Liberty has announced a number of organisational changes that will allow it to prioritise growth in African markets, starting in January 2015.
The company has identified regions such as Nigeria and Kenya as areas with opportunities that complement Liberty’s core skills, said the company in a statement.
Liberty chief executive, Thabo Dloti revealed the group’s focus areas over the next five years and a revised business model that supports Liberty’s shift towards becoming a more customer-led organisation.
Under the revised operating model, the existing business mono-lines will be integrated into three core customer facing business clusters, focused on understanding and fulfilling the needs of their respective market segments.
Dloti explained that the reorganisation will allow each business to benefit from the power of a bigger group and leverage the core capabilities developed over the past few years.
The company also established an individual arrangements unit, which will focus on defined individual customer markets, while a group arrangements unit will focus on all corporate, institutional and group customer markets.
Dloti added that Liberty’s asset management unit, Stanlib, will continue focusing on institutional, wholesale retail and high net worth individual clients. Stanlib will also continue to expand and align its operations across the continent under the leadership of Seelan Gobalsamy.
Continued Africa expansion
In addition to Nigeria and Kenya, Liberty has also identified a number of other growth markets on the continent, and Dloti stated that future expansion plans would include geographies where Standard Bank has a presence.
Liberty’s Mukesh Mittal will dedicate his focus on the group’s business acquisition initiatives across the continent, with the support of Samuel Ogbu, who continues to drive expansion in West Africa.
Lastly, the company has identified the need to create group-wide enablement functions in order to reduce complexity and improve the speed at which the company responds to change and deploys resources into new opportunities.
To expedite the implementation of the growth strategy and improve performance of the current business, key functions that are not part of customer delivery will be managed centrally to maximise economies of scale and leverage expertise across the organisation.
Liberty deputy chief executive, Steven Braudo, will assume responsibility for the enablement areas across the group, as well as managing the company’s relationship with Standard Bank.
“The new structure sharpens our focus on our core businesses to, in time, reduce complexity and improve our agility while allowing our customer-focused units to benefit from increased scale and efficiencies. Importantly, the reconfigured customer facing units have the freedom to focus on a clearly differentiated customer value proposition within a framework that enables them to win and to grow,” Dloti concluded.