Fidelity Bank Ghana Limited and ProCredit Ghana have engaged the services of a mergers and acquisitions expert, Mr Danny A. Davis, to provide strategic guidance to ensure a smooth integration of the two entities.
This merger is subject to approval of the Bank of Ghana and shareholders of both companies.
Already, Mr Davis, a respected integration specialist in the UK and founder of DD Consulting, has taken managers of the two entities through a two-day workshop of effective planning, cultural issues, due diligence and implementation, among others, to enable them understand the integration process.
“To forestall any challenges, Fidelity Bank and ProCredit have taken numerous steps to ensure that the merger is a success and becomes a reference point for mergers and acquisitions in Ghana,” a statement from the two entities said.
The consultant, the statement said, had the knowledge and expertise to handle post-merger integration processes and how to restructure, consolidate, reduce costs, create efficiencies and enhance performance.
The statement quoted Mr Davis as saying he was positive about the prospects as most mergers that had taken the issue of integration seriously had proven successful over the years and urged both companies to adhere to best practice in the post-merger integration process.
“We need to think about planning well, starting very early in the process; thinking about how we would change or improve the company we are buying. And as we move through the due diligence process, understanding the company and how we are going to run with it.
That then moves into the planning phase and we think about planning across each of the divisions,” he said.
The Managing Director of ProCredit Ghana, Mr Sarah Zertelli, was optimistic that the merger will be a success. “The Fidelity Bank-ProCredit merger is going to be the new standard for successful mergers and acquisition integration in Ghana.
This training is preparing us such that when we receive Bank of Ghana’s approval, the process will be smooth for the benefit of our clients and staff.”