Internationalisation Strategies for the Entry of QNB into the UK Market - Case Study Example

Internationalisation Strategies for the Entry of QNB into the UK Market Table of Contents Table of Contents 2 Executive Summary 3 Introduction 5 The current Situation of QNB 5 A Brief History of QNB 5 Analysis of the State of the Internationalisation Process 6 The UK Market 7 PESTEL Analysis of the UK Market in general 7 The Banking Market and its Competitive Environment 9 Theoretical Approach of the Strategic Implementation of the UK Market 10 Culture and The challenges of Internationalisation 10 Internationalisation Strategies in General 12 Objectives of an Internationalisation 14 Strategic Options Successful Entry of QNB into the UK Market 16 Success Factors and Impediments for a Market Entry 17 Conclusion 18 List of References 20 Executive Summary Current Situation of QNB Formed in 1964, as the first commercial bank in Qatar that was Qatari-owned Its ownership structure is split between the Qatar Investment Authority and the private sector, each having a 50% ownership stake It has 14,500 employees, who operate in more than 615 locations It was voted amongst top 50 safest banks in the world by the Global Finance Magazine in 2013 Recorded stellar financial standing first quarter of 2015, the bank recorded a net profit of QAR2.7 billion Recently acquired a 20% stake of both ordinary and convertible preference shares in Ecobank Transnational Incorporated It also owns 99.96% of QNB Tunisia, 51% in Mansour Bank(Iraq-based), 49% in the Bank of Commerce & Development (Libyan based) The UK Market Political - The UK enjoys a stable political environment Economical - The UK is a leading economic player in the European region Social - The UK is characterised by an ageing population as well as an increasing diversity in its religious and ethnic composition. It enjoys a literacy rate ofapproximately 100% Technology - The UK can be termed as a hub of science and innovation, boasting of possession of four of the top six universities in the world Ecological - The UK endeavours to mitigate theecological impact of economic growth. Legal - UK government is keenly involved in the banking sectors activities, with an aim of creating a safe environment for investors Internationalisation Process Culture is an important determinant of the success of any organisation as it ventures into a new market. When companies venture into new markets, they encounter cultural dimensions To successfully implement their businesses in the new market, they must adopt novel strategies that will enable them to cope with changing dynamics. When a firm elects to enter a new market, there are various entry strategies at its disposal. Each of these strategies requires considerable resource commitments Internationalisation involves two processes – Market selection, Entry mode selection A suitable market is one which has the highest potential for satisfying the economic objectives of a firm Factors may be categorised as being either internal, external or mixed factors QNB objectives for internationalisation isthe penetration of new strategic markets QNB aims to become an Icon in the Middle East and Africa by 2017 Moreover, QNB also aspires to become a top 50 global bank by 2030 Strategic Options These are export entry, contractual entry and investment entry QNB’s primary strategy has been investments Establishment of an office or branch is seen in its establishment of a branch in the UK and in France FDI is evidenced by the establishment of a wholly owned subsidiary in India Stake acquisition through the purchase of shares. This purchase of stake is across the board, from a minor stake (20% in Ecobank), a controlling stake (51% in Mansour Bankand 97.12% QNB ALAHLI). QNB is able to create synergies and establish itself as a reliable player for individuals and entities Through synergies, QNB is able to offer such unique products to its clients Introduction Internationalisation is one of the strongest trends of the contemporary business world. It allows companies to expand their reach beyond their territorial boundaries. Firms opt to go international for different reasons. Such reasons include expansion opportunities, saturation in the local markets, access to new markets and achievement of synergies through reduction of costs or through other avenues. Whatever the case, the decision to internationalise is usually a strategic one that is aimed at providing the company with a competitive global advantage. Moreover, internationalisation further aims to increase a firm’s global market share while at the same time increasing sales revenues and maximising value for shareholders. If a firm chooses to internationalise, there are several decisions that must be made. One of these is the choice of market, where a firm chooses an appropriate target market to expand into. Once the appropriate market has been chosen, the firm must then evaluate entry strategies and settle for the most appropriate ones. All this decisions are highly important since internationalisation entails significant resource commitments. Moreover, the chosen market and plan will also determine the success of the internationalisation venture. The case for the internationalisation of a local bank in Qatar, QNB, into the UK market is explored. The current Situation of QNB A Brief History of QNB The Qatari National Bank is the largest bank and the leading financial institution in Qatar. It was established in 1964 and was the first commercial bank in Qatarthat was Qatari-owned. Apart from being the largest financial institution in Qatar, it is also