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The Nigerian banking system was at no time immune to reforms. This Was confirmed by the country’s apex bank, the Central Bank of Nigeria (CBN). In her Annual report for the year2006, where it stated inter alias that “Reforms have been a regular feature of the Nigerian Banking System.”
The report went further to justify the present reform under review as part of the broad ongoing national economic reforms.” (CBN 2006)
Reforms generally, are either proactive or reactive in nature: Reactive when it is introduced in response to developments that could have adverse consequences on the system concerned, such as systemic crisis, deregulation, globalization and technological innovations”.
On the other hand, proactive reforms are mainly aimed at strengthening a system to prevent a systemic crisis, thereby strategically positioning it for better performance delivery to the various stakeholders.
The proliferation of bank in the country over the past decade or two have resulted in banks developing various strategies to survive the still competition that was threatening to drag them under.
This, coupled with globalization and the concomitant opening of the Nigerian banking sector to foreign investment
Bank recapitalization is part of the strategy adopted by the Central Bank of Nigeria (CBN) to raise the capital base of banks in the country, with the aims of strengthening and consolidating the banking system, it is also a long term planning tool that will help in formulation of policies, achieving organizational objectives, encourage co-operation among banks, institutes corporate governance and strengthen the banks capital base, in which with hope, will help to guard against occurrence of distress in the banking industry.
The role of Bank re-capitalization as an effective marketing strategy cannot be over emphasized; as it helps in defining the long-term policy of the organization.
OBJECTIVES OF THE STUDY
In Nigeria, most organization with emphasis on Banks have not lived up to expectations of providing better and adequate goods and services to their customers, they have low capital base thereby forcing some of them to fold up with people’s money and other valuable items. According to Prof. Charles Soludo the Central Bank governor,
Bank re-capitalization “is intended to strengthen and consolidate the banking system as well as stem the systemic distress that has continually rocked the sector. He averred that failure to recapitalize our banks may result in several banks liquidation.
These study however will at the end bring out the achievements attained in the banking industry by the use of bank re-capitalization as a marketing strategy.
The objectives of the study is to highlight ways in which re-capitalization could be used as a means of effective marketing strategy in a competitive banking system.
To also examine the impact of Bank re-capitalization processes as it affects the banking industry and its system.
And to examine how the Banks adopt re-capitalization coupled with the prevailing economic divinisity in order to remain viable in the competitive industry.
1.2 SIGNIFICANCE OF THE STUDY
This research work is carried out in order to ascertain the impact of Bank re-capitalization as marketing strategy being adopted by Banks.
The rampant distress being encountered by Banks forced the Central Bank of Nigeria and Banks to develop different strategies of re-capitalization such as mergers and acquisitions in order to meet up with the stiff competition in the industry. The study will highlight the general problems and solutions based on findings and also to justify that every Bank that wants to survive in this economy needs a very strong capital base to be successful, the study will give room for the knowledge of effective, marketing strategies that will increase organizational effectiveness and also the findings of this study will be meaningful and also useful to the owners of the Bank, competitors as well as customers.
1.3 SCOPE OF THE STUDY
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