Proxima Group with EFG Bank

Change and Transformation in the Private Sector

EFG Private Bank Limited (EFG) is an international private bank and wealth management provider, operating as part of EFG International out of Zurich.

International private banking is a complex business and EFG was keen to undergo transformational change to create simplicity and efficiencies across its third-party supplier roster and set out a new approach to supplier risk and compliance.

A key outcome for this project was the delivery of an end-to-end, seamless process that included selecting, onboarding and managing third party spend across a fragmented global supplier base. The business wanted to audit and implement where required: ownership, processes, policies, technology and structure to effectively manage its third-party suppliers.

The solution was for EFG to work with Proxima to help create a new procurement vision, leading a transformation of its supplier base to ensure both compliance and optimal business performance.

Proxima’s partnership with EFG involved reengineering some of the existing ways of working within the business and elevating it to a position where a new, effective process for managing suppliers was successfully introduced and its colleagues felt empowered to build these relationships.

The key outcomes of the project included:

  • Reshaping £20 million-worth of relationships with suppliers across Facilities, HR, IT, Legal and Finance
  • Business savings of over £800k after the first 14-month phase of the project
  • A new, effective Procurement and SRM structure to mitigate risk and ensure compliance
  • A set of associated, tailored processes, procedures, policies and documentation
  • Training for all impacted staff

Proxima’s people-first approach to procurement was key to helping EFG set a vision for the future, empowering the business to transform its relationship with suppliers and ensuring optimal business performance. The team enacted this change whilst navigating challenges that come with a new senior leadership team, a cautious approach to additional change that would add greater stretch to significant ongoing banking projects in the business and a complex financial regulatory landscape.

Helen Price, Chief Financial Officer at EFG:

We are delighted at the level of business transformation we were able to achieve with the support and guidance of Proxima, particularly given the more complex aspects of a programme of this nature being applied to the world of banking. Proxima challenged our thinking, making every effort to understand our current processes and the specific benefits we wanted to gain from their support and experience. This unique approach ultimately enabled us to make real business change centred around empowering our people, whilst creating value, consistency and building trusting relationships with our suppliers.

View the Proxima Group profile in the MCA Members Directory.