This trend is driven by the various benefits of mergers and acquisition , which have been proven to outweigh the risk or disadvantages. Yatendra Kumar in a paper on the advantages and disadvantages of M&As, noted that: “Mergers produce synergies and economies of scale, increasing operations and cutting prices. Other benefits include increased capacity, cost efficiency, expansion in product range leading to increased product choice for customers.
“The combined enterprise will be a large diversified bank with an extreme extensive retail foot print. Together we will have 27 million customers which is basically the largest customer base of any bank in the continent, 33,000 Point of Sale, PoS terminals, 3,000 Automated Teller Machines, ATMs as well as 13 million mobile customers
“Diamond Bank will benefit from Access Bank’s strong culture of risk and capital management expertise and a clear strategy for sustainable growth. Access Bank will take advantage of Diamond Bank’s unparalleled retail banking expertise and strong digital offering. Together, the two companies would create one of Nigeria’s leading banks, with 29 million customers, including more than 13 million mobile customers, as well as 3,100 ATMs and around 32,000PoS terminals.
Also, Diamond Bank customers will enjoy instant, borderless banking from any Access Bank branch. In other words, whenever they walk into any Access Bank Plc branch and Initiate payment in their local currency, the beneficiary will receive an instant direct credit to their account or cash in their local currency. This service will be available in all Access Bank subsidiaries in Nigeria, Ghana, The Gambia, Democratic Republic of Congo, Rwanda, Zambia and Sierra Leone.
Source: News Formal (newsformal.com)
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