the biggest lender. Its ownership structure is split between the Qatar Investment Authority and the private sector, each having a 50% ownership stake (QNB, 2015). It boasts of a huge pool of 14,500employees, who operate in more than 615 locations. Its ATM network comprises more than 1,310 machines. The Qatari National Bank was rebranded to QNB in 2004. Itboasts of several achievements. For example, according to the QNB website, it was ranked amongst the top 50 safest banks in the world by the Global Finance Magazine in 2013. Moreover, in 2014, it was named the best bank regionally (in the Middle East) by the Euromoneymagazine. Most recently, in 2014, it was recognised by Bloomberg Markets as one of the strongest banks. A look at the financial data from QNB reveals that it is in good financial standing. For example, for the first quarter of 2015, the bank recorded a net profit of QAR2.7 billion, which is an equivalent of USD735 million (QNB, 2015). This represented a 10% increase in year on year profits. Moreover, a healthy growth rate in loans and advances (8.9%), guided the group to a record increase in total assets. This was by a margin of 9.4%, to reach QAR502 billion, whose USD equivalent is 137.8 billion. Analysis of the State of the Internationalisation Process QNB has recorded massive international growth over the span of its existence. It is the leading financial institution in the Middle East and North Africa region, possessing a market share of 45% of banking sector assets (QNB, 2015).According to the company’s website, the banking group continues to experience a robust growth in its international expansion. In the recent past, the growth of the banking groups influence internationally has mainly been achieved through the acquisition of stakes in leading banks across the world. For example, it has acquired a 20% stake of both ordinary and convertible preference shares in Ecobank Transnational Incorporated, which is the leading pan-African bank. In Egypt, QNB successfully completed an acquisition of the controlling stake in Egypt’s second largest private bank, QNB ALAHLI, whereby it now owns 97.12%. Other stakes which the group possesses are as follows: 35% in Jordan’sHousing Bank for Trade and Finance (HBTF), 40% of Commercial Bank International (CBI), (UAE), 99.96% of QNB Tunisia, 51% in Mansour Bank (Iraqi-based), 49% in the Bank of Commerce & Development (Libyan based) and 20% stake in Al Jazeera Finance Company (Doha). Moreover, the QNB Group retains 51% stake in QNB-Syria and an 83% stake in QNB Indonesia (QNB, 2015). This elaborate ownership breakdown indicates QNB’s robust international presence, albeit primarily in the Middle East and North Africa region. However, its influence is clearly growing, primarily in Asia and Africa, as illustrated by its ownership stakes in Ecobank and Indonesia. The growing influence of the QNB Group’s activities is illustrated by its entry into the emerging markets of India and China. For instance, in 2013, it opened a representative office in China. In the same year, QNB group also established a fully owned subsidiary in India, under the name “QNB India Private Limited” (QNB, 2015). Data obtained from the company’s website indicates that its presence extends to more than 27 countries across three continents. This is through subsidiaries as well as associate companies (QNB, 2015). The extensive presence of QNB allows it to provide a comprehensive range of products and services at an advanced level. The UK Market PESTEL Analysis of the UK Market in general Political The UK enjoys a stable political environment, being one of the oldest established political organisations in the world. Moreover, the UK has good bilateral ties with many countries worldwide, and this means that entry and success in the UK market can be used as part of a firm’s portfolio in establishing credibility within other markets. Apart from the legislative environment in the UK, the UK is also subject to EU legislation since it is a member of the E.U. Economical The UK is a leading economic player in the European region. It is the third largest European economy, after Germany and France. With specificity to service sectors, the UK banking sector, together with other financial sectors such as insurance and business services, make up the largest proportion of the GDP. Indeed, this is evidenced by an analysis of the UK banking sector (in the ensuing sections), which reveals that it is one of the largest in the world. Social The UK is characterised by an ageing population as well as an increasing diversity in its religious and ethnic composition. It enjoys a close to 100% literacy rate, with education services being one of the most important UK exports. This is a particularly desirable strength for players in the banking sector. Technology The UK can be termed as a hub of science and innovation, with four of the top six universities in the world. It has a strong track record in science and innovation, with the government supporting the development of the UK’s capabilities in science and technology. Ecological The UK endeavours to mitigate theecological impact of economic growth. It is committed to environmental protection through government, and through sustainable development. Legal The legal factors affecting the UK are quite similar to those discussed under the political tenet. However, with regards to banking, the UK government is keenly involved in the banking sectors activities, with an aim of creating a safe environment for investors. In 2013, the Banking Reform Act received Royal Assent. Among other things, the act introduced