Sardauna24:
You must be among the pple that will be layoff since you are wishing others badluck ur sack is must,untill u beg nd repent from ur naferious sins.

The only layoff i would ever experience, is when I retire...........

And that's if we can call that a more decent form of laying off......

DeLaRue:


Acess is not on the same level as GTB . GTB is the most efficient bank in Nigeria. The only other bank in Nigeria that is on the same level as GTB is Zenith.

First Bank, Access, UBA all have bigger deposits and larger assets than GBT, but they are barely half as profitable as GTB or Zenith.

Bigger is not always better. An inefficient Access bank acquiring a struggling Diamond Bank always looked to me like a poor combination. It is difficult to see what Access thought it would gain from acquiring Diamond. Account holders and their deposits? But Access's inability to reach GTB or Zenith's level of efficiency and profitability was not down to lack of deposit or assets. Long before Access acquired Diamond, it had more assets, more deposit, and considerably more branches than GTB. Yet it has always struggled to make half the profit that a smaller GTB makes. Access needed to cut costs, address efficiency issues, improve asset utilisation etc. What it certainly did not need was an acquisition, particularly of a struggling relatively small bank.

A couple of weeks ago I heard Zenith Bank was going to acquire Union Bank and First Bank would acquire another bank - cant remember which exactly. Neither of these banks need to acquire any other bank right now. I cant see what Zenith seeks to gain from acquiring Union bank, but it can at least cope. The bank I feel sorry for is First Bank. This bank has been performing poorly for nearly a decade, it being burdened by large bad debts, and very high operational costs. First Bank needs to focus on sorting itself out over the next few years - acquiring another struggling banks is just asking for another decade of trouble.

Ah well.

This is how those that understand banking talks

GamalNasser:
Hmmm just yesterday I was saying to a friend that I suspect they will close a diamond bank in my estate and I was right , looks they are closing diamond bank branches in areas where they already had Access branches , Methinks Herbert Wigwe is just using COVID crunch as an excuse to ditch Diamond bank staff he inherited in the acquisition

That is the game plan

seunmsg:



https://www.proshareng.com/news/Investors-NewsBeat/Bank-PHB-Acquires-Spring-Bank/5582

Truly, stupidity is a choice.

Enterprise Bank was formed to assume the assets of the defunct Spring Bank, a product of the merger of six banks during the 2006 consolidation exercise. The legacy banks were ACB International Bank Plc, Citizens
International Bank Plc, Fountain Trust Bank Plc, Guardian Express Bank Plc, Omega Bank Plc, and Trans International Bank Plc.
Spring Bank however struggled due to a series of factors, chiefly corporate governance issues, and infighting among majority
shareholders of the legacy banks. Thus, it was severely affected by the impact of the global financial crises of 2008. As a result it was one of the eight banks taken over by the Lamido Sanusi led CBN in 2009, with the appointment of a new
board to stabilise and recapitalise the bank. When it was obvious that the bank, alongside Bank PHB and Afribank,
would not be able to meet the September 2011 recapitalisation deadline, the CBN revoked their licenses, and handed them over to
NDIC.
The Corporation on its part formed Enterprise Bank, Mainstreet Bank and Keystone Bank to assume the assets of the three banks.
They were thereafter sold to AMCON, which appointed its own management and injected N680 billion into the banks, with the
promise to sell the banks within three years. The process of selling the banks started in 2012, with the appointment
of Renaissance Capital and CitiBank to advise AMCON on what method to adopt in selling the banks. On their part, the advisers
recommended that the banks be sold to local and foreign investors.

https://www.vanguardngr.com/2014/10/heritage-bank-enterprise-bank-acquisition-defied-industry-standard/

Platinum bank and Habib bank merge to bankPHB which later acquired by Keystone bank. Show me where Spring bank comes in here.

I'm talking about a bank I have been banking with since 2004. If you still argue, it means you lack comprehension ability.

130 branch in Lagos only this serious

GamalNasser:
Hmmm just yesterday I was saying to a friend that I suspect they will close a diamond bank in my estate and I was right , looks they are closing diamond bank branches in areas where they already had Access branches , Methinks Herbert Wigwe is just using COVID crunch as an excuse to ditch Diamond bank staff he inherited in the acquisition

And Na ibos plenty pass for diamond banks, this is bad mehn.

chigoizie7:
From the comments I am reading here. I have come to a conclusion that most people do not know how businesses are run.

Diamond bank was a very big competitor in the financial markets same as AccessBank. Both banks has branches all over Nigeria. Before the merger, the common thing is, where there are bank branches, you see so many other banks there. In a location, you will see, AccessBank, gtbank, fbn, uba, Diamond etc in almost all the competitive environments. Now that there is a merger between AccessBank and diamond bank. Do you expect them to run both branches at the same time? When they are next to each other? That will be insane. The moment they merged, I knew that this was bound to happen. I just do not know when.

Some of the closures are understandable.

