Banking Expansion and Internationalization
The challenges of post - consolidation in the banking industry in Nigeria with the emergence of 25 mega banks have continued to impact collaboration, cooperation, competition and conflict both within and outside each bank, most especially in bank’s external relationships. These have continued to shape business outcome and survival of corporate organizations. Banks have continued to respond to these challenges and opportunities, by choosing among wide range of alternatives in strategic decision making in order to attract, maintain and retain clients who are the lifeblood of banks. One of such strategies is the banking expansion and internationalization.
The challenges of globalization has made it imperative for business entities all over the world, to take advantage of the limitless opportunities that this phenomenon offers to expand the scope of their businesses as they move outward their home countries. Brazil had experienced the international expansion of European banks, and built synergistic mutual relationships that have brought economic transformation and rapid development to the country.The Nigerian banks cannot be different. Though some banks like Union Bank of Nigeria Plc, First Bank of Nigeria and United Bank for Africa started their international expansion long ago, much has not been heard until recently, when there is an increasing wave of banks clamoring to expand beyond the shores of Nigeria.
Factors that led to clamoring for banking internationalization include:
•The success of banking consolidation and subsequent public offers have led to soaring confidence among top executives who now believe in the doctrine of Nigeria’s emergence as one of the 20 greatest economies by 2020. Soludo’s doctrine has given birth to many disciples who believe that Nigerian banks can do it.
•The opportunities that internationalization offers in terms of foreign exchange earnings, technology transfer, exchange programmes and training for staff abroad, and returns for investors.
•The vision of their founding fathers and the contemporary realities in the international business arena have been the driving forces that have brought this awareness that they have to move outward to compete. The desire to be global players with world class services according to many of these banks’ visions coupled with federal government economic agenda for 2020 have resulted in banks’ internationalization and expansion.
•The international expansionist tendencies of foreign banks all over the world, most especially in Nigeria, and the success stories that have resulted from such experiences have made strategic managers to see the need to compete globally. As at today, every bank top executive is highly inspired to follow the same example and make a name for himself.
And the excess funds accruing from their public offers would be too much to handle locally because of high level of investment risks, such funds can be invested abroad to mitigate risks.Whatsoever be their reasons, Nigerian banks is ripe enough to compete globally and take advantage of globalization.
Nigerian banks and capacity to excel internationally:
Nigerian banking system has come of age. Over the years, top Nigerian banking executives have been trained abroad and have also gathered international experience that would come into play as they compete globally.” Nigerian banks have well trained professionals with diverse competencies that would come into play in their international business management as they compete globally and “there are many ‘Soludos’ who are ready to take on the world in global banking competition in which they are going to engage or already engaged. In spite of all odds and political instability, Nigerian banks have excelled in the circumstances they have found themselves.
Many Nigerians have continued to show their concerns over the likely dangers that Nigerian banks would face as they move outside the country. Nigerians are worried, whether these banks would be able to present a global brand that would enhance Nigeria’s image abroad but Nigerians in Diaspora believe that “Banks coming abroad would not have a choice than to follow international banking norms and best practices as obliged by the constitutions and laws of their host countries; doing contrary would be met with serious sanctions. Banks would have to embrace new banking culture that is void of lobbying for exemptions when rules are violated and Nigerian banks would learn to understand the demands of those societies and their banking ethics. It is not going to be business as usual and no room for unethical banking practices. With strict compliance to their banking laws, Nigerian banks would compete favourably and excel. If the banks can select their best talents, orientate and indoctrinate them to be compliant to rules before their international posting to avoid problems relating to fiscal indiscipline and integrity at work.
The world is waiting to see Nigerian banks perform excellently abroad as they move out. However, they can present and represent Nigerian brand as they conform with global best practices, and showcase the mental acumen of managerial excellence of well managed world class bank.
The challenges of globalization has made it imperative for business entities all over the world, to take advantage of the limitless opportunities that this phenomenon offers to expand the scope of their businesses as they move outward their home countries. Brazil had experienced the international expansion of European banks, and built synergistic mutual relationships that have brought economic transformation and rapid development to the country.The Nigerian banks cannot be different. Though some banks like Union Bank of Nigeria Plc, First Bank of Nigeria and United Bank for Africa started their international expansion long ago, much has not been heard until recently, when there is an increasing wave of banks clamoring to expand beyond the shores of Nigeria.
Factors that led to clamoring for banking internationalization include:
•The success of banking consolidation and subsequent public offers have led to soaring confidence among top executives who now believe in the doctrine of Nigeria’s emergence as one of the 20 greatest economies by 2020. Soludo’s doctrine has given birth to many disciples who believe that Nigerian banks can do it.
•The opportunities that internationalization offers in terms of foreign exchange earnings, technology transfer, exchange programmes and training for staff abroad, and returns for investors.
•The vision of their founding fathers and the contemporary realities in the international business arena have been the driving forces that have brought this awareness that they have to move outward to compete. The desire to be global players with world class services according to many of these banks’ visions coupled with federal government economic agenda for 2020 have resulted in banks’ internationalization and expansion.
•The international expansionist tendencies of foreign banks all over the world, most especially in Nigeria, and the success stories that have resulted from such experiences have made strategic managers to see the need to compete globally. As at today, every bank top executive is highly inspired to follow the same example and make a name for himself.
And the excess funds accruing from their public offers would be too much to handle locally because of high level of investment risks, such funds can be invested abroad to mitigate risks.Whatsoever be their reasons, Nigerian banks is ripe enough to compete globally and take advantage of globalization.
Nigerian banks and capacity to excel internationally:
Nigerian banking system has come of age. Over the years, top Nigerian banking executives have been trained abroad and have also gathered international experience that would come into play as they compete globally.” Nigerian banks have well trained professionals with diverse competencies that would come into play in their international business management as they compete globally and “there are many ‘Soludos’ who are ready to take on the world in global banking competition in which they are going to engage or already engaged. In spite of all odds and political instability, Nigerian banks have excelled in the circumstances they have found themselves.
Many Nigerians have continued to show their concerns over the likely dangers that Nigerian banks would face as they move outside the country. Nigerians are worried, whether these banks would be able to present a global brand that would enhance Nigeria’s image abroad but Nigerians in Diaspora believe that “Banks coming abroad would not have a choice than to follow international banking norms and best practices as obliged by the constitutions and laws of their host countries; doing contrary would be met with serious sanctions. Banks would have to embrace new banking culture that is void of lobbying for exemptions when rules are violated and Nigerian banks would learn to understand the demands of those societies and their banking ethics. It is not going to be business as usual and no room for unethical banking practices. With strict compliance to their banking laws, Nigerian banks would compete favourably and excel. If the banks can select their best talents, orientate and indoctrinate them to be compliant to rules before their international posting to avoid problems relating to fiscal indiscipline and integrity at work.
The world is waiting to see Nigerian banks perform excellently abroad as they move out. However, they can present and represent Nigerian brand as they conform with global best practices, and showcase the mental acumen of managerial excellence of well managed world class bank.
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