Between 1992 and 2005, Banesco Banco Universal experienced sustainable and inexorable growth within Venezuela’s complex financial and banking market. Venezuela had weathered several political, social and economic crises over the last fifteen years. The vision of its founders Juan Carlos Escotet and Luis Xavier Lujan had been a key driver for the Bank’s success. However, after thirteen years of good decisions and results, Banesco was now a large and complex organization and was starting to show certain weaknesses that needed to be addressed by reviewing management and innovation processes to date.
In 2005, the Bank was in a situation in which it was able to launch a number of initiatives and projects designed to leverage strategic objectives. The demand for projects, however, was bigger than the Bank’s capacity to implement them, and it did not seem capable of prioritizing them.