Customer Reactions To Bank M&A

European Journal of Business and Management www.iiste.
org
ISSN 2222-1905 !aper" ISSN 2222-2#$9 %nline"
&ol.'( No.25( 201)

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Customer Reactions to Bank M&A: Evidence from the Nigerian
Banking Industry

%lus*ola I+i,unle -as*ola
.reenwi/* S/*ool of Management( Meridian 0ouse( 1o2al 0ill( .reenwi/*( 3ondon SE10( #14
E-mail5 olus*olafas*ola62a*oo./om

Abstract
1ea/tion of /ustomers to M78 was in9estigated using a mi:ed met*od framewor, +ased on two Nigerian +an,s
in a stud2 t*at aims at positioning t*e /ustomer as an a/tor w*o is impa/ted +2 ot*er M78 a/tors. ;ustomer and
emplo2ee narrati9es were <uantitati9el2 tested to as/ertain impa/t on post-M78 /ustomer satisfa/tion.
;ustomer impli/ations of M78 found e:pression t*roug* fi9e main /onstru/ts. =*e inter-relations*ip +etween
t*ese /onstru/ts and post-M78 /ustomer satisfa/tion resulted in a di9ergent-/on9ergent spe/trum of M78-
;ustomer d2nami/s.Spe/ifi/ findings re9eal in/reased role for te/*nolog2( +ut re/urrent downtime *ampered
satisfa/tion. ;redit realit2 sees o+>e/ti9e /riteria prioriti?ed o9er relations*ip /onsideration. ;ustomers@ an:iet2
a+out new lending regime did not result in an2 signifi/ant t*reat to post-M78 satisfa/tion. Emplo2ee
/ommitment in t*e wa,e of M78 seems superfi/ial. Jo+ inse/urit2 and stress o//asioned +2 /asuali?ation(
unrealisti/ targets and erosion of emplo2ee dignit2 resulted in fraud +e/oming a post-M78 /onse<uen/e.
1e+randing ris,s +eing /onstrue as a 9anit2 pro>e/t. 3egitima/2 for t*e regulator rested on so/io-e/onomi/
sta+ilit2 despite reser9ations +2 some +an,ers. =*e damaging proposition for /ustomer satisfa/tion +2 merger as
/ompared to a/<uisition meant t*at /ustomer impa/t assessment /an +e an alternati9e de/ision ma,ing tool in
/*oi/e of growt* strateg2.
Keyords: Merger( a/<uisition( /ustomer satisfa/tion( /*ange( strateg2( +an,ing(

