Home Business All You Need To Know About Access Bank, Diamond Bank Merger

All You Need To Know About Access Bank, Diamond Bank Merger

Why We Merged With Diamond Bank – Access Bank

It’s a merger, that’s the first one, it’s a merger and two because a bank took some strategic position of pulling out from the international unit does not mean there is something wrong with it”, referring to Diamond bank.

There a bank in Nigeria here that has done that kind of thing, WEMA. In the past WEMA was a much bigger bank, it became a small national bank. It’s all strategic. That means that banks and brands will always do things that will put them ahead, okay”!

What we have done is a merger of two great brands coming together for the benefit of the consumer. Access bank as you have always known us, we have been a wholesale bank, but after 2012 after the merger with Intercontinental, we begin to do some retail but we know that is not our strength and Diamond bank know the strength they have, so we have come together to complement each other and to create a bank that will have robust strength for both the wholesale market and the retail market.

So, it’s a merger, coming together of two Nigeria’s great banks to create value for consumers, that’s what it is.

Access Bank, Diamond Bank New Identity

For the last one month, we have been going around the country and people have asked this question and we have given them one response. What is important is the identity of the new enlarged bank. The identity of the enlarged bank will reflect the strength of Access bank and the strength of Diamond bank.

If you come into the bank of the enlarged entity, you will know that Diamond is inside this bank and Access bank. If you are a corporate it will appeal to you, if you are retail it will appeal to you, that’s what we have.

We have the best bank consultants working on it to ensure that the identity of the new enlarged entity has the best identities of both banks, so name is always part of our identity, there is more to our identity than just name, so I don’t think that we should be too focused on the name but virtually it is and that will be clear in the next six to eight weeks. When you work into a branch, you will know that this is Access and this is Diamond.

What Will Happen To Savings Account Carrying The Same Name With Both Banks

We have people who bank with both banks, at the end of the day if you have two accounts here, four accounts there, that’s when we come together finally and that is 90 days from now even less. It means you have six accounts and they are all running. The account number will not change, your cheque book will run as it is, your account number will run as it is. We are here to let you know that this no change, you will decide when you want to consolidate them if you feel they are too many for you, it’s your choice.

Access Bank And Diamond Bank App

As we speak now, nothing will change, nothing changes, if you use the Diamond bank App, please keep using that. If you use the Access bank App, please keep using that. It will remain like that, running side by side until we find a period when they will look alike and they will be similar, when we change it you may not even know. Anything we do will only enhance the customers. The names for the Diamond Apps remains nothing will change, everything around it will remain the way it is.

CBN, SEC Approve Access Bank, Diamond Bank Merger

So far, we have gotten approvals up to approval in principle. There are three approvals that we need for this process.

The first one is the pre-order approval which is like the first approval, the next approval is the approval in principle.

The final approval comes after approval in principle and it will come after you have convened your shareholders’ meetings.

Staff Retrenchment

Staff will be retrained for new roles where there are overlaps; one of the branches can be converted to an e-branch or Automated Teller Machine (ATM) gallery.

Who Will Be A Recognized Leader For Access Bank, Diamond Bank?

This is something we are all entering with our eyes opened. It is a friendly business combination with two organizations wanting something better and all we have come together for is to create a huge platform.

What Will Happen To Branches On The Same Street?

We don’t want to make the mistakes we made in the past. You will see some branches that will be next door for the next one year. We want the customers to choose where is convenient for them. We leave both (Branches) open so we will know which one has been chosen and by that we will know what to do. There is no rush. Don’t forget, the goal of coming together is to serve customers. We don’t want any service destruction that is why we are going to allow branches to remain side by side for 6 months, one year, let customers decide where the comfort lies and we follow them. We will be led by our customers.

How Merger Will Affect Diamond Yellow Account Via MTN and Access Money Via Airtel

Diamond Yello Account is hybrid savings account combining both financial and telecommunication services via an MTN registered mobile phone while Airtel Money is a mobile commerce service enabling you to send and receive money, top-up mobile, make payments, do mobile banking, etc. with your Airtel.

Here is how the merger will affect both: Asked what will happen to the users of both platforms: Access Bank executive replied: “Now you can see the power of what is being created? You have one single bank (Access Bank- Diamond Bank) having this kind of power and partnership with the two largest telcos in the country. The partnership will remain.

Please note that information contained in this article was made available by the Executive Director of Access Bank (Personal Banking) Mr Victor Etuokwu.

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