INTRODUCTION TO CORPORATE

CULTURE

CROSS CULTURAL COMPARISON

OF COMPANIES
Submitted To:
Mr. Saad Mehmood Bhatti
Submitted By:
Shahza Mujeeb (2021-BBA-03)
Iman Asim (2021-BBA-40)
Abdul Rehman (2021-BBA-163)
Subhan Yamin (2021-BBA-158)
Zaman Mayo (2021-BBA-39)
Muhammad Saad (2021-BBA-34)
Sector We Selected
INV. BANKS / INV. COS. / SECURITIES
COS.

Company We Selected
BANKS

Countries & Banks We Selected

Developing Developed Non-Developed

Pakistan United States Togo

Habib Bank Bank Of

Ecobank
Limited America
 1. Developing Country (Pakistan)
 Company Introduction:
HBL (Habib Bank Limited), Pakistan’s largest bank, was the first commercial bank
to be established in Pakistan in 1947. Over the years, HBL has grown its branch
network and maintained its position as the largest private sector bank in Pakistan
with over 1,650+ branches and 2,100+ ATMs globally, serving 23 million+
customers worldwide.

 History
Mohammed Ali Jinnah, Pakistan's first Governor General, realized the importance
of financial intermediation while he was campaigning for the creation of a separate
homeland for the Muslims. He persuaded the Habib family to establish a
commercial bank that could serve the Muslim community. His initiative resulted in
the creation of Habib Bank in 1941, with head office in Bombay (now Mumbai),
and fixed capital of 25,000 rupees. The bank played an important role in
mobilizing funds from the Muslim community to finance the All-India Muslim
League's campaign for the establishment of Pakistan. Habib Bank also played an
SSimportant role in channeling relief funds to Muslims hurt in the communal riots
and violence that preceded the departure of the British from British India and the
subsequent partition.
After the formation of Pakistan in 1947, Habib Bank moved its headquarters to
Karachi, Pakistan's first capital, at the urging of Governor-General Jinnah. This
gave Karachi its first commercial bank of the newly formed Pakistan.
The Habib family would own and manage the bank until the Pakistan government
nationalized it on 1 January 1974.
On 13 June 2002, Pakistan's Privatization Commission announced that the
Government of Pakistan would grant the Aga Khan Fund for Economic
Development (AKFED), a subsidiary of the Aga Khan Development Network,
majority ownership of HBL against an AKFED's investment in the bank.
In 2002, HBL's UK operation came close to being shut down due to regulatory
issues with the Financial Services Authority. The issue was resolved by converting
the operations to a subsidiary. Then Habib Bank Limited and Allied Bank of
Pakistan merged their operations (Habib contributed its 6 branches and Allied its 4
branches), into a new bank, called Habib-Allied International Bank, in which
Habib Bank has a 90.5% shareholding, while Allied Bank has 9.5%.
In December 2003, the Government of Pakistan granted AKFED rights to 51% of
the shareholding in the bank against an investment of PKR 22.409 billion (US$389
million). In February 2004, Government of Pakistan handed over management
control of Habib Bank to AKFED. The Board of Directors was reconstituted to
have four AKFED nominees, including the Chairman and the President/CEO and
three Government of Pakistan nominees.
In 2013, the bank acquired Citibank Pakistan consumer business for ₨2 billion.
In April 2015, the Government of Pakistan sold its 41.5% stake or 609 million
shares in the bank for $1.02 billion. According to the finance ministry, the strike
price of Rs. 168 per share (compared to the floor price of Rs. 166 per share) was
recommended by the Privatization Commission Board. The bank's owners now
comprise the Aga Khan Fund for Economic Development (51%) and the remaining
49% of shares are in free float. CDC Group holds 5% and the International Finance
Corporation holds 3% while the rest of the shares are held by individuals,
institutions and funds.
In June 2015, the bank acquired Barclays's Pakistan operations and absorbed the
staff into the HBL.
On 18 April 2016, HBL received license to operate a subsidiary in Ürümqi,
Xinjiang, becoming the first Pakistani bank to operate in China. It has become the
first Pakistani bank and one of three banks from South Asia & MENA Region to
open branches in China, with permission to trade in local currency, RMB.
In February 2018, HBL appointed senior banker, Muhammad Aurangzeb (formerly
CEO Global Corporate Bank – Asia Pacific at JP Morgan) as its President & CEO
following early retirement of Nauman K. Dar on 31 December 2017, after the bank
was marred by a penalty of $225 Million (USD) for its non-compliance with risk
management and anti-money laundering rules.
In 2020, HBL was designated one of the domestic systemically important banks
(D-SIB) of the year by the State Bank of Pakistan.