!" Introduction
M78 studies often /apture t*e e:perien/es of de9eloped e/onomies ;artwrig*t and S/*oen+erg( 200'A
;artwrig*t( 2005". Its e:ploration *as +een from a 9ariet2 of perspe/ti9es5 -inan/ial performan/e e.g. 0arada
and Ito 200#A Bumar 2009A =u/* and %@Sulli9an 200C"A ;orporate go9ernan/e e.g. .ulati( 3a9ie and Sing*
2009A Bim et al 2011A Broll( Dalters and Drig*t 200#A Dang and Eie( 2009"A ;ulture e.g. 8ppel+aum et al
2009A B>Fr,man et al 200CA St2re( Bor>essen and Di/,en+erg( 200'A &aara et al 2005" and 3eaders*ip e.g. Beer
and No*ria( 2000A Ba9anag* and 8s*,anas2( 200'A 1i/*e2 et al 200#" amongst ot*ers. &arious moti9ations are
+e*ind a /ompan2 +u2ing anot*er /ompan2( t*e most /ommon rationale is t*e a/<uisition of /ustomers Selden
and ;ol9in 200$5C5". 4espite t*is o+9ious importan/e of t*e /ustomer as a reason for doing M78 dealsA
e9iden/e of /ustomers@ signifi/an/e in M78 s/*olars*ip i.e. t*e num+er of ;ustomer-M78 studies" appears
rat*er t*in.
Mar,eting a dis/ipline wit* /entral fo/us on /ustomer" is 9er2 mu/* underrepresented in M78-
related resear/* 0om+urg and Bu/erius( 2005( Ja>u et al 200'". Be,ier and S*elton 2002" reported on t*e
/onsidera+le ris, of /ustomers +eing lost in M78. Selden and ;ol9in 200$" ad9o/ated a /ustomer perspe/ti9e
to M78. =*oug* attempts *a9e +een made to imprint t*e /ustomer on M78A a /o*erent arti/ulation remains a
mirage and a *olisti/ appre/iation of its impli/ation for t*e /ustomer appears la/,ing. 0om+urg and Bu/erius
2005" in admitting t*e s*ort/oming of t*eir stud2 as Gits restri/ti9e geograp*i/al fo/us on Europe and t*e use of
data largel2 de9oid of t*e /ustomers@ 9oi/eH pro9ides a diagnosis of t*e gap in M78 studies.
%,on>o-Iweala and %safo-Bwa,o 200C515" tra/ed t*e asso/iation of Nigerian +an,s wit* M78 to t*e
latter *alf of 200) w*en a re<uirement +2 t*e ;entral Ban, of Nigeria ;BN" mandated +an,s to raise minimum
/apital +ase from around ISJ15 million to ISJ192 million +2 t*e end of 2005. =*is triggered a wa9e of M78
in t*e Nigerian +an,ing se/tor. =*is de9elopment a9ailed an opportunit2 for e:ploring w*at M78 portends for
t*e /ustomer 9ia two Nigerian +an,s K IB8 and -BN w*o opted for merger and a/<uisition respe/ti9el2.
=*e paper@s o9erall aim is to situate t*e /ustomer as an a/tor w*o /an impa/t and is impa/ted +2 t*e a/tions of
ot*er a/tors in a merger and a/<uisition s/enario. %+>e/ti9es are5
=o identif2 out/omes of M78 t*at /an affe/t +an,er-/ustomer relations*ip.
=o s*ow w*et*er or not spe/ifi/ M78 out/ome for t*e +an, /ustomer impa/ts post-M78 /ustomer
satisfa/tion.
=o /ompare post-merger and post-a/<uisition /ustomer e:perien/e of a Lmerger@ and an La/<uisition@
+an, in as/ertaining w*i/* strategi/ out/ome ser9es t*e /ustomer +etter.
=o use +an, emplo2ee and /ustomers@ 9oi/e as a +asis for gauging 9erdi/t on t*e role pla2ed +2 t*e
Nigerian +an,ing industr2 regulator in +e<ueat*ing a lega/2 of M78 on t*e +an,ing se/tor of t*e
Nigerian e/onom2.
European Journal of Business and Management www.iiste.org
&ol.'( No.25( 201)

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=*is attempt at arti/ulating t*e real meaning of M78 for t*e +an, /ustomer wit*in t*e /onte:tual premise of a
de9eloping 8fri/an e/onom2 s*all see, to answer t*ese <uestions5
In w*at wa2s /an M78 impa/t t*e +an, /ustomerM
4oes spe/ifi/ M78 out/ome *a9e impli/ation for post-M78 /ustomer satisfa/tionM
4oes merger or a/<uisition strateg2 deli9er +etter satisfa/tion for t*e +an, /ustomerM
D*at is t*e legitima/2 standing of t*e Nigerian +an,ing industr2 regulator +ased on post-M78
e:perien/e of +an, emplo2ees and /ustomers in 9iew of t*e fa/t t*at M78 amongst Nigerian +an,s
was a produ/t of regulator2 /*angeM
=*e ne:t se/tion deals wit* re9iew of e:tant literature and generation of propositionsA t*is is followed +2
resear/* met*od w*i/* leads unto anal2sis and dis/ussion. =*e final se/tion fo/uses on /on/lusion( limitation
and managerial impli/ation.

#" $iterature Revie
M78 is indeed an issue for top management to ponder upon( not >ust in terms of strategi/ /*oi/e or fitA +ut
+e/ause of w*at its out/ome ma2 mean for /ustomer relations. =*e 9arious wa2s +2 w*i/* M78 /an affe/t t*e
/ustomer is e:plored in t*is re9iew under different *eadings of M78 out/ome. It is wort* emp*asising t*at ea/*
of t*ese out/omes merit independent resear/* in<uir2. =*is re9iew is +2 no means e:*austi9e. 0owe9er(
attention s*all +e fo/used on issues em+edded wit*in ea/* of t*ese out/omes t*at resonate wit* t*e /onte:t of
t*is stud2.

