate sector. This could be done by Increasing the deposits by lowering the loan scheme The funding process should be reviewed and implemented to retain liability. The interests of the customer should be of paramount importance Expansion could serve as the perfect solution to unveil opportunities Risk management would ensure control and corporate governance (Emirates NBD, 2009) 3.7 Marketing Mix The elements of Marketing Mix are: Product There are several products from credit cards to debit cards and investments. A product must also be differentiated from other competitors. Here, the product is categorized into several brands where the brand value increases with customer loyalty and financial investments. Wealth Management and financial service solutions are other offerings and benefits. Pricing The pricing is generally the amount paid to the bank for maintenance and security of the customers account. Interest is also charged on loans. Advertisement and Promotion This would ensure regional and global familiarity and can be achieved by some methods. Customer Services The benefits to the customer and remaining at par with the customer expectations are the ways of customer care. 3.8 Marketing Research The bank has a specialised unit to look into the matters of research in terms of available growth opportunities and enhancing security by not compromising with customer care. The results of the extensive research are: By increasing the gap between the expenses incurred and income generated, such that expenses are lowered would cut costs. The key to greater success lies in substantive investment in technology and infrastructure along with policy making. To manage the credit quality and reduce risks, the loans must be decreased. The individual branding of the products does help in independent progress and improvement of the products for prospective customers. 4.0 Financials The financials of the organisation would be examined by sales and expense forecast to see whether the results comply with the marketing strategy pursued by the bank. 4.1 Sales Forecast The bank has been earning revenues more in 2009 than 2008 which shows that the strategic implications have been revealed by the financial statements. The profit is quite evident in all areas expect in share of associates and joint venture which did not payoff in the year 2009. 2009 AED 000 2008 AED 000 Interest income 11,972,238 11,155,912 Income from Islamic Financing and investment product 1,352,115 1,180,257 Fee and commission income 2,593,574 2,997,620 Net gain/ (loss) on trading securities 170,096 (136,360) Other operating income 1,300,156 502,935 Share of (loss)/profit of associates and joint ventures (161,069) 338,575 Earnings per share 0.60 0.66 (Emirates NBD, 2009) 4.2 Expense Forecast The bank has been able to keep its expenses to the minimum and its strategic policies have paid off as the expenses in various categories are low in comparison to previous year. The administrative expenses will be greater as the bank expanded over the year and increased its human capital. 2009 AED 000 2008 AED 000 Interest expense 5,205,173 5,746,922 Distribution to depositors and stockholders 707.039 755,436 Fee and commission expense 628,230 751,280 General and Administrative expense 3614,804 3,355,602 Earnings per share 0.60 0.66 (Emirates NBD, 2009) 5.0 Controls The report or the marketing plan is constructed to channelize future developments and monitor the implications on the performance spectrum: A report compromising of the quarterly and yearly revenues generated by the bank A report compromising of the quarterly and yearly expenses incurred by the bank To introspect the customer satisfaction To administer new product development 5.1 Implementation Marketing Organisation The banks in the region are taking advantage of the Ramadan, a holy month to advertise Islamic Banking. The increase in the expenses due to the advertisements is expected to grow staggering 40 per cent. The Islamic Banks are expected to grow at a rate of 15 per cent annually which would affect the asset management. The bank is also expected to lure the customer interest by offering packages, car loans, hence expanding the Emirates NBD PJSC of Dubai. (Banks set up marketing campaign) 5.2 Contingency Planning Difficulties and Risks The credit card risk associated with corporate banking are reviewed regularly and managed by certain formulated policies and procedures to reduce the risk. The market and liquidity risk are prevented by diversifying the resources in case of market instability to safeguard the interests of the customer and investors. The introduction of Internal Rating System Development and launching a program based on net would result in security issues. Worst Case Risks The banks are funded mainly by the customers, which could result in problems in case of shortage of customer base. The liquidity risk which would result in loss of intellectual capital. Interview An interview with an official of the bank was important to gather information on the companys marketing policies and strategies. The bank has been performing great and above expectation in spite of the recession hitting the global arena. How has the company managed to withstand these areas? The company follows a dynamic business model with a coordinated human capital which helps them to adapt to changing enterprise environment. Ours is a leading bank in the region and since the Dubai Financial Market remained steady in the amidst recession and blooming oil prices, the recession did not pose much of a threat to our increasing customer base. We relied on giving lesser loans and dropping the loans by 5% to increase deposits which were a success as the bank saw an increase of 10% in deposits from last year in 2009. How would you illustrate the increasing competition in Middle East among the Banks? The competition has been rough as many of the banks have started with our pol icy and strategy of merger and acquisition. After our bank rebranded our products and formed the largest bank in terms of assets many of the banks such as the Commercial Bank of Qatar began the same operations of mergers to gain greater customer base and diversify their capital. This has prompted us to take bigger steps such as setting up a Private Bank for our loyal customers in Abu Dhabi and follow newer set of Corporate Governance rules to keep ahead. You have set up a Private Bank and a Business Bank in Abu Dhabi. Whats going on with that? Well, the plan is pretty clear as it is. We want to provide our valued customers with financial and wealth management solutions. The development of Abu Dhabi is a rich prospectus as it would be our passage to the outer world to increase the global participation. With global reach we would see larger investors in terms of number and quality. The Rebranding of the Bank was a brave decision. Has it helped? Yes, indeed. Rebranding is a lways a challenge when two bigger mergers are there. For our bank the merger was beneficial and also provided us with unique and distinctive opportunities. To categorize our products and recognising them as individual and separate brands, gave us the opportunity to work on them individually. Thus, we are more diverse and stable than ever.