By Ukhueleigbe Zacchaeus
A warning has been sent out to players in the Nigerian banking industry by Access Bank, which plans to revolutionise the sector as soon as its anticipated merger with Diamond Bank is completed.
At a joint media briefing in Lagos yesterday, the lender said things will have to change in the industry when the merger is finalised.
“Our merger with Diamond Bank will be an industry game changer! This new alliance is going to redefine banking in Nigeria like Globacom did in the telecoms sector,” Mr Victor Etuokwu, the Executive Director, Personal Banking at Access Bank, informed newsmen at the briefing.
According to him, “The focus is to drive the SME market by adding great values to their business,” pointing out that the “merger has already given customers the use of the highest number of ATMs in Nigeria free of the N65 withdrawal charges.”
He explained that both parties agreed to become an entity in order to provide a better deal for customers, noting that Access Bank’s wholesale ability and Diamond Bank’s retail ability will make the new enlarged entity the best in the country.
Clarifying on identity of the new bank, Mr Etuokwu said, “It is a merger; that’s the first one, and two, because a bank (referring to Diamond Bank) took a strategic position to stop its international operations does not mean there is something wrong with it.
“It is not new. In fact, a bank in Nigeria has taken a similar step before, which is Wema Bank.
“In the past, Wema Bank was a much bigger bank, but it later became a small national bank. It’s all strategy. That means that banks and brands will always do things that will put them ahead.”
Continuing, the Access Bank Executive Director said, “What we have done is a merger of two great brands for the benefit of our customers.
“Access Bank, as you have always known us, has been a wholesale bank, but after the merger with Intercontinental in 2012, we began to do some retail banking operations, but we know that is not our strength and Diamond Bank, as you know, is a leader in retail banking in Nigeria.
“So, we have come together to complement each other to create a bank that will have robust strength for both the wholesale and retail markets.
“So, it’s a merger, the coming together of two Nigeria’s great banks to create value for consumers, that’s what it is.”
He said further that, “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 Bank is inside this bank as well as Access Bank.
“If you are a corporate customer, it will appeal to you and if you are a retail customer, it will also appeal to you; that’s what we have.
On how the new identity will look like, the banker said, “We have the best bank consultants working on it to ensure that 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.
“I don’t think 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 Bank and this is Diamond Bank.”