2.1 Outcome I: Rebranding
1e+randing is often an out/ome of stru/tural /*ange o//asioned +2 M78 Mu?elle/ and 3am+,in 200'".
Merger /an +e an opportunit2 for impro9ement to +rand name and pro9ision of superior ser9i/e to /ustomers
Bris*nan( Jos*i and Bris*nan 200)". =*e /*oi/e of M78 as a /orporate strateg2 is often followed +2 /orporate
identit2 /*ange i.e. +randing. 8 fundamental identit2 sign for /ompanies and an important inde: for
/ommuni/ation is an organisation@s name Ma/*ado et al. 2012". !apa9asileiou 2009" posited t*at naming
strateg2 impa/t /ustomers@ per/eption of M78( and w*ere /orporate name /*ange is /onsidered unfa9oura+le
+2 /ustomers( it s*apes t*eir attitudes to su/* +rands negati9el2. -a/toring /ustomers@ 9iew on +rand image into
naming strateg2 will +e /ru/ial in ensuring t*at +rand ad*erents lo2al /ustomers" do not +e/ome disen/*anted
wit* t*e +rand on t*e grounds of name /*ange =*or+>Nrnsen and 4a*lOn 2011". =*e target or a/<uirer name
ma2 +e adopted e.g. ;itigroup was a produ/t of IS merger +etween ;iti/orp and =ra9elers and IB8 was
adopted in t*e merger +etween two Nigerian +an,s IB8 and S=B". Just as a /om+ination of +ot* names /an
+e/ome t*e +randing for t*e new entit2 e.g. IB merger of 3lo2ds and =SB resulted in 3lo2ds-=SB and t*e
merger of t*e two Nigerian +an,s IB=; and Stan+i/ Ban,( ga9e rise to Stan+i/-IB=;"
Ja>u et al 200'" found using eit*er t*e a/<uirer or a/<uisition name more +enefi/ial to a merged entit2
t*an /om+ining t*e names of merger parti/ipants. 8 familiar +rand name implies /ontinuit2 and suggests
sta+ilit2 to /ustomers. 8 <ui/, integration of t*e mar,et-related aspe/ts of M78 *as +een found to +e +enefi/ial
in redu/ing /ustomer un/ertaint2 and an:iet2 0om+urg and Bu/erius 2005". %pting for a /om+ination or new
name ma2 pla/e e:tra demand on post-M78 resour/e use. Managers ma2 t*en +e/ome too em+roiled in internal
issues at t*e ris, of negle/ting /ustomer-related tas, 8ron( et al. 2010A 0itt( et al 2009". Su/* strong internal
orientation often under+ellies de/line in ser9i/e <ualit2 Ir+an and !ratt( 2000". =*is de/line in ser9i/e <ualit2
for /ustomers ma2 generate an:ieties a+out pri/e( <ualit2 of produ/ts and ser9i/es( /onta/t persons et/. wit*
respe/t to t*eir relations*ip wit* t*e merging firms. ;ustomers@ li,el2 rea/tion ma2 +e to defe/t or e:er/ise some
restraint 3inder 2005". ;ompetitors@ are alwa2s loo,ing to poun/e on su/* *esitation +2 /ustomers /ausing
t*em t*e /ustomers" to +e furt*er alienated from su/* entities 0om+urg and Bu/erius( 2005".
Bra,us et al 2009" des/ri+ed +rand e:perien/e as a su+>e/ti9e and innate response +2 /ustomers to a
9ariet2 of +rand-related stimuli w*i/* ma2 +e o+9ious as part of design and identit2 for e:ample name( signage(
logo et/"A mar,eting /ommuni/ations and pa/,age for instan/e we+site( ad9ertisements( pu+li/it2 leaflets(
+ro/*ures et/" and t*e en9ironment for instan/e +ran/*( store( /orporate *ead<uarters( /orporate e9ents et/".
;onsidering t*e +road range of organisational fun/tioning t*at +randing ramifiesA it s*ould +e e:pe/ted t*at post-
M78 re+randing will need in9estment of time and mone2. =*e test of t*is in9estment is w*et*er it stri,es t*e
rig*t /ord wit* t*e /ustomer. Su//essful re-+randing is e:pe/ted to en*an/e post-M78 /ustomer e:perien/e
wit* t*e merged entit2 reaping t*e +enefit of in9ested time and mone2. =*is simplisti/ assumption ma2 not
ne/essaril2 +e true. M78 ma2 legall2 +estow rig*ts to use a +rand name and allow a//ess to a /ustomer +ase( it
neit*er guarantees t*e a//rual of future in/ome t*erefrom nor t*e /ontinued lo2alt2 of /ustomers to t*e new
entit2 P+erg( 200#".
Proposition 1: Post-M&A rebranding will impact post-merger or acquisition customer satisaction