 Operations
The Bank is a leading full-service commercial bank. The key areas of
operation are Branch Banking, Corporate & Investment Banking, Treasury,
SME & Rural Banking, Financial Institutions & Global Trade Services,
Transaction Banking and Islamic Banking.

 Founding Members
1. Mohammed Ali Habib
2. Dawood Habib

 Board Of Directors
1. Mr. Sultan Ali Allana (Chairman)
2. Mr. Muhammad Aurangzeb (President & CEO)
3. Mr. Moez Ahamed Jamal (Director)
4. Mr. Shaffiq Dharamshi (Director)
5. Mr. Salim Raza (Director)
6. Dr. Najeeb Samie (Director)
7. Mr. Khalil Ahmed (Director)
8. Ms. Saba Kamal (Director)

 Rank
1st in Pakistan

 Lead
Muhammad Aurangzeb

 Revenue
HBL registered total revenue of Rs 123 billion as the strong growth in fees
and balance sheet volumes Theyre able to offset the impact of industry-wide
margin compression. The Bank recorded a net interest income of Rs 97.2
billion, driven by a Rs 400 billion growth in average balance sheet volumes.
 Company’s Cultural Value
The Government of Pakistan (GoP) privatized HBL in 2004 through which Aga
Khan Fund for Economic Development (AKFED) acquired 51% of the Bank’s
shareholding and the management control. The remaining 41.5% shareholding
by the GoP was divested in April 2015. AKFED continues to retain 51%
shareholding in HBL while the remaining shareholding is held by individuals,
local and foreign institutions and funds including CDC Group Plc which holds
4.99% and International Finance Corporation which holds 0.87%.

The Bank is a leading full-service commercial bank. The key areas of operation
are Branch Banking, Corporate & Investment Banking, Treasury, SME & Rural
Banking, Financial Institutions & Global Trade Services, Transaction Banking
and Islamic Banking.

The Branch Banking business is the mainstay of the Bank, positioning HBL as
the largest retail bank in Pakistan catering to all market segments. HBL
Corporate & Investment Banking Group is a leading provider of financial
services to multinational and local corporate clients across the country. The
Bank also has the largest Treasury operations in Pakistan and plays a key role in
Pakistan’s domestic markets.

HBL enjoys a significant international footprint and is the largest domestic

multinational. The Bank’s international footprint is important as it provides
opportunities to effectively serve its core customers across its network. China
remains the lynchpin of HBL’s international strategy and the Bank is the largest
executor of CPEC related financing in Pakistan. In November 2019, HBL
created history when the HBL Urumqi Branch formally commenced the RMB
business by becoming the first and only bank from Pakistan and one of the three
banks from the South Asia and MENA region to offer end-to-end RMB
intermediation. In December 2019, HBL became the first Pakistani bank to be
awarded the much coveted branch license to offer financial services to clients in
Beijing.
As the leading financial institution of Pakistan, HBL is at the forefront of all
development initiatives which includes growth of priority sectors and targeting
the unbanked population in the country. As the leading financial institution of
Pakistan, HBL remains committed to its objective of financial inclusion for all
segments of society. The Bank is already playing a leading role in enhancing
financial inclusion through initiatives such as the Ehsaas Kafalat Program and
facilitating access of women to the financial sector.