For example. There is an AccessBank next to diamond band inside unizik awka.

Also. There is AccessBank next to diamond bank in Regina awka.

There is also an AccessBank next to diamond bank in main market. Same in building materials ogidi.

I do not think that both branches will operating at the same time in the same location when it actually is one entity. That is a pure waste of running cost.



It is very understandable that half of the AccessBank branches be closed after the merger with diamond bank. No need for the waste.

And since those branches are closed, the staff will also be retrenched.

Nobody is contending this but he disguised under COVID-19 to perfect his long term plan to shut down and retrench employees, especially diamond bank and low perfoming access branches which are few in the list.

It is very disheartening that we have cruel
,heartless people's leading us in this country how can some CEO \ MD of companies ,banks donate to COVID 19 relief to national account later to start sacking staff's for whatever reason they are robbing Peter to pay Paul ,we have no good government otherwise part of the stimulus package should be for preserving job losses . The money donated who are to benefit from it, is it dead retrenched staff . ACCESS bank didn't remember their customers during the pandemic very bad

asanwafo:
Europe's analyst. We are talking of Nigeria

You and who is "we"?

Some, are talking about the entire world because that is what they look at. You, are talking about Nigeria because that is all you see.

Have you considered widening your horizon so you too can see more?

Chisave:
CBN should have jejely allowed Diamond to be running their business.

Just see wahala wey dem cos for people papa.

I even prefer Diamond customer experience as i hv account in both banks before they were merged

Same here...and it was painful to me when I heard of the Merger/Acquisition with Access bank. For me, Diamond bank was 2nd only to Guaranty Trust Bank.

What a gibberish & irritating response...


I hate to have these discussions because I have a large dose of human empathy...
But why would “that cleaner” have 3 school-age kids (and of course many have even more kids) on N15K per month?

The irony is that professionals who can afford it nonetheless try to keep family sizes manageable....
Frankly, kids shouldn’t just be seen as a “blessing” for parents, but parents should be able to “bless” the kids they have.

GOOD LUCK TO ALL...
Often times, darkness often precedes light.
>[/quote]

So sad

MEGA4BILLION:


Enterprise Bank was formed to assume the assets of the defunct Spring Bank, a product of the merger of six banks during the 2006 consolidation exercise. The legacy banks were ACB International Bank Plc, Citizens
International Bank Plc, Fountain Trust Bank Plc, Guardian Express Bank Plc, Omega Bank Plc, and Trans International Bank Plc.
Spring Bank however struggled due to a series of factors, chiefly corporate governance issues, and infighting among majority
shareholders of the legacy banks. Thus, it was severely affected by the impact of the global financial crises of 2008. As a result it was one of the eight banks taken over by the Lamido Sanusi led CBN in 2009, with the appointment of a new
board to stabilise and recapitalise the bank. When it was obvious that the bank, alongside Bank PHB and Afribank,
would not be able to meet the September 2011 recapitalisation deadline, the CBN revoked their licenses, and handed them over to
NDIC.
The Corporation on its part formed Enterprise Bank, Mainstreet Bank and Keystone Bank to assume the assets of the three banks.
They were thereafter sold to AMCON, which appointed its own management and injected N680 billion into the banks, with the
promise to sell the banks within three years. The process of selling the banks started in 2012, with the appointment
of Renaissance Capital and CitiBank to advise AMCON on what method to adopt in selling the banks. On their part, the advisers
recommended that the banks be sold to local and foreign investors.

https://www.vanguardngr.com/2014/10/heritage-bank-enterprise-bank-acquisition-defied-industry-standard/

I'm talking about a bank I have been banking with since 2004. If you still argue, it means you lack comprehension ability.

Let me just help you out of your ignorance.

BankPHB acquired the majority shares of Springbank around December 2008. The acquisition was approved by CBN (see the link I earlier supplied). Consequently, BankPHB became the parent company of Spring bank.

The intention of BankPHB was to integrate the operation of the two banks and come out with a big BankPHB. Unfortunately, some minority shareholders of Spring bank led by its board chairman, Segun Agbetuyi vigorously opposed the acquisition and went to court to frustrate the merger of the two banks.

As a result of the court case, the integration process was put on hold. During the same period, the global economic meltdown of 2008/2009 and the crash of the NSE badly affected the liquidity position of BankPHB. The bank was in distress.

Above was the situation when Sanusi came on board in June, 2009. The new CBN governor conducted a stress test on all the 25 banks in the country and discovered that BankPHB, Spring bank etc were in serious trouble. BankPHB had already acquired Spring bank the previous December but they were operating separately and unable to merge as a result of the pending court case. This doesn’t change the fact that BankPHB owns majority of Spring bank’s shares.

Based on the outcome of the stress test, NDIC took over the two banks and others in similar condition as “bridge banks”. AMCON then came in to acquire the bridge banks and operate them as commercial banks. The successor to BankPHB was renamed Keystone bank while Spring bank was renamed Enterprise bank.

