#taxcompliance #merger #datamanagement
S | E | B
C H A L L E N G E
SEB one of the leading northern European banks, decided to sell their retail banking to a one of the largest banks in the world, with worldwide over 102 million customers, 15.000 branches in over 40 countries, of which 7 million customers are based in Germany. The process of the post merger integration needed a definition which files would needed to be converted in which format according to different tax regulations. This meant securing the research availability of unchangeable files, and formatting of such according to the regulation of the ministry of finance. Due to a streamlined schedule and the conformity of an efficient and standardised implementation, we were approached and suggested the industrialisation approach of our 'Six Step Factory' for the archiving process.
R E S U L T
For this project we selected a multicultural team, based on 29 specialists from 15 different nations, out of our ‘Network of Excellence’, giving us the advantage of working goal-oriented and efficiently. After the first analysis, we identified files subject to archiving for almost 100 applications, which were then allocated to the project. To get an objective solution, the optimal archiving strategy was defined by key performance Indicators (KPI) and diverse archiving solutions were analysed. Both banks agreed to use our in-house developed ‘Six Step Factory’ process for efficient tax compliance archiving. Following, we created a framework and Service Level Agreement (SLA) between the two parties, which was signed by both and used as binding basic agreement for this project.
An additional task of this project was the creation of a pilot, where retail files were deleted off the applications, to prepare these for reconsignment. While a critical step for any business, this step required careful preparation and implementation. As predicted everything went according to plan without a single disturbance of the business operation.
O V E R V I E W
In turn of SEB deciding to sell their Retail Banking to one of the largest banks in the world, we were assigned with the mandate of tax compliance with the archiving of historical files in the post merger integration. Even with an ambitious project plan, we worked with an interdisciplinary team of 29 specialists from 15 different nations, and were able to complete our task compliant and without any delay. Through our ‘Six Step Factory’ we were able to parallelise and industrialise the archiving process and format all the files according to tax regulation requirements, and transferred them in the archive system of the acquiring bank without needing any further conversion or editing.