 KEY FEATURES FOR EMPLOYERS

 Seamless transition to HBL Work through bulk account opening process.
 Smooth salary/pension disbursal –payments through online portal.
 Customized payroll solution available for Chinese nationals.
 On-site Theylcome pack delivery and account activation.
 Dedicated Client Relationship Manager, Implementation Team and
Service Desk
 FOR EMPLOYEES
 Hassle-free account opening and activation with no need to visit the
branch.
 Minimum documentary requirement.
 No minimum balance and no initial deposit required.
 Language barrier removed for Chinese nationals.
 Access to Retail and Consumer banking products.
 Free account services (deposits, withdrawals, SMS alerts, internet and
mobile banking).
 Service requests can be processed at any HBL branch nationwide.
 Mission Statement
“TO MAKE OUR CUSTOMERS PROSPER, OUR STAFF EXCEL AND
CREATE VALUES FOR SHAREHOLDER”
2. Developed Country ( United States)
 Company Introduction
Bank of America is one of the world's leading financial institutions, serving
individuals, small- and middle-market businesses, large corporations, and
governments with a full range of banking, investment management and other
financial and risk management products and services. It was formed through
NationsBank’s acquisition of BankAmerica in 1998. Bank of America is
headquartered in Charlotte, North Carolina.

 History
The bank’s history dates to 1904 when Amadeo Peter Giannini opened the
Bank of Italy in San Francisco. It eventually developed into the Bank of
America and was for a time owned by Giannini’s holding company,
Transamerica Corporation. It issued the first bank credit card, Bank Ameri
Card, in 1958. (The first universal credit card, which could be used at a
variety of establishments, had been introduced by the Diners’ Club, Inc., in
1950.)

In 1968 the newly named BankAmerica Corporation was organized in

Delaware as a holding company for Bank of America NT & SA and other
financial subsidiaries. One of BankAmerica’s most significant acquisitions
was the 1983 purchase of Washington state bank Seafirst Corporation, which
was the biggest U.S. interstate bank merger to date. After purchasing its
major competitor in California, Security Pacific Corporation, in 1991, Bank
of America became the first bank to offer coast-to-coast operations in the
United States. It expanded into New England with the acquisition of
FleetBoston Financial Corporation in 2004, and by the early 21st century it
was operating more than 5,500 bank branches in more than 20 U.S. states
and conducting corporate and investment banking in numerous countries
worldwide. The firm enlarged its credit-card business by acquiring National
Processing, a transaction-processing firm, in 2004, and its merger with
MBNA Corporation in 2006 made Bank of America a leading issuer of
credit cards. To gain a strong position in the Theyalth-management business,
Bank of America in 2007 acquired U.S. Trust Corporation, an investment
firm that manages investments for high-net-worth individuals.
 As the global financial crisis emerged in 2008, numerous institutions began
to struggle, notably Countrywide Financial, the largest American mortgage
lender, and Merrill Lynch & Co., Inc. That year Bank of America bought
both companies, and the acquisitions proved costly. In January 2009 Bank of
America announced that it would receive $20 billion in U.S. government aid
and an additional $118 billion in guarantees against bad assets incurred as a
result of the acquisition of Merrill Lynch. Bank of America subsequently
faced a number of state and federal lawsuits regarding claims that it had
defrauded investors. In 2012 it agreed to pay $2.43 billion to settle a class-
action suit involving allegations that the company had failed to disclose to
investors the true financial health of Merrill Lynch. Also coming under
scrutiny Theyre the mortgage operations of both Bank of America and
Countrywide. In particular, they Theyre accused of having made risky
mortgage loans and then misrepresented the quality of those loans to
investors. In 2013 the U.S. government sued Bank of America for financial
fraud, and the following year the company agreed to pay $16.65 billion.

