Mergers and Acquisitions in SME Lending

Mergers and Acquisitions in SME Lending CHAPTER 1 INTRODUCTION In the process of industrialization small business plays an important and economic growth. It increases per capital income and output, makes available employments for the labour market and usually promotes successful deployment of resources which are considered vital to steering of economic development and growth. It is presumed that the lower income segments of Nigeria benefit when SMEs have better access to finances because they alleviate poverty by creating more jobs and better wages. ( Emeni and Okafor 2008). In many of the developed economies and developing economies both have come to value, realise and appreciate small businesses. Being that small business are pioneering, well-organized, resourceful and allows fast decisions process to be taken because of their relative small size. They are major players in the process of industrialization and economic development. ( Ememi and Okafor, 2008) In most up-and-coming nation of the world, small and medium enterprises (SMEs) have become the vanguard of economic expansion. They create employment opportunities as the most significant employer of labour force; in addition they increase the nations per capital income and output invariably increasing the GDP by effective resource utilization. Also in large developed nations, SMEs plays a noteworthy role in influencing the economy. Taking China for example, SMEs are said to be accountable for sixty percent of the industrial output employing seventy-five percent of the workforce in the metropolitan centres. ( Anas A.Galadima, 2006). All over the world and in all country, government have come to realise the significant of this class of companies. And as such have originated all-inclusive policies to encourage, give confidence, support and promote the establishment of SMEs. Improvements in small and medium enterprise are a plus for employment generation, solid entrepreneurial base and encouragement for the use of local raw materials and technology. (Oladele, 2009). There are a lot of challenges that SMEs face in both the developed and developing countries and they are massive. One main aspect is financing, the ability to obtain and acquire loans. Most small businesses are not attractive prospects for banks. Berger et al. ( 1998) suggest that larger banks may be less predisposed than smaller banks with less complex structure, to supply credit to small businesses. Back home in Nigeria the talk is very similar with the on-going of other country. But of late the Bankers Committee intervened in 2001 with a scheme called the Small and Medium Industries Equity Investment Scheme (SMIEIS). The idea brought life and empowerment to SMEs discarding all other credit schemes which were not properly implemented. (Aina, O. 2007). Nigerian banking reform is a product of global effort and consolidation is one of its major achievement that everyone have welcomed happily. This consolidation wave has greatly enhance the average magnitude and size of banking institution generally. The mean size of the total assets of banks has increased by 439% from 2003 – 2009, recording =N=2767.78 billion to =N=14,923.00 billion banks total assets figure (CBN report 2009). Prior to the introduction of banking reform, the banking sector was repulsively undersized, small, weak and frail, leading to numerous and several economic setback. Besides the benefits related to consolidation on the supply of credit to small and medium enterprises, merger and acquisition have also increase the size of banks from small less complex establishment to conglomerate multinational companies in Nigeria. These includes mobilization of domestic savings, improved allocation of resources, elimination of deep-rooted inefficiency , mobilization of foreign savings and above all enhanced accessibility of small scale funding. But in all these what is less comprehensible, is the effect that bank MA has on the supply of credit to small businesses in Nigeria.(Emeni and Okafor, 2008). Related Literature Other related studies have established some well renowned facts on the effect of consolidation on small business lending. In a recent article Berger, Allen N., R. Demsetz and P. Strahan. (1999) suggest that consolidation is only valuable and favourable to a certain extent. The consequences of consolidation could have direct and also indirect effects. The direct effect being an increases in bank size, increase in market share and enhance bank performance, the indirect effect can be a reduction in the availability of financial services to small businesses. (Berger, Allen N. R. Demsetz and P. Strahan. 1999). Other studies Vera and Onji (2010) illustrate that because most small businesses depend greatly on less complex small banking institution for their principal source of funding, consolidation of the banking industry may reduce ease of access of loans to small business in the US. Earlier researchers find that small businesses have not been unfavourably affected by bank merger and acquisition on making credit available to small business (Peek and Rosengren 1995, 1998; Berger et al. 1995). This is because these studies relied on data up to the mid-1990, while data as at 1995-1997 being the peak of consolidation were not fully employed. This has proven to be of interest to further scrutinize whether the new wave of consolidation may affect small businesses differently. In view of this importance piece of information and the imperfection of the market mechanism to mobilise and allocate financial resources to socially desirable economic activities of any nation it is worthwhile to investigate the relationship between merger and acquisition and credit availability. Based on the above background, the enthusiasm and motivation of this research is to critically scrutinize and observe if there is any relationship, or connection between bank mergers and acquisitions as a resourceful solution to lending. This study, therefore, want to investigate and find evidence