An overview of the Bank of Maldives

An overview of the avow of MaldivesOn 23rd May 1982, money box of Maldives was registered (Company cash register No. C-22/1982) with Ministry of Home Affairs as a corporation. On 10 November 1982 BML was registered at Maldives Monetary Authority and was assumption license to provide banking agate line in the Maldives.Joint venture with IFCIBank of Maldives Plc was inaugurated on November 11, 1982 and started commercial surgical operation as a joint venture bank with 60% plows held by the governing body of the Maldives (including its Agencies and Maldivian Companies) and 40% shargons own by International Finance investment funds Company Limited (later IFIC Bank Limited), Dhaka, Bangladesh.Until 31st December 1992, the Bank was managed by the professionals of IFIC Bank Limited and they were paid 10% of the Banks profit. During the tenth year of the Bank, the Government of Maldives decided to re-structure the Bank of Maldives as such(prenominal) requested the IFIC Bank Ltd to slew the share holding and overly the crook of representation in the Board. then IFIC Bank Ltd decided to dispose off its entire shares in the Bank of Maldives and terminate its relations with the Bank with the expiry of the Management Contract on December 31, 1992.Bank of Maldives Become Public Limited CompanyOn 14 November 1992, Government of Maldives purchased 40 per cent shares held by IFIC Bank Ltd. As a result, 80 per cent of the share groovy of the Bank of Maldives was owned by the Government while the remaining 20 per cent of the share capital was sold equ tout ensembley to the State Trading Organization and Maldives conveying and Contracting Company respectively.Company SharesIn December 1992, the Government decided, to deal out Banks shares to the general public, with a view to expand the Banks capital. From January 1, 1993, Bank of Maldives Plc has become, and since then remained, a bank fully owned by the masses and the Government of the Maldives.The Bank of Maldi ves Plc issued shares during 1993, 1994, 1995, 1996, 1997, 1998 and 2007. In 2007, Memorandum and Articles of Association of the bank was revised, shares were split and bonus shares were given to the existing shareholders. As a result the authorised caiptal of the bank was change magnitude from Rf 300 million to Rf 800 million. The face value of BML shares stick up at Rf 50/-.Bank of Maldives BranchesPresently the Bank of Maldives Plc has 25 branches. Three out of 25 branches are in virile, the capital, 01 in Male International Airport (Hulhule Island) and 01 each in both Villingili ward and Hulhumale. The another(prenominal) branches are distributed amongst the atolls of the hoidenish, each with a designated command area. Hence, the Bank of Maldives Plc is fit to action the whole nation.Strategies for businessesThe main business of the Bank is retail banking in admittance to handling development banking activities in all the atolls of the Republic, Bank of Maldives PLC exte nds a regeneration of modern banking services online in a fully computerized environment and is olympian to be servingthe nation as the leading bank in the Maldives.A business strategy is a pattern of decision and actions that are taken by the business to achieve its objectives. calling planning involves deciding what is to be done, setting objectives and evolution polices to achieve them.There is a number of stages involve in the planning process. These includeIdentifying the objectivesAnalalysing the positions of the businessDeciding on suitable strategyImplementing a suitable strategyEvaluating its effectivenessstrategic Planning ProcessMissionWe will lead the way by dint of quality of service and dedication of our staff. We will serve all our communities to the high hat of our ability, strive always to listen to your needs and so build native guest confidence and satisfactionVisionTo be the leader in the monetary industry in Maldives, spreading its presence in all key economic geographies in MaldivesTo be the leader in the financial industry in Maldives, inculcating a long term saving last in the nation and promoting a cashless societyTo be one of the close Efficient, Profitable and Respected financial institutions in Maldives.ValuesStrategic analytic thinkingThis is all active the analysing the strength of businesses position and understanding the cardinal outside(a) factors that may enamor that position. The process of Strategic abbreviation coffin nail be assisted by a number of tools, includingSWOT Analysis a useful summary technique for summarising the key issues arising from an assessment of a businesses inner position and external environmental influences.PEST Analysis a technique for understanding the environment in which a business operatesScenario Planning a technique that builds various plausible views of possible futures for a business tailfin Forces Analysis a technique for identifying the forces which affect the level of competition in an industryMarket Segmentation a technique which seeks to identify similarities and differences amid groups of customers or usersDirectional Policy Matrix a technique which summarises the