Democracy brought with it, an air of “business freedom” that allowed local businesses to explore growth opportunities that hitherto had remained in the shadows… this equally encouraged inflow of foreign investors and investments alike thus encouraging cross-border business relationships (BDM_g3 February 2016)
Besides the policy factors, various motives were interplay in BDM foreign expansion drive which can be linked to home market factors, firm specific factors and regional market factors. The deregulation in the banking police and the regional economic integrated common market in the West Africa region, drives the banks initial expansion strategy. According to interviewees, “the democratic dispensation in Nigeria only facilitated our foreign expansion in terms of the relationship between Nigerian Government and their own Government especially in the area of one trying to get those licenses from those countries” (BDM_g2 December 2015 and BDM_g3 February 2016). With favourable economic policies in the domestic market resulted in the increase in FDI inflow of foreign investors into Nigeria as investments flourish in all aspect of the country’s economy. As...
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...ove. With favourable economic policy in the domestic market couple with the bank specific ownership advantage in conjunction with the market opportunity available in the region played an important role in the motivation to internationalisation as the region.
Of course, those two markets are completely different, the kind of strategy we adopted in the UK was provide more or less like a trade related transactions services to our big clients Corporate clients. The license we actually have in the UK is a whole sale license. We cannot compete in that space in the retail, we don’t have one the kind of size, two strength that will enable us compete effectively, if we are doing to do retail banking there, So going to those market we have to target some specific clients and some specific businesses…doing more or less like investment banks there (BDM_g2 2015 and BDM_g3 2016)
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