that consolidation between banks of diver structure and asset base that occurred as a result of the Nigerian banking reform of 2004, could negatively affect small business lending. This is the reason why we choose to examine the effect of MA to SMEs in Nigeria. Aim and Objective Aim The main purpose of this dissertation is to examine whether bank mergers and acquisitions are a resourceful solution to lending to SMEs. As a result the main research question is: Do banks mergers and acquisitions increase or decrease credit availability to SMEs? This leads to a number of sub-questions: Does financial performance in the banking sector adversely affected small business lending after MA occurs? What other factors affects or is responsible for credit availability to SMEs from the Nigerian banks? To present key findings and recommendation based on data analysis and information collected. Research Methodology There are several research methods that could have been used in this work, such as a Questionnaire based survey through the distribution of questionnaire. Carrying out direct interviews with Small business owner and Bank managers or loan officers is also an effective means to collection of data information. Since the main purpose of this study is to examine if bank mergers and acquisitions increase or decrease credit availability to SME, we will be using accounting based financial ratio analysis. The use of financial ratio in measuring a banks performance and its effectiveness to distinguish high-performance banks from others is quite common in the literature (Abdulla, 1994a; Samad, 2004a). Data Sample Ten Nigerian commercial banks which have effectively been consolidated with other smaller banks will be considered in this study over the period of 2000-2009 based on the following reasons: First, these banks are long established locally incorporated banks in Nigeria. Secondly they have been involved in the consolidation process from small bank to mega banks, passing through the premerger phase up to the post merger phase. Thirdly the period 2000-2009 effectively covers the span before consolidation and after consolidation. The data that will be used in this study is taken from Bank Scope. The annual financial statement of the top ten commercial banks based on their asset base. All the figures are expressed in Naira (=N=) the Nigeria indigenous currency. Since one of our aims is to examine whether the amount of small business lending is affected by the new consolidation legislation passed by Nigeria government on bank reform, we will also be comparing the figures from the statutory reserve. This is mandatory for all commercial banks in Nigeria to invest 10% of their profit before tax to Small and Medium Enterprise Equity Investment Scheme. It is more likely that we will capture the total amount of small business lending that is actually supplied to small businesses within Nigeria. Dissertation Structure The dissertation is split into five chapters: Chapter one is the introduction of the dissertation topic, related studies and the motivation for the choice of the dissertation Chapter two focuses on the Nigeria banking sector, how the banking sector has developed in Nigeria over the years. Covering the history of the Nigerian banking sector divided into four periods: the budding period, the expansion period, the consolidated period and the post-consolidated period. High lighting major financial developments from liberalisation that saw the existence of 87 banks to the consolidation of banks by the Central Bank of Nigeria deadline of 2005. Chapter three is a literature review on academic literature and analytical view on merger and acquisition and its theory in banking. This chapter aims at providing a complete picture of bank mergers and acquisitions (MAs) in the theory of banking and at offering economic evaluation and strategic analyses of the process. The main characteristics of this process is how it has affected lending to small business Chapter four introduces the Small and Medium Enterprises, what they are, why they exist. This Section will review some recent literature that is particularly relevant to the effect of bank consolidation on small business lending. Chapter five discusses the empirical results, in which the main findings of the performance of the banks during the period 2002 – 2009 are analysed. This last chapter, Chapter six concludes and highlights the limitations of the study and recommendations for the future research Summary We have been able to introduce the topic of the dissertation and the motivation behind why it was considered important to investigate funding of the small and medium enterprises. Small business play vital role in the process of industrialization and economic growth. It is presumed that the lower income segments of Nigeria benefit when SMEs have better access to finances because they alleviate poverty by creating more jobs and better wages. Developments in small and medium enterprise are a plus for employment generation, solid entrepreneurial base and encouragement for the use of local raw materials and technology. Governments all over the world have realised the importance of this category of companies and have formulated comprehensive public policies to encourage, support and fund the establishment of SMEs. The most worrying challenges facing SMEs in many developing countries is funding. In the next chapter we will be reviewing the Nigerian banking system. We will be looking at a brief history of the Nigerian banking system dividing its growth into four phases, and see how it has evolved from many smaller banks into fewer mega banks. We shall also be looking at the major regulators of this industry and see how they have effectively influence the actions that has lead to merger and acquisition in the banking industry. Also see how the merger and acquisition phase has influenced lending to the small business through the new monetary policies on SMEEIS and Microfinance banks to aid economic growth, which is the main aim of this dissertation.

