THE IMPACT OF CHANGE MANAGEMENT IN NIGERIAN BANKING INDUSTRY
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. 1.2 STATEMENT OF THE PROBLEM In the organization, attempts to resist change are some time called organizational inertia. That is inertia is a term, which describes the tendency of members in an organization to resist new and unwanted changes. There are times when organizations are likely to change time during which changes is less likely. Even if the reed for change is high and resistance to change low, (two) important factors) it does not follow that organization change will occur change is likely to occur when the people involved [Jennifer 1996; 600] the benefits are reflected by three consolidations reviewed here. The amount of satisfaction with current conditions the availability of desirable alternatives and the existence of plan for achieving those alternatives only when the readiness for change is high will organizational change effort be successful. This work is expected to provide solution to the following problems at the end of the research.
1.2.1 Overcoming resistance to change
1.2.1 Effective implementation of change plan
1.3 OBJECTIVE OF THE STUDY The purpose of this study rest on the following main points. 1.3 To determine the cause of change in service organization 1.3.2 To determine the effect of change in the management of service based organization. 1.3.3 To determine the factors that facilitate or hinder successful change programme. 1.3.4 To develop a strategy for successful change implementation in the organization.