The new owner decide to manage and eventually disposed them off separately. BankPHB and Springbank were both liquidated with the original investors in the two banks getting little or nothing for their investment.

Above is what played out between the two banks. A simple google search of the topic would have cured you from ignorantly asserting confidently that BankPHB never acquired spring bank.

Audio profits!! How can Access Bank claim to have made P.A.T of N40.9B in Q1 of this year ended march 2020,only for it to close down more than 300 branches citing Covid19 as the cause?why couldn't they plan a 40-50% pay cut for junior staffs and 60-70% pay cut for senior staffs since they earn higher?at least this way,they all get to keep their jobs.

alfarouq:
Just to think that some months back, I was actually arguing with a GT fanboy that acess is on same level as GT if not more.

Hehehe... LOL...Bros..are you a comedian?? That must be the joke of the century!

I have accounts with both banks, so I know. GTB is light years ahead of Access Bank any day any time!

GamalNasser:
Hmmm just yesterday I was saying to a friend that I suspect they will close a diamond bank in my estate and I was right , looks they are closing diamond bank branches in areas where they already had Access branches , Methinks Herbert Wigwe is just using COVID crunch as an excuse to ditch Diamond bank staff he inherited in the acquisition

I think I agree with you, otherwise I see no sense in closing ACCESS Bank (formerly Diamond Bank Plc), Ademola Adetokunbo Crescent in Abuja. It's one of the busiest banks in Abuja. I believe the Diamond Bank factor is at play

Knowing the impact of Covid-19 in businesses, You donated 1 billion naira, Then starts shutting down branches, mostly former Diamond Bank branches. Too bad! I spotted my former branch in the list, I and everyone in my batch was relieved of our job January 2020 by same bank. So even if i'm still there it's just a matter of 2-3 months before it comes. God will provide a better one one for us all. Amen!

sojayy:


And Na ibos plenty pass for diamond banks, this is bad mehn.

Exactly

sarrki:
Real madness the money contributed to convid would have used to cushion the people that will lost their jobs


What happened to the profits made in year in year out

we paid it year in ,year out as dividends to shareholders of the bank.dont u get ur own dividends from ur investments

THIS IS VERY SAD

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MyVILLAGEpeople:



I don't know you. But I really appreciate what u did for that person. God bless you more.

Thank you. We thank God for enabling. Amen and God bless you too.

Thank God I left last year after I read a book that said sack your boss. I got to the office the following morning and put in my letter. I just started my little bit... believing it will flourish

sarrki:
Nigerian financial power house, Access Bank, annunciated the closure of more than 300 of its branches nationwide in a bid cut down running costs as a result of the outbreak of the deadly virus, COVID-19.

OP the heading should be: "ACCESS BANK TO SHUT DOWN 346 BRANCHES".....not "Banks"....how Access bank go close other Banks for Naija

Area4Area:
How many branches would still be open if they close down this number of branches? Would have to transfer the small change I have there before stories that touches happen

Thank God I don't have account with them. All the branches I know in my town is in list, imagine traveling to another town that can cost almost 3k to and fro just to bank.

sarrki:


Deep

On point

Heaven will open doors no man can shut for everyone passing through economic hardship now

Amen

seunmsg:
Nigerian banks are too fragile. They can hardly survive any downturn in the economy without massively laying off staff.

Some of these banks also bite more than they can chew. What Access bank is going through now reminds me of my little stint with BankPHB.

BankPHB acquired spring bank late 2008 in a very hostile manner. Billions of depositors funds was committed into the acquition. By March 2009, the bank was already distressed and laying off staff. The hostile nature of the takeover also made it impossible for the quick integration of the operations of the banks. There was also the effect of the global meltdown and crash of the stock exchange market that year.

By the Sanusi came in as CBN Governor around June, the bank was already a mess. He did not bother to romance the problem, he simply killed the bank and other banks that were then struggling to survive the global meltdown and crash of the stock exchange market by late 2009.

Hopefully, Access bank won’t go the way of BankPHB.

Try Union bank ....103 years of surviving the Nigerian Economy both colonial and post colonial

There are lots of Diamond Bank branches there.

[quote author=guru90 post=89124472]Na waooh,

They are not closing all the branches listed. Many of them, yes. All, No.
The affected branches 'may' remain closed till December.
Some of the staff have taken pay cuts. Some have been sacked.

NB. I don't work there.

budaatum:

You and who is "we"?

Some, are talking about the entire world because that is what they look at. You, are talking about Nigeria because that is all you see.

Have you considered widening your horizon so you too can see more?

And u think ur horizon is widened with that poor analysis of urs

Topmaike007:
you Dont mean it

frfr bro the whole 3

asanwafo:
And u think ur horizon is widened with that poor analysis of urs

The analysis that I used the data that you bought for poor me to write and post?

Yes, I'm wide with it. I'm sorry its too wide for you but I don't do refunds.