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2.2 Outcome II: !redit A"ailabilit#
;*ange in +an, mar,et stru/ture following M78 impa/ts on industr2 /ompetiti9eness 9ia eit*er t*e /ollusion
argument i.e. t*e Stru/ture-;ondu/t-!erforman/e S;!" *2pot*esis" or t*e effi/ien/2 9iew i.e. t*e effi/ient-
stru/ture-performan/e ES!" *2pot*esis".D*ile /ollusion is e:pe/ted to lead to *i,e in rents +2 +an,s due to
superior mar,et power gained t*roug* M78A effi/ien/2 assumes pre9alen/e of intense /ompetition w*i/* will
result in +etter managed +an,s +e/oming dominant( /ause t*e wit*ering or a+sorption of less effi/ient ones and
t*e ensuing /ompetiti9e /limate for/ing t*e sur9i9ing effi/ient +an,s to offer +etter deals to /ustomers See
Dilliamson 19'#A &i9es 2011". =*e stru/ture /ondu/t *2pot*esis implies more e:pensi9e loans or redu/ed
a9aila+ilit2 of /redit to /ustomers and t*e effi/ient stru/ture *2pot*esis will mean +etter loan rate or in/reased
/redit a9aila+ilit2 to /ustomers. =*e latter stan/e find e:pression in studies lin,ing M78 wit* in/reased /redit
a9aila+ilit2 e.g. S/*mieder( Mars/* and 8erssen( 2010A 0uang( Jia and Q*ang( 2010 and Erel( 2011" and t*e
former is e9iden/ed +2 studies t*at re9ealed M78 as a route to /redit s*rin,age e.g. Be/, et al. 200)A ;raig and
0ardee 200CA 4e .rae9e( 4e Jong*e and &ander &ennet 200CA Bona//orsi di !atti and .o++i 200C".
Bo2d and 4e Ni/olio 2005" s*ed lig*t on t*e in*erent d2nami/s of t*e effi/ient mar,et argument on M78.
=*eir argument was premised on t*eir o+ser9ation t*at( mar,et e<uili+rium demands t*at loan portfolio ris, of
an indi9idual +an, will rise wit* in/reasing le9el of /on/entration in a +an,ing s2stem. =*is ris, realit2 meant
t*at +orrowers will initiall2 +e /*arged *ig*er loan rates( t*is in/reased +orrowing /*arge pro9ides stimulus for
+an,s to ta,e on more ris,s i.e. ma,e more loans a9aila+le to /ustomers" w*i/* ultimatel2 for/es down pri/e i.e.
/ost of +orrowing or loan rate to /ustomers" as suppl2 side ma2 in turn o9erta,e demand for loans under an
intense /ompetiti9e mar,et d2nami/s pre/ipitated +2 /on/entration in t*e wa,e of M78. =*is meant t*at time is
of essen/e in M78 deli9er2 of effi/ient mar,et +enefits to t*e +an, /ustomer. -o/arelli and !anetta 200$"
fa9oured '2ears. %t*er studies pla/ed relian/e on $2ears e.g. Berger et al. 199#A 8+dela?i? and Bilel 2012".
Merger and a/<uisition amongst +an,s are often asso/iated wit* ma>or /*anges in t*ese organi?ations su/* as
emplo2ee turno9er or +ran/* redu/tion". =*is ma2 result in a loss of t*e ,nowledge residing in ea/* of t*e
merging entities. 3oan offi/ers /an +e regarded as repositor2 of soft information a+out small firm +orrowers(
t*eir turno9er undermines t*e /*an/e of su//ess for /redit re<uests emanating from t*ese firms S/ott 200'A
I/*ida( Idell( and Ramori 2012".
Ban, M78 trigger /*anges t*at impa/t lending relations*ips. Berger and Idell 2002" s*owed t*at
su/* /*ange ma2 manifest as preferen/e for ratio loans o9er relations*ip lending. =*is gi9es rise to a loan and
pri/ing de/ision pro/ess t*at is +ased on G*ard@@ fa/ts pro9ided +2 eit*er /ustomers@ /redit *istor2 or finan/ial
statement. =*e2 asso/iated relations*ip loan wit* eas2 a//ess to /redit and /ommon wit* small +an,s( w*ilst
ratio loan was asso/iated wit* stri/ter lending and asso/iated wit* +ig +an,s. Similarl2( !anetta( S/*i9ardi( and
S*um 2009" found t*at +an, mergers led to a permanent in/rement of lending premised on *ard information.
.enerall2 spea,ing merger of L+ig@ +an,s tend to +e more /redit /onstraining t*an merger +etween Lsmall@ +an,s
Sapien?a 2002". 0owe9er( spe/ifi/ e9iden/e on t*e Nigerian +an,ing industr2 o9er t*e period 2002 to 200C
re9ealed t*at M78 neit*er /ompromised /ompetiti9eness nor effe/ti9eness wit* respe/t to loan and deposit rate
Elumilade 2010".
Proposition 2: Post-M&A c$anges to credit polic# or process $as consequence or post-merger or acquisition
customer satisaction.

