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Customers of Access Bank and Diamond Bank are to benefit from over 3,100 Automated Teller Machine (ATM) following the merger between the two banks which the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) had since given their pre-merger approval in principle.
The merger between the two banks which is expected to be approved by shareholders in February after a court ordered meeting, is expected to be concluded in the first quarter of 2019.
Speaking at an expanded press parley at the Access Bank Head Office annex in Lagos with pressmen on Monday evening, Mr. Victor Etuokwu, an Executive Director at Access Bank Plc, said the merger will see customers walking to any of the banks’ numerous machines and carrying out their transaction hitch-free and without any charges.
He said the aim of the merger which will see it among the top 10 in Africa, will be of immense benefit to customers in its operation, even as it will focus more on retail banking to drive growth.
Etuokwu said the merger is witnessing the coming together of two banks with two great areas of strength; a strong corporate entity and strong retail-focused bank.
“The identity of the new entity will reflect the strength of Access Bank and strength of Diamond Bank”, he added.
The Access Bank Executive Director Retail, who claimed that 27,000 staff are in the employment of the two banks, explained that merger is going to see to the reorganisation of its staff in the immediate six months to one year period of harmonising its operations, even as noted that the merger enjoys 12 million customers captured on the Bank’s Verification Number (BVN) scheme.
On the part the Diamond Bank communication team it was explained that the memorandum of understanding (MOU) signed between both banks ties carefully into an Access Bank 2018-2022 strategic growth model, which will enable the new larger entity to emerge as Africa’s largest financial gateway to the world.
They assured that all digital Applications developed by both banks will be integrated, while Access Bank will increase its network across 15 countries and its franchise in Hong Kong.