a ‘ring-fence’ around people’s deposits, and also criminalised reckless misconduct that would lead to bank failure (Gov.UK, 2015). Another act that is important for banks is the Financial Services Act, which became effective on 1 April 2013. The Banking Market and its Competitive Environment The UK banking sector is one of the largest banking sectors in the world. It has a large number of both local and foreign banks operating within its market. Moreover, the sector is a largely internationalised one. This is not only in terms of the presence of foreign banks in the market, but also in terms of the activities and operations of its banks abroad. Banking size can be determined measuring the sum of assets held on the banks’ balance sheets. Banking system size is usually defined along two bases. These are ownership basis and residency basis. Ownership basis measures the total assets of locally owned banks in terms of their operations both domestically and abroad, taking into account their foreign branches and subsidiaries. A residency basis, on the other hand,measures the total assets of monetary financial institutions operating within a particular market, both local and foreign. The assets measured are those of the market in question, and in the current case, would be the UK assets held. When measured on a residency basis, the UK banking sector is the largest one when compared to ten leading European Union countries, as well as USA and Japan. Moreover, in terms of foreign participation, there is a huge presence of foreign banks in the UK market. In figures, there are 150 deposit-taking foreign branches and 98 deposit-taking subsidiaries from 56 different countries (Bush, Knott, & Peacock, 2014). Moreover, these foreign banks constitute about fifty percent of the sector’s banking assets, from a residency basis perspective. An analysis of the UK market reveals that it is a highly lucrative destination for financial institutions. Four possible reasons suggested for this trend are financial hubs, comparative advantage, historical factors and the subsidy of TBTF banks. The presence and persistence of a banking hub in the UK facilitate good banking prospects for players in the sector. This is because such clustering leads to higher productivity and wages (Craftsand Wolf, 2013). It also furnishes a competitive advantage in the world trade for those organisations within the cluster. Theoretical Approach of the Strategic Implementation of the UK Market Culture and The challenges of Internationalisation Culture is an important determinant of the success of any organisation as it ventures into a new market. Cultural is defined as the beliefs, norms, values and practices of a particular community or society, which have accrued over time. According to Ismat& Bashir, (2011), the most important precept underpinning culture is uniformity. The culture of a particular population is a sum of their beliefs rather than a mere outcome of their interactions. While there are many aspects of culture, some of the most essential and most important distinguishing factors include language, values, attitudes, religion, customs and norms (Rugman & Collinson, 2012). These factors usually form the basis of cultural identity. At the international level, companies often have to contend with cultural diversity. This diversity exhibits itself in a number of ways, including employee relations, customer relations as well as relations with other organisational stakeholders. Newcombe (2013) indicates that failure to properly address cultural differences can lead to alienation of a section of stakeholders or perhaps even to criminal prosecution. When companies venture into new markets, they encounter cultural dimensions whichdiffer significantly from those of their host nations. In order to successfully implement their businesses in the new market, such companies must, therefore, adopt novel strategies that will enable them to cope with this changing dynamics. One of the tools that companies have at their disposal, that can enable them to manoeuvre the challenge of a change in cultural dynamics is the company’s internal culture. This is the second facet of culture when it comes to business. The organisational culture of a company simply refers to the behavioural tendencies of the members of a particular organisation (Rugman & Collinson, 2012). It is a valuable tool for executive managers in their endeavours to establish an organisational identity and to shape the overall behaviour in the organisation. Human resource managers use the corporate culture to drive and nurture desired behaviours such as innovation, openness and dynamism within an organisation since they understand that culture is a strong driver of peoples’ thinking. According to Rugman and Collinson (2012), effective organisations have an effective corporate culture, which enhances an overall sense of community and shared identity. This allows individuals to experience a sense of belonging and satisfaction. Among the factors that characterise culture, language is perhaps the single most significant one. Language is the cultural avenue through which individuals are able to communicate with one another. Language has the ability to be the voice of a particular aspect of life. For example, English has gained widespread acceptance as the international language of business, and it is, in fact, a requirement for admission or promotion in many firms such as Toyota and Hitachi (Rugman& Collinson, 2012). While the verbal aspects of language are particularly important in the communication process, the discussion here is limited to the