Social media reports alleging mismanagement of depositor funds prompted a run on the bank, leading to the Central Bank placing the institution under receivership. The shareholders (a mix of local High Net Worth Individuals and international development finance institutions and commercial investors) held divergent views on how to address the situation and had reached an impasse.
We delivered intelligence and analysis tracking media and market reaction to the situation as it evolved and conducted detailed scenario planning to inform our recommendations. Our first priority was to build trust among shareholders by facilitating candid dialogue to align interests behind a clear and shared agenda: re-open the bank as quickly as possible, protect depositors and protect jobs. We designed and executed a stakeholder engagement strategy to achieve these goals whilst managing reputational exposure and protecting shareholder value. We engaged media, influencers and government stakeholders to build understanding of the shareholders’ common agenda and emphasise its alignment with the national interest.
The bank was reopened, making it the first bank in the country to ever reopen after being placed under statutory management. Jobs were protected and depositor assets secured. In addition, positive endorsement of the shareholders’ efforts to reopen the bank was secured from the Governor of the Central Bank.
