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Case Study of Guaranty Trust Bank Plc

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Case Study of Guaranty Trust Bank Plc International Journal of Academic Research in Accounting, Finance and Management Sciences Vol. 4, No.2, April 2014, pp. 51–61 E-ISSN: 2225-8329, P-ISSN: 2308-0337 © 2014 HRMARS www.hrmars.com Strategic Management, an Organisational Risk Management Framework: Case Study of Guaranty Trust Bank Plc Olajide Solomon FADUN School of Management & Business Studies (SMBS), Lagos State Polytechnic, Lagos Nigeria, E-mail: [email protected] Abstract Well formulated and implemented strategies are critical to firms’ performance. Strategic management is beneficial to a business as it operates in a dynamic and uncertain business environment. The study views strategic management as organisational risk management framework that promotes identification and evaluation of organisational risks and opportunities to enhance a firm’s performance. The study examines components of strategic management process, using Guaranty Trust Bank Plc (GTBank) as case study. It highlights background of study; undertakes internal analysis - SWOT; considers external environment, using PESTLE analytical tool; highlights strategic analysis and choice; appraises long-term objectives, generic and grand strategies; explains short-term objectives; and explores strategic control and continuous improvement. The findings indicate that GTBank has built its strategy around its brand image and its major competitors have not been able to displace her in the banking sector. This suggests that strategic management is beneficial to a firm, as it operates in a dynamic and uncertain business environment. The implication for practice is that effective strategic management - evaluation, formulation and implementation of organisational objectives - is critical for survival and relevance of a firm in the global business environment. Key words Strategic management, Strategic analysis, Grand strategies, Generic strategies DOI: 10.6007/IJARAFMS/v4-i2/775 URL: http://dx.doi.org/10.6007/IJARAFMS/v4-i2/775 1. Introduction Well formulated and implemented strategies are critical to firms’ performance. Strategy is the pattern of decision-making process based on the premise that strategic management is a structured, rational discipline relying on rigorous market and competitive analysis (Morden, 2007; Chevalier-Roignant and Trigeorgis, 2011). Grant (2010) identifies four essential elements of a successful strategy: simple, agreed- upon, long-term objectives; deep understanding of the competitive landscape; objective appraisal of the firm’s internal resources and capabilities; and effective implementation. Strategic management is a holistic process of identifying and evaluating strategic risks militating against a firm from attainment its organisational goals (Di Serio et al., 2011; Verbano and Kenturini, 2013). Strategic management is beneficial to a firm, as it operates in a dynamic and uncertain business environment. Moreover, a firm’s should formulate and execute objectives to ensure its survival and relevance in the global business environment (Beinhocker, 2006; Brews and Purohit, 2007). The study views strategic management as organisational risk management framework that promotes identification and evaluation of organisational risks and opportunities to enhance a firm’s performance. The study examines components of strategic management process, using Guaranty Trust Bank Plc (GTBank) as case study. It highlights background of study; undertakes internal analysis - SWOT; consider external environment, using PESTLE analytical tool; highlights strategic analysis and choice; appraises long- term objectives, generic and grand strategies; explains short-term objectives; and explores strategic control and continuous improvement. 2. Background of Study International Journal of Academic Research in Accounting, Finance and Management Sciences Vol. 4 (2), pp. 51–61, © 2014 HRMARS This study focuses on strategic management process of Guaranty Trust Bank Plc. Guaranty Trust Bank Plc (GTBank) is a foremost Nigeria’s financial institution incorporated as a limited liability company licensed to provide commercial and other banking services to the Nigerian public in September 1990. The bank commenced operations in February 1991, and became a publicly quoted company in 1996 (GTB, 2013). The bank won the Nigerian Stock Exchange President's Merit award that same year and subsequently in the years 2000, 2003, 2005, 2006, 2007, 2008 and 2009. Presently, the bank has over 2 trillion Naira asset base, with shareholders funds of over 200 billion Naira and employs over 5,000 people in Nigeria, Cote d'Ivoire, Gambia, Ghana, Liberia, Sierra Leone and the United Kingdom (GTB, 2013). In 2007, the bank became the first Nigerian financial Institution to undertake a US$350 million regulation S Eurobond issue and a US$750 million Global Depositary Receipts (GDR) Offer. The listing of the GDRs on the London Stock Exchange in July 2007 made the bank the first Nigerian Company and African bank to be listed on the main market of the London Stock Exchange. In December 2009, the bank also successfully completed the first tranche of its $200 million corporate bond targeted at increasing the depth of its operations in West Africa and Europe. Similarly, GTBank launched a US$500 million bond, the first non- sovereign benchmark bond offering from sub-Saharan Africa (outside South Africa), to the international community in May 2011 (GTB, 2013). 