non-verbal components of language, which are of the most relevance in the context of the current scenario. Language is not only expressed through words- either spoken or written-, but also, through actions. Such non-verbal communication can occur either actively or passively, that is with or without the individual’s consent or willingness. The discussion of body language is particularly important in international business since different nations employ gestures and tactics in different ways and in varying intensities.A good example is the German who are very vocal about their ideas while the Japanese are soft spoken (Businessculture.Org, 2013). This presents a paradox of style of use of body language, with the German being very intense in its use while the Japanese are less intense. If not properly informed, the Japanese businessperson is likely to perceive their German colleague as being rude and vice versa. Internationalisation Strategies in General When a firm elects to enter a new market, there are various entry strategies at its disposal. Each of these strategies requires considerable resource commitments. It is therefore of the utmost pertinence that an organisation critically assess potential markets to determine the most suitable one, as well as the most appropriate entry strategy. A model that has been developed to assess the strategic outlook for entry into a new market is the market and market entry mode selection process (MEMS). It involves an analysis of two factors, which relate to market selection and market entry mode selection. Based on this, it is clear that there are two processes that a company must undertake. The first is choosing a suitable market in which to introduce its product or service. A suitable marketis one which has the highest potential for satisfying the economic objectives of a firm(Laird et al. 2003; Gallego et al. 2009). Once a suitable market has been identified, the company should then choose an appropriate market entry mode that will enable it tocapture successfully a market share in its chosen market. According to Koch, (2001) these factors may be categorised as being internal, external or mixed factors. Each of these factors is discussed briefly. Internal factors are those pertaining to the organisations capabilities and limitations. One of these is the company’s strategic orientation. It has a lot to do with the company’s corporate culture, much of which has already been discussed. From a strategic perspective, the company’s orientation may predispose it to collaboration with its competitors and will also affect the market choice as well as the entry strategy chosen. Another factor is the strategic objectives of the company, with respect to whether the company seeks to increase its market share, market presence, sales revenues or profitability. Based on the objectives, companies will opt for those countries which promote their goals. For instance, if a company seeks a higher market share and increased sales, then it will go a country that is likely to acceptquickly its products (Koch, 2001). Another internal factor is the prior market selection experience. Lack of extensive and relevant experience insinuates greater risk and uncertainty. Finally, the company’s international competitiveness is also a critical consideration, whereby the company seeks to understand the factors that provide it with a competitive global edge, and how these can be leveraged into potential markets. The second set of factors is the internal/external factors. The first of these is the own/accessible resources. According to Koch (2001), easier access to resources, whether owned or through strategic alliances, reduces restrictions to internationalisation. Thus, firms are able to internationalise to leverage such resources (Lee and Lieberman, 2009). Another factor is networking, whereby companies that develop networks are able to increase their internationalisation. Such networks may be established through participation in international trade fairs and exhibitions. A third factor is similarity/proximity of overseas markets, whereby factors such as the length and strength of linkages between the company and a target market influence choice of markets. This has much to do with culture, whereby companies are likelier to venture into those markets that are perceived as being more familiar. Another closely related factor is market portfolio congruity, where companies endeavour to capitalise on synergies between the external environment and the company’s objectives. With respect to internationalisation, a company may choose a market which is synergetic with its current location of operation in terms of customer requirements/expectations, product use and similarity of standards (Koch, 2001). A final factor is optimisation of the sequence of expansion, which is a problem that arises where there are several suitable potential markets. The establishment of anappropriate sequence is important in maximising the efficiency of resource utilisation. The final set of factors is external factors. The first is the country market potential, which addresses the potential of a particular target country. Another factor is the competitive significance of the market. Entry into lead markets is of strategic importance to the company in terms of global marketing. A sustained presence in such markets provides the company with a unique opportunity to establish the highest level of capabilities and skills globally. Success in such markets can be used as a promotional element in other markets. Apart from the promotional objective, the company may also elect to attack