Recent changes have reformed the banking sector worldwide. The economic, political and social transformations have obliged several banks all over the world to emphasize on retail banking. Commercial Bank answers to those challenges by implementing a change program called PEGASUS. Pegasus has under its umbrella five main programs: 1) CRM implementation, 2) Business Process Reengineering, 3) Development of alternative distribution channels such as e-banking, 4) New roles, new work and managerial practices and finally 5) Corporate identity and Culture change. In this context many important change models are included in this analysis, in order to rationalize the change efforts of Commercial Bank. Till now, the implementation of PEGASUS is more than satisfactory in terms of change processes. But the same does not stand for the culture. Therefore, the future change initiatives of Commercial Bank should focus more on “soft” issues and less on processes. The adaptation of a Performance Management and Career Planning Program is crucial for the final success of PEGASUS. In the same sense, the implementation of the intranet should be completed and the rewards system should be aligned with the change objectives.