When a bank changes its name, it takes a while for the customers to get used to it. Those banking with Intercontinental Bank got the information about the change of status on the banks’ Automated Teller Machines (ATMs) that ‘their’ bank, Intercontinental Bank, is glad to be a subsidiary of Access Bank Plc.

They have absolutely no say in the matter, regardless of how much was in their account or how long they have been customers of the bank.

The shareholders may have been informed of the terms and conditions of some of the agreements, but most of their customers were not.

Mergers and acquisitions, also known as M&A have been the fate of about three of the eight rescued banks that failed the industry’s audit in 2009. Three others were nationalised and but are now managed by the Asset Management Company of Nigeria.

Merger and Acquisition refers to the aspect of corporate strategy, finance and management that focuses on the buying, selling, dividing and/or combining of different companies and similar entities with the aim of enabling rapid growth without necessarily creating a subsidiary or using a joint venture.

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http://myfinancialintelligence.com/index.php/2011-09-27-04-13-15/banking/37019-mergers-and-acquisitions-bad-for-customers-morale