- The Access Bank CEO further states that some brand and products of Diamond Bank will be retained
- Uzoma Dozie, Diamond Bank CEO, says the merger process will create Africa’s biggest retail hub.
- The deal is expected to be completed by the end of March 2019.
Access Bank and Diamond Bank’s merger plan is no longer news as both Nigerian lenders formalise the process by the end of the first quarter of 2019.
As the formalisation process continues to take a centre stage and both financial institutions hope to get shareholders' approval next month, stakeholders and customers with accounts in both banks look forward to considerable answers on their accounts.
This and many other questions were answered by Herbert Wigwe and Uzoma Dozie, the Chief Executive Officers (CEOs) of Access Bank Plc and Diamond Bank Plc at an interactive session on Wednesday, January 16, 2018, held at Access Bank HQ, Lagos.
On the issue of double account numbers for customers after the completion of the Access-Diamond Bank merger process, Herbert Wigwe, CEO of Access Bank, said the bank will allow customers to maintain whatever account they decided to run.
“Either the Diamond Bank or Access Bank account, every customer will allow to decide on which to run and continue,” he said without giving many details.
Wigwe said the two banks' mobile application platforms will be upgraded to create a strong and formidable mobile app that will be accessible and make instantaneous settlement across Africa.
“What are we doing to blend financial institutions with lifestyle products to create Africa’s biggest retail institution,” Uzoma Dozie added.
The Access Bank CEO further states that some brand and products of Diamond Bank will be retained despite swallowing the name.
“Some identities will stay, Diamond Bank Xtra as a product will continue after the merger process,” the CEO says.
Wigwe also explained that the powerhouse created from the deal will work to make both brand great and make customers comfortable banking with another nomenclature and still feel at home.
In December 2018, Access Bank Plc and Diamond Bank Plc announced plans to merge to create Nigeria's largest bank by customer size and capital base. The deal is expected to be completed by the end of March 2019.