Please take into consideration that this essay is still not complete!
Description:
In 2006 GE Money has reached Romania with his plan to have a banking network in Eastern Europe. It already had successfully set up banks in Poland and Hungary.
In Romania it is realizing this plan through a joint venture with the Turkish Garanti-Bank, which one already had a successful retail banking system in Romania. As the first step they have bought three individual financing companies in different financing markets: Domenia – Mortgage, Estima – Consumer Finance and Motoractive – Auto leasing.
When I joined Motoractive the transforming process already started a few months ago and yet everything seemed silent. The old Motoractive culture wasn’t touched yet. The core employees were working at the company 5-8 years from than and they were very proud of it. When I spoke with them, they all were very passionate what they realized and they had a lot of new plans how to improve it in the future. Moreover from joining the three companies they all expected personal development in their careers, but they were worried a little bit about the other two companies.
All the three companies had different culture and GE wanted to implement the GE culture into all of them and make them one single GE company. As first steps in this transformation a top management team was brought by GE to coordinate the merge. Also some employees started to fulfill roles across multiple companies. All three companies started to use the same brand, they started to sell each-others products in their branches. After two years all three companies were moved to one building so they could work together.
Analysis:
In general employees were not so cheerful about the acquisition. Recently a lot of acquisitions were made countrywide and rumors told that employees of the acquisitioned companies are not happy with their new owners/managers. From the start, GE tried to show that this is not a bad thing.
To...