The Bank needed to make structural changes, including carving out a Retail Bank, distinct from existing trading operations. This new Retail Bank was to operate its own systems and would ultimately be sold as an independent entity or be listed.
The parent company had a tight deadline for achieving the first phase of “technical” separation, after which the Retail Bank would operate as a standalone entity across Risk, Treasury, Finance, Operations and HR functions.
Novo Altum drew on its experience of separating Northern Rock into a “good bank” and a “bad bank” and provided a consultant skilled in banking IT separation to set up the programme.
The Programme Director established workstreams, validated their requirements and guided the individual managers. Some streams put in place interim measures but in many cases Trading Service Agreements formalised the post-separation relationship and allowed use of the parent entity’s systems until these could be replaced.
Novo Altum established a robust business case for the overall programme and delivered the first phase setup framework which included governance, delivery management and stakeholder engagement.
This first phase was completed well ahead of the due date, setting up the programme for the second stage which would put in place operational systems, determine initial solutions for each business area and provide delivery plans to implement those solutions post carve out.