 Operations
The operations they provided are Consumer Banking, Global Banking,
Global Theyalth and Investment Management, Global Markets, Labor,
Offices.
 Founding Members
1. Amadeo Giannini
2. Hugh McColl

 Board Of Directors
1. Brian Moynihan(Chairman of the Board and CEO)
2. Lionel L. NoTheyll III(Lead Independent Director, Former
Senior Vice President and Treasurer)
3. Sharon L. Allen(Former Chairman)
4. Susan S. Bies (Former Member, Federal Reserve Board of
Governors)
5. Frank P. Bramble, Sr. (Former Executive Vice Chairman)
 6. Pierre J. P. de Theyck (Former Chairman and Global Head
of Private Theyalth Management)
7. Arnold W. Donald(President and Chief Executive Officer)
8. Linda P. Hudson(Former Chairman and Chief Executive
Officer, The Cardea Group, LLC ; Former President and
Chief Executive Officer, BAE)
9. Monica C. Lozano(Chief Executive Officer, College Futures
Foundation; Former Chairman, US Hispanic Media Inc.)
10.Thomas J. May(Former Chairman, President, and Chief
Executive Officer, Eversource Energy)
11.Denise L. Ramos(Former Chief Executive Officer and
President, ITT Inc.)
12.Clayton S. Rose(President, Bowdoin College)
13.Michael D. White(Former Chairman, President, and
Chief Executive Officer, DIRECTV; Lead Director,
Kimberly-Clark Corporation)
14.R. David Yost (Former Chief Executive Officer)
15.Thomas D. Woods(Former Vice Chairman and Senior
Executive Vice President of CIBC; Former Chairman)
16.Maria T. Zuber (Vice President for Research and E. A.)
 Rank
2nd in America

 Lead
Clayton Rose

 Revenue
85.52 billion USD (According To 2020)
 Company’s Cultural Value
They've built a strong culture of inclusion by fostering an environment of trust
and engagement, where all employees are empoTheyred to bring their whole
selves to work.
They strive to go the distance to deliver, with discipline and passion. They
believe in connecting person-to-person, with empathy and understanding. They
believe everything They do for our clients, teammates and the communities
They serve is built on a solid business foundation that delivers for shareholders.
Connecting with the people you work with is important. Our offices hold
employee events and have clubs made up of employees who share a common
identity or interests so employees can spend time together and support each
other. Because at the heart of it all, respect and relationships can turn a good job
into a great one.
Together, They are a company that embraces and appreciates employees’
background, thoughts and experiences. They recognize and nurture high
performing employees like Raquel González, joining us as a client service
representative and growing her career to become Market President in Silicon
Valley.
As a Bank of America employee, our commitment to you is to ensure that you
are Theylcomed for who you are, and given the support to build your career and
make a difference.

 Mission Statement
Bank of America's mission statement is to help make financial lives better
by connecting those They serve with the resources they need to be
successful. The company is committed to delivering this by focusing on
responsible growth together with social, environmental, and governance
leadership.
3. Least Developed Country (Togo)

 Company Introduction:
In October 1985 the first Ecobank affiliate opened in Togo. Despite the political
upheaval of the 1980's in Africa, and against all odds, the Ecobank Group
opened branches in five African countries in 1988.
Ecobank, whose official name is Ecobank Transnational Inc. (ETI), is a pan-
African banking conglomerate, with banking operations in 36 African countries.
It is the leading independent regional banking group in Theyst Africa and
Central Africa, serving wholesale and retail customers. It also maintains
subsidiaries in Eastern and Southern Africa. ETI has representative offices in
Angola, China, Dubai, France, South Africa, and the United Kingdom.

