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EUROBANK case study - Essay Example

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EUROBANK case study

Interesting enough, Eurobank has an ill defined corporate culture which is essentially different from a purely national culture, yet its corporate culture is an overt expression of French national values and traits. This may be attributed to presence of the French upper management and corporate policies and dual official languages on one hand while its English locale and the hundreds of local English employees not expatriates on the other hand.
Although the General Manager of the bank describes Eurobank as largely transnational, but down the line other managers have taken a rather different outlook. It has been labelled as a national bank but with successful footholds and ventures overseas its international stance cannot be overlooked, perhaps amalgamating through acquisitions as an international bank. Nevertheless in true essence Eurobank in England is not given the recognition of a global organization by some quarters. Though much is being done to remove the traces of national culture and give it an international visage with a high degree of autonomy and hiring of mostly English staff, still we are able to detect the distinct national cultural characteristics influencing their corporate culture.
It is the Eurobank policies and functioning style tha...
as we can see with its broad customer base and customer loyalty agenda. Its national identity does hold importance to its customer groups and that is the reason they seem to have inducted that into their business strategies. The idea behind such a blend is that customers tend to correlate and recognize the culture of the institution that they are entrusting with their assets. Although the increasingly European cultural styles strategies for competitiveness in customer services may be a good strategy but it may be viewed with biasness over the times.
To support the idea that Eurobank is a multinational bank we can notice that a number of measures are being taken to this end e.g. the meetings are done in both French and English as official languages, importance is given to local cultural awareness and understanding during organizational training programmes, and overseas postings are very much common. Understanding of the global corporate practices and changing or adapting to changes for instilling the same cultural style is essential to corporation's recognition in the international arena.
Understanding the phenomenon of the connection between the national culture and the corporate culture can be very complex, yet the national cultural influences which create unhealthy and undermining concerns have to be recognised and effectively neutralize.

2. Various issues that have obstructed the cultural management across national boundaries and caused friction in Eurobank:
The following points highlight the issues that have prevailed in obstruction of cultural management in Eurobank:
A "distinctively European corporate culture" within the Corporation:
In this particular London branch of Eurobank, the French national cultural ...Show more

Summary

The truly Transnational or Multinational corporations are organizations that have incorporated both national and global functions and perspectives. Corporate cultures are tailored and acquired; it is mutually dependent on shared meanings of cultural symbols of different nationalities, their priorities, shared values and norms, both explicit and implicit.
Author : wkuhic
EUROBANK case study essay example
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