free-enterprise(a) strength of a businesses operations in specific merchandisesCompetitor Analysis a wide range of techniques and analysis that seeks to summarise a businesses boilers suit competitive positionCritical Success Factor Analysis a technique to identify those areas in which a business must go by the competition in order to succeedSWOT AnalysisA SWOT (Strengths, Weaknesses, Opportunities, and Threats) is a tool used to provide a general or detailed snapshot of a Companies health. Think of your SWOT as a tune-up that each business needs periodically to appoint and fix whats a bit worn, whats on the verge of breaking down, or whats already broken and needs replacementso that you can keep the business humming-even break out than it has in the past.StrengthFinancial s tability and bank is well capitalised and this has enabled it to commit relatively wellHighest market sharesGovernment helps since it has their share power virtually effective recruitment and selection processAwarded for 3 years about their customer satisfaction methods.Easy transections for its customersUpdated technologyNations roughly trusted connection with the highest transectionsOldest bank in the market and well branded in the terra firmaWeaknessLess number of employees to deal with their daily transections and customers problems.Limited clam providingDifficult to get loans compare to their competitorsOpportunitiesSince they make water got a salutary financial stability they can expand their business to other islandsSell more shares to the public market. It will increase their customers and also will be able to deem a better capital to provide a good serviceTo deal with their daily transections and to get experience from developed banks equal Swiss bank they can ask from the government talk about it with them.ThreatsRecently have stopped providing any types of card to the customersEconomic crisesCompetitorsThe strengths of the company can be assessed as companys resources and also the company capabilities which can be used as a root to achieve its objectives and goals and also for exploitation a competitive advantage.Maintain the strength and try to readuse the weakness such asForgn currency probPESTLEIt is very important that an organization considers its environment before beginning the marketing process. In fact, environmental analysis should be continuous and feed all aspects of planning.PoliticalIn Maldives government doesnt influence most of the business. But Bank of Maldives is a government company so they take decisions according to their political decisions. Most of the business in this country are private business. Government helps to their business to carry it with the highest level they can and to expend it. However they have rece ntly announced that they will top new rules to the tertiary sector business.EconomicalAfter the tsunami the country is developing rapidly their business and starting new business. In the market they have got so many new competitors like HSBC and Bank of Ceylon. Most of the pile still trusts Bank of Maldives because of being the oldest Bank in the country and also its under the control of government. Most of the transection are done in the capital city. So economically they will face much troubles from their business. Because HSBC can be a competitor who will be able to get market share. They have the best dollar providing service. When looking in to the mass perspective, most of the people have bank accounts. And all most all the people are aware about the modern world.Business cycle amicableMaldives economy is based on about the social could be their outlay is higher and less saving. This way happens mostly with the youngsters. Everything for them is fun and enjoying. And each every of them has their own bank account. Thats why it increase the bank transection.TechnologicalBusiness operates with new technology Organizational hierarchyTechnology is vital to cod competitive advantage, and is a major driver of globalization. Changes in technology have also become mainly weighty in the post-millennium world. This is particularly straightforward in terms of modern communication technologies. The creation of databases and electronic communication theory have enabled huge quantities of information to be shared and quickly distributed in a modern company enabling vast cost reductions, and oftentimes improvements in service and product. Organizations need to be aware of the latest germane(predicate) technologies for their business and due to high competition in the market.The most important changes brought by the human in the 21st century were the Technology. The technology has brought the people together with the best, comfortable and convenient life. Also t echnology is one of the biggest issues in modern world.Bank of Maldives use the latest technology to serve its customersPorters Fives Forcesprovider Having a good pricing strategy and a good customer care will enhance Bank of Maldives to catch up the fall guy easily and maximize the profit.BCG MatrixDirectional policy MatrixGE MatrixMarket force and Bank of MaldivesCommunicationHuman mental imagery Of the organizationHirchy of company