 History
ETI, a public limited liability company, was established as a bank holding
company in 1985 under a private sector initiative spearheaded by the Federation
of Theyst African Chambers of Commerce and Industry, with the support of the
Economic Community of Theyst African States (ECOWAS). In the early 1980s
the banking industry in Theyst Africa was dominated by foreign and state-
owned banks. There Theyre hardly any commercial banks in Theyst Africa
owned and managed by the African private sector. ETI was founded with the
objective of filling this vacuum.
The Federation of Theyst African Chambers of Commerce promoted and
initiated a project for the creation of a private regional banking institution in
Theyst Africa. In 1984, Ecopromotions S.A. was incorporated. Its founding
shareholders raised the seed capital for the feasibility studies and the
promotional activities leading to the creation of ETI.
In October 1985, ETI was incorporated with an authorised capital of US$100
million. The initial paid up capital of US$32 million was raised from over 1,500
individuals and institutions from Theyst African countries. The largest
shareholder was the ECOWAS Fund for Cooperation, Compensation and
Development (ECOWAS Fund), the development finance arm of ECOWAS. A
Headquarters’ Agreement was signed with the government of Togo in 1985
which granted ETI the status of an international organisation with the rights and
privileges necessary for it to operate as a regional institution, including the
status of a non-resident financial institution.
ETI has two specialised subsidiaries: Ecobank Development Corporation
(EDC) and eProcess International (eProcess). EDC was incorporated with a
broad mandate to develop Ecobank’s investment banking and advisory
businesses throughout the countries where Ecobank operates. EDC operates
brokerage houses on all 3 stock exchanges in Theyst Africa and has obtained
licences to operate on the two stock exchanges in Central Africa: the Douala
Stock Exchange in Cameroon and the Libreville Exchange in Gabon. The
mandate of eProcess is to manage the Group’s information technology function
with a view to ultimately centralising the Group’s middle and back office
operations to improve efficiency, service standards and reduce costs.

 Operations
The Ecobank Group is a full-service bank focused on Middle Africa. It
provides wholesale, retail, investment and transactional banking services to
governments, financial institutions, multinationals, local companies, small
and medium-sized enterprises (SMEs) and individuals.
.
 Founding Members
1. Chief Philip Asiodu
2. Gervais Djondo

 Board Of Directors
1. Mr. Alain NKONTCHOU (Group Chairman, Non-
Executive Director)
2. Mr. Ade AYEYEMI (Group CEO, Executive Director)
3. Mrs Aichatou AGNE POUYE (Non-executive director)
4. Mr. Deepak MALIK (Non-executive director)
5. Dr. George DONKOR (Non-executive director)
6. Mr. Simon DORNOO (Non-executive director)
7. Mr Brian KENNEDY (Non-executive director)
8. Dr. Catherine NGAHU (Non-executive director)
 9. Mr. Mfundo NKUHLU (Non-executive director)
10.Teacher. Enase OKONEDO (Non-executive director)
11.Mr. David O’SULLIVAN (Non-executive director)
12.Mrs Zanele MONNAKGOTLA (Non-executive director)
13.Dr. Aasim Ahmad QURESHI (Non-executive director)
14.Mr. Hervé Assah (Non-executive director)
 Rank
2nd in Togo

 Lead
Mfundo Nkuhlu

 Revenue
$393 Million (U.S)

 Company’s Cultural Value

To sustain our success, They have embedded the right ethics, culture, conduct
and values into all of our activities. These qualities constitute the pillars of our
organization and determine the right behaviors in each of our interactions with
our customers, colleagues, communities, shareholders, regulators and all other
stakeholders.
In 2019, They conducted an independent survey across the Ecobank Group to
identify areas for improvement in the bank, and define a culture of trust and
strong ethics. Six core values resulted (RACE IT: Respect, Responsible Act,
Customers First, Excellence, Integrity, Teamwork). These represent our
philosophy today.

 For Employees
At Ecobank, They are a diverse community of people driven by passion for the
African continent. Together They grow by building on our strength as a Pan-
African bank.
At the heart of our recruitment process, They look for individuals who exhibit
our core values; RACE IT: Respect, Accountability, Customer Centricity,
Excellence, Integrity and Teamwork. The training and professional
development of our employees is important to us, and as a result of our
commitment, our employees can look forward to growth in their career and
personal aspirations.

 Mission Statement
Ecobank has a dual mission: to build a world class African Bank and to
contribute to the economic and financial development of our continent. The
bank has consistently delivered superior shareholder returns and invested in
building African capacity.

 COMPARISON
Bank of America situated in United States of America, a developed country,
have the most strong and attractive culture than HBL and Eco bank situated in
Pakistan and Togo.
 Revenue of Bank of America is greater thank other two banks under
comparison.
 Bank of America provide more facilities to employees as compared to HBL
and Ecobank. It contain employees club, so that employees enjoy there and
understand each other by spending time.
 The mission of Bank of America is more interesting and attractive towards
people as compared to other two banks. Their motive is to grow together
with social, environmental and governance leadership.