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A CRITICAL ASSESSMENT OF THE SURVIVAL STRATEGIES OF DEPOSIT MONEY BANKS IN A DEPRESSED ECONOMY WITH SPECIAL REFERENCE TO THE FIRST BANK OF NIGERIA PLC
The general economic regression has given rise to change in the banking system. As government strive to enhance the efficiency of the economy and proper allocation of resources to solve the economic depression, policy makers are adjusting to openness, market discipline and competitiveness. The effect of development however, cause Deposit Money Banks in Nigeria to involve in financial sanitizing, corporate refocusing, management strengthening, Business Process Reengineering (BPR), Merger and Acquisitions so as to beat the depressed economy. This process as a whole is called survival strategies through restructuring in the corporate system. The researcher tried to discuss facts, issues and environmental factors affecting the wave of survival of Deposit Money Banks in a depressed economy like Nigeria. The impact of this research work in banks was gathered from five performance indicators which are; total assets, total deposits, loan and advances, profit before tax and shareholders’ fund of First Bank of Nigeria PLC. The study focused on the position of these indicators before and after the cleansing exercise undergone by the banks for survival and also, its impact on the entire banking system considering the globalization effect on the financial market in particular and the economy at large. In chapter four, there is the presentation and analysis of First Bank’s financial statement with use of tables, charts and graphs.
In chapter five, the researcher summarizes all the facts as discussed in the previous chapters and gave a suggestion on how deposit money banks can thrive in a depressed economy.