With worries that the differences in the operational systems of Access Bank and Diamond Bank may trigger challenges following the merger between the two, the former Chief Executive Officer (CEO) of Access Bank, Aigboje AIG-Imoukhuede, has weighed in to allay fears.
Imoukhuede said it’s normal for such fears to arise after post-merger, but he assured the objectives of both banks are not far apart. He’s confident the merger will yield outstanding result for all.
Imoukhuede made the statement while speaking to CNBC Africa during the official unveiling of the new Access Bank brand which now reflects Diamond Bank logo.
“There are differences but at the hiatus of both organisations there are strong similarities. And most times, that is where the challenge comes, when at the core, there’s a fundamental difference, but this is not the case here.
“But as with every merger, you have the people issues and the uncertainty, but what I can tell anybody, is that this transaction, this merger, is capable of creating an organisation that the world will marvel at.”
What does the merger mean for the banking industry?
Aigboje AIG-Imoukhuede also described the merger of Access Bank and Diamond Bank as a plus for the banking industry of Nigeria. According to him, the merger will attract foreign interests due to the level of scale they’ve attained.
Imoukhuede said the consolidation will also add value to the status of the financial services industry in Nigeria and Africa as a whole, he made this comment while speaking at the official launching of the merger’s brand logo.
“It means many things. I think the first and most important meaningful point is that Nigerian banks are attaining a scale that is attracting world attention. In many ways, Nigerian banks have from returns, their rate of growth has done very well.
“But from the perspective of numbers of customers as we now have, and the ability to serve customers in huge numbers, that’s a territory that hasn’t been charted before.”
On his future expectation from the financial services sector, Imoukhuede said he hopes for more bank mergers and consolidation, as well as seeing them hit greater scale.
“For our banking industry, I will like to see more transaction like this.
“I will like to see banks with greater scale. And without competition, really, you don’t stay on your toes.”