On September 15, 2001, under the supervision of the State Bank of Pakistan (SBP), the institution then known as the Prudential Bank was acquired by the management and associates of the Saudi Pak Industrial and Agricultural Investment Company (Pvt) Ltd (SAPICO)
On March 31, 2008, a Consortium comprising of IFC, Bank Muscat, Nomura International and Sinthos Capital and led by senior bankers Shaukat Tarin and Sadeq Sayeed acquired an 86.55% stake in Silkbank for around $213 million or $0.47 per share (PKR 29.3 equivalent per share). Under the new leadership, the bank will continue to focus on SME & Consumer financing resulting in efforts of increased profitability.
Silkbank wants to be the leader in premier banking trusted by customers for accessibility, service & innovation; be an employer of choice creating value for all stakeholders and to create the benchmark of excellence in premier banking
It is our commitment to be a responsible corporate citizen, to support charitable causes and to give back to the communities where our staff members live and work.
Silkbank prides itself in being a conscientious and responsible corporate citizen with a commitment to the development of Pakistan. At Silkbank our employees are encouraged to give back to society and we have made concerted efforts towards the development of healthcare, education and constructive, character building sports activities in the underdeveloped segments of our country.
Silkbank formally called the Saudi Pak Bank acquired by international consortium compromising of bank Muscat, Nomura and IFC (World Bank Group) announced the rebranding of bank as Silkbank effective June 1, 2009.
Silkbank offers different services to its customers. Services include the following:
Loans And Advances
Silkbank is provides an effective banking service to its customers by focusing on its customers. The bank continuously interacts with it customers and receive their feedback regarding their operations and service quality, and if they receive any complaints they always try to resolve it so that better services can be provided to the customers.
Silkbank provides continuous trainings to their employees through workshops and different seminars so that the level of quality can be increase in their operations.
Silkbank encourage the use of technological advancement in business so that the accuracy of work and speed can be increased and the employees can work more easily and the flow of work can become smoother.
That is the reason Silkbank is using one of the advanced and preferred baking software called T-24 or Temenos-24 that enabled them to perform their operations more easily and smoothly.
I can draw the conclusion based on the fact that Silkbank is working hard to provide quality services to its customers by providing continuous training to their employees and by receiving timely feedback from its customers, moreover by using the advance technology in the shape of T-24 banking software. So, the Silkbank is really effective in overall business activities.
How would you measure the relative overall organizational effectiveness of any organization?
How the teachings of Edward Deming, Philip Crosby and Joseph Juran are are similar? Where do they agree?
Crosby, Deming, and Juran agree that:
To establish an organizational culture focusing mainly on the commitment to quality is the management's responsibility and the key for the continuous improvement.
The mission of the organization must be clearly communicated to everyone, and all management action must lead to fulfilling that mission.
To develop the employee skills and knowledge, continuous training and education is necessary at all levels so that the concept of quality can be promoted throughout the organization.
Most important thing for the organization is the effective communication and teamwork and cooperation throughout the organization.
Management is responsible for the improvement throughout the organization. More than 85 percent of all problems associated with quality can be attributed to management policy or action.
The pursuit of customer-focused quality is a long-term process that will not produce results overnight. The improvements will be evident over time in terms of reduced costs, but, more importantly, organizations will eventually be able to anticipate and prevent problems.
Traditional inspection methods to achieve quality are not much effective in producing product of quality at affordable price.
There are some processes where inspection will always be required, but t is important to eliminate inspection as a means to achieving quality.
Cost and quality are not in competition with one another.
How the teachings of Edward Deming, Philip Crosby and Joseph Juran are different? Where do they disagree?
Use of Measurement
Crosby, Deming, and Juran identified measurement concept as very important to the process of improving the organization, but they described it in different ways.
Both Crosby and Juran explained that measurement has to focus on the cost of quality. According to them reduction in cost can be an indicator to meet customer needs and requirements.
Deming put more emphasis to the costs of losing a customer and its impact. He explained that measuring and meeting customer needs and expectations are major steps for the implementation of quality improvements. Deming emphasis more on quantitative methods and statistical methods.
To Crosby, the final goal should be defect-free products and services, do the thing right first time approach. To Crosby, a quality product or service results when the process has consistently produced something that falls within specification limits.
Deming, on the other hand, considers that being within specifications is just the first step to continuous process improvement. He believes reducing process variation on a continuing basis is the key for improve quality. Deming also refuses the use of numerical goals and quotas to manage work.
Juran addresses quality-related goals and company-wide objectives, but more important to him is the deployment of goals throughout the organization at all levels. Strategic goals need to be deployed to all divisions and sections of the organization, and more specific goals need to be deployed to people so that they know what to do especially to those who are responsible for operating the process.
All three gurus view the role of suppliers differently.
Crosby and Juran recognize some of the advantages of single suppliers, but at the same time they take a more conservative view and support the reduction in the number of suppliers. Crosby and Juran consider it important to have different suppliers for the same product when the product is a critical one.
Deming favours the practice of working with a single supplier, where feasible, to reduce variability of incoming materials. Long-term contracts help us to maintain good relations with our and the suppliers will be more likely to improve their own processes to provide better products or services.
Crosby, Deming, and Juran, each gives great importance to the top management's participation differently.
Crosby describes the Zero Defects Day as the time when management repeat its commitment to quality and communicates it to all employees at all levels.
Similarly, Juran presents the Juran's annual quality program used by managers to communicate to all employees' management's commitment to quality improvement.
Although Deming admit that top management commitment is vital, he does not describe a program for accomplishing it. To him, the leader's new job is to remove barriers and create a culture that value helping others to do a better job and to feel pride in workmanship.