Economy: 7 facts you need to know about bank mergers
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Economy: 7 facts you need to know about bank mergers

Bank mergers are a common practice in the banking sector. In the case that your bank merges with another bank, do not worry about how it could affect you.

Here are seven facts you need to know about bank mergers and what you should look forward to:

1. Makes for bigger entity

The merger of two banks makes the new entity bigger in size and operations, as features of both banks come together.

2. Nothing changes about service delivery

With a merger, customers do not have to worry about the change in the way they bank or have to fear that their transactions could be affected. It is better to just see it as a mere name change and imagine you are still with your old bank

3. More ATMs available for use

Also, when your bank merge with another bank, there is less worry on the availability of ATMs to withdraw from. You do not have to worry about withdrawing on other banks’ ATMs and getting charged for it after your third withdrawal as there are now more machines for use.

4. Benefits of both sides

Options for more services will be made available to you the customer with the merger.

5. More branches

With the coming together of two banks, there will be an increase in branches as facilities of both banks will now serve customers of the two institutions.

6. Smarter manpower

This will happen as manpower of both banks will be coming together to work towards a single purpose for one customers base.

7. Interconnection of both banks’ services

Customer of either bank do not have to worry about the benefits of their existing bank getting cut off, everything continues with the merger.

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Meanwhile, previously reported that the management of Diamond Bank on Monday, December 17, 2018, announced its merger with Access Bank.

It was gathered that a statement by Uzoma Uja, the bank’s secretary/legal adviser, said the transaction will be completed by the first half of 2019. ( -> We have upgraded to serve you better

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