Royal Exchange Plc has disclosed plans to re-strategize its major operations to enable the group and all its subsidiaries meet the growing demands and needs of its numerous customers across the country.
Alhaji Auwalu Muktari, Group Managing Director, Royal Exchange Plc said this was part of the plans to celebrate the company’s centenary anniversary. He noted that as the firm embarks on the next 100 years, it was important that it reassesses the fortunes of the company, and also devised strategies for the next century to remain relevant.
The restructuring, he noted will rest on three pillars:
- Digital Transformation.
- Efficient Distribution Channel.
- Business Process Remodelling.
He further revealed that the company seeks to build and develop digital tools as an enabler to reach its clients and conduct more efficient back-office operations. This he noted will entail the deployment of digital solutions that will ease business operations and also use the various social media platforms to reach current and potential clientele today and tomorrow.
This he noted can only be achieved by developing and deploying various business applications, that we will become more nimble and able to respond quickly to change, whenever it comes.
He added that one of the goals of the restructuring project is the group’s desire to develop and implement an efficient and cost-effective distribution channel that will support the company’s earlier objective of being nimble and give the group leverage in delivering products and services faster and better and more reliable to its teeming clients in Nigeria.
Royal Exchange commenced operations in Nigeria in 1918 represented by Barclays Bank DCO and in 1921 converted to a full branch of its then parent company, Royal Exchange Assurance, London.
Royal Exchange was in December 1969, reconstituted and incorporated as a Private Limited Liability Company. The company went public on 18 July 1989 and was duly listed on the Nigerian Stock Exchange on 3 December 1990. In 2017, it entered into a merger with African Prudential Insurance Company Limited and Phoenix of Nigeria Assurance Company Plc.