The key successes of Versus Bank's performance
Inspired by the English language, Versus Bank is by definition the bank of challenges. It was created in 2003 in Abidjan, Côte d'Ivoire, out of a desire to support the actions of national champions in meeting the many challenges they faced. The bank's activities were going well until August 2006, when it was put under provisional administration; in December 2008, it was taken over entirely by the State of Côte d'Ivoire.
So much progress has been made since the State takeover. Indeed, in 2011, the bank began an innovative dynamic through its official positioning as a partner bank for SMIs/SMEs (small and medium-sized investors/small and medium-sized enterprises), which would later earn it prizes for the most innovative bank and the best bank, respectively, in 2017 and 2019.
In June 2018, a new page in the history of Versus Bank opened with the entry of a new shareholder, the General Fund of Retirement of the Agents of the State (CGRAE or Caisse Générale de Retraite des Agents de l'Etat), resulting in the bank's capital increasing from 3 billion to 10 billion FCFA. In 2019, Jerome Ehui assumed the role of general manager.
The bank's historic performance in 2020, in the context of the health crisis, was possible thanks to the clear vision of its top management and a strategy based on five key success factors.
The bank's historic performance in 2020, in the context of the health crisis, was possible thanks to the clear vision of its top management and a strategy based on five key success factors:
1. An improvement in its governance framework
Based on the new prudential requirements and the entry of a new shareholder, the bank has restructured its board of directors with the recruitment of three new independent directors, the establishment of an audit committee and risk committee, as well as the appointment of lead directors in charge of compensation, ethics and compliance.
This restructuring of its board of directors has enabled the bank to be in line with international standards of governance and significantly improve the management of its activities.
2. An organisational overhaul to improve operational efficiency
In order to significantly improve the bank's operational efficiency and align the composition of its human capital with its ambitions, the general management has overhauled its organisational structure. The implementation of this project has led to:
o The directorates,
o The restructuring existing directorates,
o The creation of specialised internal committees in addition to the management committee,
o The recruitment of new profiles for strategic positions, o The reinforcement of its staff. 3. New values focused on the quality of our services
Upon taking over the leadership of the bank in 2019, the new chief executive officer (CEO) launched a transformation process, referred to as the Versus Transform Days.
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All these actions were possible only because the staff acted in synergy around new values. Brainstorming sessions involving the staff enabled the bank to define four cardinal values summarised under the acronym DIRE, as follows:
o Availability: We are always available to our colleagues and are committed to satisfying our customers by responding promptly to their concerns and by actively listening to them on a daily basis.
o Innovation: We reinvent ourselves to provide our clients with the most innovative solutions to meet the major challenges of an ever-changing world.