First Bank of Nigeria Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

Introduction

First bank of Nigeria (UK) Limited, an exclusively possessed subordinate company of First Bank of Nigeria Limited, was established back in the year 1982 before it ultimately became a mature subordinate with the ambition to deliver world-class global banking and trade services in the maintenance of profitable commercial relations between the European Union and the Africa. It was further structured by the well-known Financial Services Authority of the United Kingdom and offered a range of both international and domestic banking and other important financial services. The complete visionary approach of the bank was to continue with the major Nigerian bank in the United Kingdom offering outstanding facilities to African territories through the incorporation of numerous business units inside the group. To carry forward achievement of this exceptional goal, its procedures and tasks were synchronized from its London based head office supported by a branch in Paris to knock into the optimistic francophone opportunities.

Internationalization Strategy and Prediction

First bank of Nigeria in comparison with the other prominent rivals of Nigeria and Africa entered quite late in the market with respect to the internationalization strategy. Initially the First Bank of Nigeria came up with only two magnificently established affiliates named Eco Bank and Bank of Africa, which had their presence in around 32 and 21 different countries respectively. First bank of Nigeria had bet a significant chunk of its impending time on success in developing markets most prominently in Sub-Saharan African territories and countries. It had now come into the United Kingdom and Democratic Republic of Congo, moreover, these were already giving the exceptional returns. Basically in both of these potential markets, First bank of Nigeria had appeared in a quiet successful manner and was a translator for upcoming market entrants to follow. Most of the industry analyst and experts believed that the First bank of Nigeria was outlining the extensive curves of a fruitful internationalization strategy for an embryonic multinational from a country that is in development stage.

However, First bank of Nigeria basically understood that it had to prove success in other global markets to strictly and fairly claim the entire brand image and position of the largest Bank of Africa. First bank of Nigeria needs to face several challenges today, which includes, how to effectively knock into the gigantic unbanked and lower income segments of Sub-Saharan African territories that had the most optimistic prospective for profit. First bank of Nigeria was assumed as Nigeria’s prevalent bank by numerous analysts. There are certain elements which are needed to be given extra importance like either there continuous and organized growth and an expansion approach that is better to an aggressive expansion approach of founding as many firms as possible within the minimum possible time. First bank of Nigeria had gambled an imperative portion of its future on achievement in developing markets and most prominently the Sub-Saharan African based states.

Challenges in African financial markets

Dominating the Nigerian market quiet effectively there were several challenges and issues which were needed to be addressed and faced by the financial sectors in Africa. Challenges includes, what elements should be considered in order to penetrate the cultured markets of Africa, like South Africa which is presumed as Africa's major financial services center.

Specifically, banks need to figure out that what tactic would be highly effective and easy to implement in the violent instituting of the worldwide subsidiaries in approximately all the important districts of Africa or a plodding establishment of universal locations as per the conventional and already designed criteria. Moreover, bank to come up with certain criteria that would regulate the entire categorization and timing related to the establishment of other vital subsidiaries. Moreover which sort of entry mode needs to be followed is another important challenge for optimistic outcomes. First bank of Nigeria basic and most important challenge of successfully exploiting value to current stakeholders while binding the advantages of divergence was to be for sure preserved regardless of the desired approach.

Banking system in Africa and Recommendations

Without any doubt it can be said that Africa has established a well regulated and sound banking system that links favorably with so many other already developed countries. In the last twenty years, specifically the banking sector has changed through technology, alliance and legislation. Sector unpredictability back in the early 1990s came up with a possibility for the alliance as per the mergers of several banks................

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