a competitors’ profit base, which is usually its domestic market (Koch, 2001). Another external consideration is the anticipated level of risk in the overseas market. Koch asserts that this is a particularly important consideration for banks as well as other export credit guarantee organisations. The factors described so far mainly affect the market selection criteria for an organisation. Once a market has been chosen, an appropriate market-entry strategy must in turn be selected. The choice of a market entry strategy is in turn affected by the same categories of factors. Objectives of an Internationalisation There are several factors that influence a company’s decision for internationalisation. Such factors may be classified as either overarching factors or firm-specific factors. Overarching factors are those pertaining to the external business environment, and the availability of opportunities (Harrison, 2011). One such factor is primary motives such as profitability, business growth, international reputation and the search for a competitive advantage. Another overarching factor is the changing international environment, which has opened up opportunities for growth. Moreover, there are also country-specific factors, which refer to specific conditions in a target market that may facilitate or hinder entry and success in such a market. Apart from overarching factors, there are also firm-specific factors. These have to do with the opportunities that are at the disposal of a firm or particular industry, which may not necessarily be present across the board. One such factor is the access to new markets. Here, a company may have access to a large and emerging market such as India or China. Moreover, due to the formation of trade blocs, entry into a particular country may provide access to an entire trading bloc. Another factor is access to resources, whereby a firm may be coerced to internationalise by the immobility of resources, albeit this is a fading phenomenon (Harrison, 2011). Finally, firms may also internationalise for purposes of cost reduction. Here, the firm may choose to outsource its services or operations, or to transfer them entirely to another country, thus achieving a reduction in its production costs. In the current scenario, QNB’s internationalisation has a number of objectives. For one, it is in line with the strategic objectives of QNB. From its most recent annual report, QNB indicates that part of its international expansion plan includes the penetration of new strategic markets (QNB, 2014). In this regard, the UK is a highly strategic market for QNB. As has been discussed, a good strategic market is a lead market. Within QNB’s domain of operation, the UK is a lead market, and as such, is a vital market for QNB. The entry into a lead market such as the UK is further strategically important in consideration of QNB’s other internationalisation goals. QNB indicates that its aspiration is to become an Icon in the Middle East and Africa by 2017. Moreover, QNB also aspires to become a top 50 global bank by 2030. In order to achieve its objectives, it is apparent that it imperative for the firm to successfully capture a lead market. This will be a strategic element, especially considering that a consolidated position within a lead market is a strategic leeway into third markets (Koch, 2001). Asides from the strategic leeway into third markets objectives, the entry into the UK could also be of strategic importance in accessing the wider European market through the European Union. According to Harrison (2011), Nissan’s investment in the UK facilitated access to the EU market, allowing Nissan to export eighty percent of its production to the block. Based on a similar premise, it could be possible for QNB to replicate such remarkable success across the European bloc. Strategic Options Successful Entry of QNB into the UK Market There are several approaches which QNB may opt for in its entry venture into the UK market. The possible alternatives are classified into three broad categories. These are the export entry, contractual entry and investment entry. Export entry is achieved through either direct exporting or indirect exporting. With indirect exporting, the company sells its products in a new market through the operations of another firm(Young et al. 1989; Root, 1994). However, with direct exporting, the company does both the exporting as well as the necessary operations. Contractual modes, on the other hand, involve the delegation of managerial decisions such as marketing and production management. Franchising and licencing constitute contractual modes of market entry. With these modes, the company enters the market under its own name, but operations are handled by the franchisee or licensee. Thus, the company essentially retains control of only just the production process. The final category is investment entry modes. These include joint ventures, strategic alliances and collaborative strategies. With joint ventures, two companies combine their assets and capabilities in a new market, sharing in equity ownership and control, and share the risks and profits. With strategic alliances, there is no equity involved, with partnering being based primarily on strategic areas which can be used to secure a competitive advantage for the firms involved. Investment entry is also achieved through the acquisition of stock in a company in the targeted market. With Foreign Direct Investment, not only is capital ownership acquired, the firm also acquires some form of control in the decision-making process. Alternatively, a firm may also choose to enter