2.% Outcome III: &ec$nological Impro"ement#
Modern pra/ti/e of +an,ing relies on Information =e/*nolog2 I=" as +ot* a +usiness ena+ler and /riti/al su//ess
fa/tor. M78 is a route to gaining a//ess to a 9alua+le list of /ustomers Bim 7 ;*oi( 2010".=*e unifi/ation of
pro/ess and /ustomer data+ase *elps standardi?ation w*i/* will ultimatel2 lead to an in/reased role for t*e
deplo2ment of te/*nolog2. 8l-S*ar,as et al 200#" used data en9elopment anal2sis and t*e Malm<uist Inde: to
s*ow t*at mergers ma2 permit +an,s to easil2 tap into t*e opportunities offered +2 impro9ed te/*nolog2. 8//ess
to te/*nolog2 or a pool of te/*nolog2 sa992 emplo2ees /an +e a reason for doing a merger or a/<uisition deal
4es2llas and 0ug*es( 2010A Bapoor and 3im( 200C". M78 *as led to t*e emergen/e of inno9ation 9ia
widespread em+ra/e of ele/troni/ +an,ing platform 8+efe-Balogun and Nwan,pa( 2012" or a Gte/*no-+ased
+an,ing s2stem@@ 4um+ili 201$" in t*e Nigerian +an,ing se/tor.
=*e e9er /*anging +usiness d2nami/s of +an,ing ma,es t*e deplo2ment of a w*ole new I= s2stem
e:pensi9e and /omes wit* signifi/ant ris, impli/ations Bo9ela and S,o, 20125C0". I= integration is /omple:(
/ostl2 and /an +e a limitation to attainment of long-term 9alue in M78( integrating merging entities@ I= s2stems
/an eit*er result in t*e emergen/e of a strategi/ asset or +e/ome a drag on e9er2 ot*er aspe/t of a merger or
a/<uisition pro/ess 4ao( 2010". M78 ma2 *elp +an,ing entities to surmount t*e *urdle of signifi/ant /apital
in9estment t*at is needed for a/<uisition of state of t*e art +an,ing te/*nolog2. Signifi/ant /ost outla2 /an +e
>ustified +ased on t*e fa/t t*at unit /ost of ser9i/e pro9ision will +e remar,a+l2 redu/ed due to a spread o9er a
+igger entit2( wit* te/*nologi/al in9estment +eing regarded as a sun, /ost. Su/* s2nerg2 *as appeal from +ot*
t*e firm and /ustomer perspe/ti9e. =*e in*erent +enefit of information te/*nolog2 is parti/ularl2 suited to
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o9er/oming o+sta/les asso/iated wit* M78. -or instan/e( redu/ed agen/2 /ost due to en*an/ed /ommuni/ation
Berger 7 4e2oung 200'51)#)" and +etter a//ess to /ustomers@ /redit *istor2 w*i/* *as +een pro9en to en*an/e
/redit a9aila+ilit2 Stein 2002A -rame( !ad*i and Doosle2 200)A Erel 2011".
4espite t*e +enefi/ial prospe/t in*erent in a//essing te/*nolog2 9ia M78( t*ere are in*erent
/*allenges. Bo9ela and S,o, 20125C0" des/ri+ed t*e /omple:ities in9ol9ed in post M78 information
te/*nolog2 integration as +eing tra/ea+le to t*e /*allenge of *a9ing to deal wit* in-*ouse de9eloped lega/2
s2stems a9aila+le in most +an,s o9er a signifi/ant num+er of 2ears and t*e per9asi9e power strife t*at is often
in9ol9ed in I= de/ision ma,ing pro/ess. =*is potential for integration /*aos( is neit*er fa9oura+le to +an,
emplo2ees nor t*eir /ustomers. Su//ess of online /*annel i.e. a firms@ use of t*e internet as a platform for
+usiness engagement wit* /ustomers" /an lead to greater sales( profits( and inno9ationA mista,es /an result in t*e
total /ollapse of a firm@s /arefull2 /rafted +usiness strateg2 0ulland et al 200C". =e/*nolog2 +e/ame a
signifi/ant *urdle in t*e Santander S 8llian/e 7 3ei/ester deal w*i/* translated into unw*olesome e:perien/e for
t*e +an, /ustomer Dilliams 2010". In/reased relian/e on te/*nolog2 +2 +an,sA w*i/* is permitted +2 M78 /an
*a9e ot*er deleterious /onse<uen/e for t*e /ustomer. -or instan/e( relian/e on /redit-s/oring models *as +een
lin,ed wit* *ig* /redit default Berger( -rame( and Miller 2005A 4eRoung( .lennon( and Nigro 200#" and
*ig*er loan pri/es Berger( -rame( and Miller 2005". !ost M78 Lspeed of ser9i/e@ or ser9i/e e:perien/e for
/ustomers /an eit*er +e impro9ed or o+stru/ted depending on post-M78 te/*nologi/al out/ome. Ban,s must
+eware of t*reat to ser9i/e deli9er2 e:pe/tation +2 te/*nologi/al glit/* in t*e wa,e of M78. LSpeed of ser9i/e@
is an important ser9i/e deli9er2 e:pe/tation in t*e <ualit2 /onstru/t of /ustomers w*o appear to +e te/*nolog2
sa992 and 2oung 3ee 201155". ;ustomers ma2 +e *app2 at t*e /on9enien/e( ease and speed wit* w*i/* t*e2 /an
/ondu/t t*eir transa/tions 8desina and 82o 20105 %n2edime,wu and %ruan 201$A Jegede 201)"A *owe9er(
8=M fraud or appre*ension a+out se/urit2 8desina and 82o 2010A %g+u>i et al 20125 Jegede 201)" and t*e
long <ueues at 8=Ms %n2edime,wu and %ruan 201$" as a result of te/*nolog2 glit/* are emerging t*reats to
/ustomer satisfa/tion in a te/*nolog2 dri9en post-M78 Nigerian +an,ing se/tor.
Proposition %: Post-M&A tec$nolog#-related c$anges will aect post-merger or acquisition customer
satisaction.