Managerial Skills – Essay

This essay will argue that without good managerial skills, a business is far from becoming successful. Firstly, this essay will discuss the importance of: communicating with foreign colleagues, wielding dealt Influence and delving attention deliberately to enhance proficiency of the workers, Secondly, It will evaluate and analyses how effective the three skills are In today's dynamic work environment. Based on some examples, the problems faced by managers will be transparent, and what precautions need to be taken should also be visible to help improve managerial skills.Communication for managers is the most important skill managers need to adapt fore any other skill because, if a manager is not flawless in communicating with colleagues or workers, then simply a manager has failed to be a manager. Communication is essential for effective functioning in every part of an organization which will facilitate organizational success (Effective Communication in the workplace, 2012). For examp le, Millions, (2012), a Korean CEO running a software company In Shanghai Is facing difficulties In retailing the Chinese workers.The mall problem faced by the CEO is language barrier so the decision- making process becomes tough for the CEO. Due to this effect, there will be an unskilled management team and this may result in boredom of the workers, delay in organizations project deadlines, reduced profits and lastly goodwill of the organization will be hampered. Without communication in today's environment, managerial work is not tough, it's merely impossible. Communication may be of two types, it may be verbal or non- verbal, managers need to be effective on both cases.Managers should be able to communicate non-verbally as good as they may communicate verbally. This is because sometimes agreements between businesses are sometimes done non- urbanely, In this case managers should be able to set out clearly his requirements and the terms and conditions of the agreement and also unde rstand clearly the opposing terms and conditions, otherwise the manager will cause a great mishap for the business and this will result in an adverse effect on reputation for the manager.A When all members of a team, department, or organization are able to communicate effectively with each other and with people outside their group, they are much more likely to perform well. The successful manager, therefore, needs effective communication skills in order to have a good workplace, become successful and attain the goals of the organization. Even though communication is the most important factor for a success seeking manager, nowadays digital influence is also one of the main factors which need to be taken into consideration by the managers.Technology in the workplace allows businesses to expand quickly and efficiently. Business technology such as video conferencing, social networks and virtual office technology has removed workplace boundaries that previously limited business expansion . With business technology, companies can target a wider customer base and grow to higher levels. A manager deeds to be flexible/adaptable to change in different environments (Required skills of a manager, 2012). A manager who is not familiar with latest technology, there will be less room for improvement for the organization.Most work nowadays is being done electronically, data analysis is done electronically and because of technology, information has become readily available to make better decisions and improvements. Digital influence has actually reduced the per head workforce needed at an organization, this means, a work that used to take two to three people to get done now can be done by one person using a computer. Office technology saves time by speeding up the work flow process. Technology systems save space, paper and printing costs. The use of computer systems allow corrections to be made instantly.Resources like electronic files and access to information technology are av ailable with the click of a button. By reducing the number of workers and using more technology, expenses for the organizations will fall resulting in increased profits. Technology in the workplace practically eliminates space and time. Video conferencing technology lets businesses on any part of the globe interact with one another. Technology reduces travel costs because businesses can set up virtual meetings and distribute data without the need to be in the same room. Technology allows businesses to establish a global presence at a fraction of the cost.Cromwell, (2009), sates a very important fact, ‘The role that technology plays for the business sector cannot be taken for granted. If we were to take away that technology trade and commerce, the world will come to a standstill and the global economy would collapse'. It is almost impossible to conduct a business without the use of technology. A simple example an be used, Dreamers, the founder and chief technology officer of Hu bbubs (web marketing company) has 216,000 Linked group for entrepreneurs and 98,000 twitter followers. How is this relevant to digital influence?Well, Dreamers uses his Linked members to get multi-rater feedback from other entrepreneurs for Stack overflow and also hosts Q community through where he gets valuable information for improvements. By doing this, Dreamers has managed to build his reputation, specialization and network position to one of the world's best marketing company (3 Management Skills every 21st century manager needs, 2012). This is why digital influence is necessary for every manager to become successful and achieve the Lastly, dividing attention deliberately, in other words attention to detail is also important for managers.At work places, people's minds normally drift away, this is normal as our minds are meant to multi task. Research has shown that internal factors (business related stress) rather than external factors (social stress) cause distractions. How can this be resolved? Managers need to focus on detail and make a job as less stressful as possible for employers, like when an employee takes a break o use social networks like Backbone or Twitter at a workplace, normally managers don't accept this type of behaviors, they consider it distracting. Actually, a