2.1. GTBank Mission and Vision Statements GTBank mission describes the company’s product, market, and technological focuses which reflect the values and priorities of the company’s strategic. The bank mission establishes major goals thereby providing the company’s a sense of direction and encourages higher levels of performance. In essence, mission statement is a broad declaration of a firm’s purpose which identifies the company’s products and customers; thus distinguishes the company from its competitors (Czinkota et al, 2011; Wheelen and Hunger, 2012). GTBank mission and vision statement are stated below (GTB, 2013): 2.1.1 GTBank Mission Statement We are a high quality financial services provider with the urge to be the best at all times whilst adding value to all stakeholders. 2.1.2 GTBank Vision Statement We are a team driven to deliver the utmost in customer services. We are synonymous with innovation, building excellence and superior financial performance; and creating role models for society. The bank mission and vision statements highlight its purpose, i.e. what the company is now and what it would like to become (Pearce and Robinson, 2010; Johnson et al., 2011; Wheelen and Hunger, 2012). 3. Internal Analysis Strategic management starts with an analysis of the external and internal environment. A firm’s internal analysis facilitates understanding and assessment of the environment within which the company in order to formulate corporate strategies (Grant, 2010; Pearce and Robinson, 2011). Hence, it is necessary to scan (scanning) GTBank internal environment for strengths and weaknesses in relation to the forces in the external environment, using SWOT analysis. Basically, SWOT (Strengths, Weaknesses, Opportunities and Threats) is an acronym appropriate for strategic management planning exercise aimed at identifying strengths and weaknesses within the organisation - internal environment); and opportunities and threats outside the organisation - external environment (Lynch, 2009; Wheelen and Hunger, 2012; Jones and George, 2013). 3.1. Strengths Strength constitutes capabilities and resources which give the bank an advantage compared to its competitors in meeting the need of the customers (Chevalier-Roignant and Trigeorgis, 2011; Wheelen and Hunger, 2012; Jones and George, 2013). The bank strengths are highlighted below: 52 International Journal of Academic Research in Accounting, Finance and Management Sciences Vol. 4 (2), pp. 51–61, © 2014 HRMARS 3.1.1 Strong Capitalisation Base GTBank has stronger capital base. The bank strong capital base assists the bank to increase its share of business with core corporate customers; thus, provides total banking solution (Maklan and Knox, 2006, 2009; GTB, 2013). 3.1.2 Corporate Lending Expertise and Reputation The bank has high corporate lending expertise and reputation founded upon the quality and professionalism of its staffers (Maklan and Knox, 2006, 2009; GTB, 2013). 3.1.3 Accredited with International Standards Organisation (ISO) quality mark In 2006, GTBank was accredited with International Standards Organisation (ISO) quality mark for service providers (Maklan and Knox, 2006, 2009; GTB, 2013). The bank is the first Nigerian bank so accredited. 3.1.4 First Nigerian Company and African Bank Listed on London Stock Exchange GTBank is the first Nigerian company and African bank listed on the London Stock Exchange. In 2007, the bank was listed on the main market of London Stock Exchange having raised $750 million through the issuance of a Global Depositary Receipt (Maklan and Knox, 2006, 2009; GTB, 2013). 3.1.5 High Commercial Rating and Ethical Stance The bank is rated by international rating agencies (including, Fitch and Standard & Poor’s; and Augusto & Co) as the best Nigeria’s bank (Maklan and Knox, 2006, 2009; GTB, 2013). The strong ratings have assisted the bank to attract more customers and enhance its reputation. The bank also has positive ethics; thus, facilitates improved customer relationship. 3.1.6 Highly Technological Driven GTBank has invested heavily on telephone contact centre to accelerate its retail banking and ensure real time
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