When Credicorp, the leading banking institution in Peru, set its sights on becoming a leading financial group across Latin America, a key to success was crafting a leadership strategy that was just as ambitious and robust as its business strategy. Here’s why.
The executive team created a strategic plan aimed at leveraging Credicorp’s 120 years of experience in the financial sector to pursue growth opportunities across the Americas. The plan involved expanding into international markets, broadening the portfolio of financial services, extending into new demographic segments, acquiring businesses, and driving efficiency throughout the organization.
New strategies and business challenges meant developing new leadership competencies. After several experiences with outside leadership providers that missed the mark, a cautious Director of Talent, Ursula Alvarez, brought in CCL. “That was our last shot at formal leadership development for our top leaders,” she recalled. “Either we found the right formula with the Center for Creative Leadership (CCL) or we went back to traditional management education.”
CCL’s proven track record, collaborative approach, and ability to teach and coach in Spanish opened the door for an initial leadership development program with senior managers. Seeing an opportunity to create stronger links between the business strategy and leadership needs, the two organizations constructed a comprehensive leadership training and development architecture for leaders across Introduction all levels. The goal was to create a leadership solution that would evolve in unison with the changing nature of the strategic challenges faced by organizational leaders.
Five years later, Credicorp continues to implement and evolve its leadership strategy. CCL is a trusted thought partner and solutions provider in the pursuit of bridging the strategy/performance gap that so often plagues organizations in the process of international expansion. And the company is successfully bridging that gap as it strengthens its dominance in Peru; establishes a strong foothold in countries like Bolivia, Colombia, Chile, and Panama; and adds operations in Miami. With the new strategy and new approach to leadership development in place, Credicorp Group’s revenue has grown exponentially and the strategic plan calls for even more aggressive growth and international expansion over upcoming years. This success has been fueled by sound strategic decision-making coupled with investments in the human factors to support business growth.Download Article