Business News of Monday, 23 April 2012Source: citifmonline Access Bank (Ghana) Limited is pleased to announce that the final phase of its business combination with Intercontinental Bank Ghana (IBG), which finalised its Information Technology & Systems integration processes, has been completed.
This merger creates one of the leading financial services institution ranked amongst the top 7 in the Ghanaian banking industry by most metrics.
Similarly, the merger has repositioned Access Bank as the most capitalized bank in the industry, in terms of paid-up capital, with strong liquidity and high levels of capital, a statement said. Some salient facts about the combined entity as at March 5, 2012, include:
Customer base: 150,000, Branch network: 39, ATMs: 43, Asset base: GHS 929,557M, Paid-up capital: GHS 118,296M
Speaking on the merger, Akwasi Effah-Adu, Group Head, Institutional Banking at Access Bank Ghana said: “The completion of this merger is a very momentous and symbolic occasion for us at Access Bank. Every change we are making is being undertaken with the aim of improving the bank’s operations and the service we provide our customers.
“We would like to express our appreciation to them for endorsing and enabling this successful combination. Also, the Bank of Ghana and other stakeholders deserve special mention for giving us guidance, support and providing the right environment under which this integration has taken place.”
“The conclusion of this merger creates a formidable financial services franchise with clear market leadership in Trade Finance and Treasury services. The over 150,000 customers will benefit from a harmonized product range that blends the best aspects of both banks products. Former “IBG” customers have been migrated onto the Access Bank platform with new account numbers and we are also deploying technology driven banking solutions at all our locations to ensure that they enjoy world-class banking services”.
Access Bank has taken care to ensure that all aspects of its integration processes are fair, objective and transparent. The Bank worked closely with Accenture, during the integration phase to manage the merger process of both banks, including systems, products and workforce, in line with international best practice.
Speaking on Access Bank’s future, Akwasi Effah-Adu concluded: “I’m very excited by the transformational opportunities that lie ahead for the Bank and its employees. Having successfully combined our banking business, we are now ready to pursue an accelerated growth strategy.
“Our financial strength and capacity will allow us to provide more support and assistance to businesses in the corporate and commercial segments of the market; especially in key sectors of the economy such as Oil & Gas, Agriculture, Telecommunications and Mining & Construction.”
“This is in line with our corporate ambition of becoming one of the Top 5 banks in Ghana within the next few years; delivering sustainable banking.”**