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The Impact Of Change Management In Nigerian Banking Industry
[A CASE STUDY OF UNITED BANK FOR AFRICA (UBA) STATION ROAD, ENUGU]
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CHAPTER ONE INTRODUCTION
1.1 BACKGROUND OF THE STUDY Change as a fact of life in modern organization and in the world in general in at the same time a disruptive and disorienting event which people continue to resist. Individuals resist changes for reason ranging from self interest to low tolerance to change organization on its part tend to change plans, technologies organization structures, people etc to improve the standard level of the performance. Effective leadership in times of change will consider the nature of the change (including its effect) so as to e able to choose from among a variety of strategies to overcome resistance. In the dynamic society surround, today’s organization, the question of whether change will occur is no longer relevant instead, the issue is how do managers and leaders cope with the inevitable barrage of changes that confront them daily in attempting to keep their organization viable and current. The economic transformation where in the industrial resolution brought with it new and constantly changing ways of conducting business planning implementing managing change in a fast changing environment is increasingly implementing and managing change in a past changing environment is increasingly the solution in which most organization now work.
The Nigeria economy for instance, with the new bank reforms, the minimum capital requirement of N25 billion has resulted in bank consolidating through mergers and acquisition. Dynamic environment such as this require dynamic processes, people, systems and culture especially, notably effectively optimizing organizational response to market opportunities and threats. United bank for Africa plc is one of the leading and oldest financial services groups in Nigeria and sub Sahara Africa. Its diversified-base of shareholders include individuals, institutions and leading international bank such as Dentsche Bankers Trust, Banca Nazionnale der lavovo and note dei paslidisiena. UBA is the first maturational bank to be registered under Nigeria law, the first Nigerian bank to open a branch in the U.S.A the first and only Nigerian bank issue global depository receipt which makes its share easily accessibly and tradable to investors he first to be listed on the first to be listed on the Nigerian bank to establish a branch on university campus. UBA plc has grown steadily and rapidly over the years and as 250 branches and offices across Nigeria, including two foreign branches in New York and Grand Cayman Island thus making it one of the leading international banks in Africa. UBA provide a wide range of financial service to national and multinational companies, government institution non-governmental institutions, multilateral institution, small and medium scale businesses and individuals throughout its network.
In January 2006, following the new bank reform in Nigeria, UBA and standard trust bank of Nigeria merges as a single corporate entity. Thus consolidation has actually introduced various changes, consequently has introduced difficulties in the discharging of banking services. Thus this research is aimed at resolving some, if not all of this shut coming.
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ABSRACT - [ Total Page(s): 1 ]The research topic of this study is the impact of change management in Nigerian Banking Industry, A study of United Bank for Africa (UBA) station Road, Enugu. The research was a descriptive research, the researcher made use of primary sources and secondary sources of data. The primary sources of data was obtained through questionnaire and oral interview while secondary sources was sourced through texts books ,journals and magazines The population of the study was seventy seven (77) employees. Th ... Continue reading---