study at the University of Melbourne of 300 students resulted in a really fascinating outcome.It showed that even though people use internet at workplace for socializing, their productivity increases by 10% (3 Management Skills every 21st century manager needs, 2012). There are other ways managers could actually increase effectiveness to become successful. Managers could have regular meetings with staff members, insult why there is a lack of performance, create pairs of employees so they may double-check work for errors and also managers may provide incentives for toughness (How to improve attention to detail in employees, 2012).Managers need to create a friendly environment for w orkers so they are not undermined by stress. Managers need to think from the organizations perspective, how the goals can be achieved and how effectively and efficiently they can be achieved. Managers to have a great skill for dividing attention deliberately, which is known as ‘Satisfying sessions', this means choose the first satisfactory alternative that comes to their attention and allocate work accordingly (Shoehorning, p. 75).Three major abilities managers need to consider in order to become successful: communicating effectively, technology innovation, and attention to detail. To conclude, managers who do not have the skills cited above will have a hard time in coping with the business world today, managers are responsible for making sure that this happens. If a team is working really hard but not delivering what is needed, then they are not effective. Effectiveness is measured by setting out clear objectives before work starts and then evaluating whether the objectives h ave been met or not.Managers not only need to be good at what they do, but their level of communication should be high in order to be an effective manager and by acquiring the three key skills, managers are well set off to becoming prosperous. In management, operating in efficient and in effective ways is a key to good performance and to successfully reaching the goals set for the business. Looking at the interplay of the two characteristics can give a clear insight into the ideal behavior for a successful anger when faced with tasks which must be completed quickly, but also completed in such a way that the key goals are attained.

Benjamin Franklin The Greatest Inventor Of All Time

Benjamin Franklin was a very accomplished man from his childhood up to his adulthood. Throughout his life he was a small but smart child. He was born into a poor family but he became a wealthy man. Then when he was very old but even more wise he became the greatest inventor of all time. Benjamin Franklin was an influential founding father because of all of hi practices he did as a young child, his great intellectual ingenuity , and his Political career as a Pennsylvanian colonial legislature. Benjamin Franklin s childhood was full of grueling and hard working experiences. When Benjamin was first born he was the tenth son of a soap maker. He was one of the sons of Josiah s second wife, Abiah Folger. When benjamin was a young boy his father wanted to send him to a clergy school but sadly couldn’t afford the schooling for Benjamin. So instead he sent Benjamin to Benjamin’s older brother James who worked as a printer. When Benjamin was fifteen his older brother started â€Å"The New England Courant† which just so happened to be the first actual â€Å"‘newspaper’† in Boston. In doing so Benjamin and his brother, as well as some other workers had to work very hard to get the news, print it, and then send those copies to everyone in Boston. After a while Benjamin was bored and decided to ask his brother, James, if he could write something in the papers. James his older brother, said no. So in doing so Benjamin decided to write letters abo ut women and their struggles using a made upShow MoreRelatedBenjamin Franklin the Inventor Essay example964 Words   |  4 PagesBenjamin Franklin the Inventor Benjamin Franklin is recognized as one of the greatest Americans ever. He contributed to the advancement of our country in many different ways. Since Franklin was a statesman, journalist, diplomat, inventor, and philosopher he was always in the middle of everything of importance. 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Changes in Americas Agriculture From 1865-1900 Essay

Through the period of 1865-1900, America’s agriculture underwent a series of changes .Changes that were a product of influential role that technology, government policy and economic conditions played. To extend on this idea, changes included the increase on exported goods, do the availability of products as well as the improved traveling system of rail roads. In the primate stages of these developing changes, farmers were able to benefit from the product, yet as time passed by, dissatisfaction grew within them. They no longer benefited from the changes (economy went bad), and therefore they no longer supported railroads. Moreover they were discontented with the approach that the government had taken towards the situation. After the civil†¦show more content†¦Moreover, the document also helps visualize the linking of the regions in which national markets emerged, as well urbanization and industry expansion. To extend on this idea, immigration grew alongside industry expansion. For more land became accessible for sale, which was an advantage to those whom jobs (like those building railroads or working in companies near them) called for them to live near. Although the most convenient way to transport goods was using the railroad, it also worsened the economic hardship that farmers had, for the prices that they had to pay to export their goods, were quite elevated. The rates as well as the lack of support from the government angered the farmers, and lead them to form farmer alliances and the Grange, led by Oliver Hudson Kelly. Most farmers, such as the prairie farmer in document C, sought state regulation on railroad freight rates and pleaded the government consider making new law. As a response to this, government passed the granger laws in Illinois, which protected farmers from being abused or discriminated through the high tariffs on exporting their goods. 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