a new market through the establishment of an office or branch in the targeted market. QNB has mainly opted for the investment entry mode. In fact, QNB’s entry into various countries is indicative of nearly all the investment modes discussed. For example, the establishment of an office or branch is seen in its establishment of a branch in the UK and in France, as well as a representative office in China. Moreover, FDI is evidenced by the establishment of a fully owned subsidiary in India. More importantly, perhaps the most widely adopted strategy is stake acquisition through the purchase of shares. This purchase of stake is across the board, from a minor stake (20% in Ecobank), a controlling stake (51% in Mansour Bankand near full ownership (97.12% QNB ALAHLI). Success Factors and Impediments for a Market Entry QNB has a strong corporate culture entrenched in its robust leadership, astute vision and long-term strategic outlook. It has managed to build on its strengths in order to financially leverage itself into foreign markets. In order to successfully capture the UK market, QNB opted to enter through the establishment of a branch. This was a good strategic choice, considering the natureof the UK banking sector, which is largely internationalised. This mode of entry allowed QNB to control and manage its operations in the country. The advantage of such an approach is the QNB is able to generate synergies in its operations, by harmonising its operations in the UK with its operations in other countries. Moreover, it is also able to offer uniformity to its consumers across the board. This is particularly important in light of the current globalisation trend, which means there is increased transnational travel. With the UK being a strategic destination in Europe, and Qatar being a strategic player within the Middle East region, QNB is able to create synergies and establish itself as a reliable player for individuals and entities whose operations might span the two regions. One such product is the “Lounge Key”, which facilitates access to over 500 airport lounges across 270 cities in the world for QNB First customers (QNB, 2015). Through synergies, QNB is able to offer such unique products to its clients. Another such synergetic aspect that QNB can capitalise on is its elaborate network of ATMS and POS terminals. As noted, QNB boasts of more than 1310 ATM machines. The UK, on the other hand, boasts of strong bilateral ties with many countries across the world. QNB can build upon this factor to establish a competitive advantage based on its elaborate network of ATMs. Another factor that QNB can hinge on to drive growth in the UK market is its status as one of the safest banks in the world. As noted, recent UK legislation seeks to increase the safety for consumers of the services offered by banks operating within the UK (Gov.UK, 2015). QNB can use this to its advantage, by construing itself as a compliant player, or by simply projecting itself as being an already safe bank of choice for consumers. Conclusion QNB, previously known as the Qatari National Bank, is the leading bank in Qatar, and the leading financial institution in the Middle East and North Africa region. It is owned by the Qatari Investment Authority (fifty per cent), with the private sector controlling the other fifty per cent. Over the years, QNB has experienced massive growth and has also ventured beyond the Qatari borders and into new markets, particularly in the Middle East and North Africa regions. It aims to be the banking icon of the Middle East and Africa. One of the most recent steps that have taken it closer to its goal is the attainment of a 20 % stake in Ecobank, the leading panAfrican bank. QNB’s internationalisation strategy has mainly been through the investment mode of new market entry. This is not only through the acquisition of stakes, but also through the establishment of new branches, and the establishment of fully owned subsidiaries. In order to achieve its objective of growing into the African market, QNB can use the UK market as a strategic lead market. By expanding into the UK, and successfully manoeuvring the market, the group will have a strong competitive basis as part of its success story. The UK market is one of the least risky markets, with regards to a PESTEL analysis of the same. It enjoys a stable political environment, a robust economy, a relatively favourable social environment, a formidable technology base as well as a good track record in terms of environmental management. More importantly UK banking sector is one of the largest in the world, in terms of both residency and the number of foreign banks present in the market. Factors such as the development of a financial hub as well as the subsidy of the ‘Too big to fail’ (TBTF) banks makes the UK a desirable destination for a banking firm. QNB can capitalise on its robust strategic outlook as well as its corporate culture to capitalise on synergies that exist between QNB, Qatar and the UK market. List of References Bush, O., Knott, S., & Peacock, C. (2014). Why is the UK banking system so big and is that a problem? Bank of England Quarterly Bulletin, 386-396. Businessculture.Org. (2013). Cultural differences in business. Retrieved December 07, 2013, from Businessculture.Org: http://businessculture.org/business-culture/cultural-differences-in-business/ Crafts, N and Wolf, N (2013), ‘The location of the UK cotton textiles industry in 1838: a quantitative analysis’, CEPR Discussion PaperNo. 9626. Gallego, M., Hidalgo, E., Acedo, F., Casillas, J, Moreno. 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