2.' Outcome I(: )mplo#ee - !ustomer Relations
8n organisation@s /ompeten/e is +uilt on t*e distin/ti9e s,ills and ,nowledge of its emplo2ees and fun/tional
e:pertise Ireland( 0os,isson( and 0itt 2011". 8n important organisational /ompeten/e in +an,ing is e:/ellent
/ustomer ser9i/e t*at is premised on relations*ip +an,ing. It is t*e people or emplo2ees of a +an, t*at are
e:pe/ted to deli9er e:/eptional /ustomer ser9i/e and maintain super+ relations*ip wit* /ustomers. =*is is t*e
+asis for ,eeping /ustomers satisfied and retaining t*eir lo2alt2. Ndu+isi and Da* 2005" found t*at positi9e
e:perien/e in staff-/ustomer intera/tion was /ru/ial to /ustomer satisfa/tion. =*reat to emplo2ee Lwell- +eing@ at
wor, ma2 *inder performan/e w*i/* ma2 find e:pression +efore /ustomers as deteriorating ser9i/e <ualit2 t*at
ma2 engender dissatisfa/tion and lead to /ustomer *aemorr*age to /ompetitors. ;*ange impli/ations of M78
ma2 engender >o+ inse/urit2 and manifest negati9el2 as t*reat to self-esteem and well+eing of emplo2ees in
parti/ipating organi?ations =err2( ;are2 and ;allan 2001". MartTne?( 4e ;u2per and 4e Ditte 2010519#" posit
t*at >o+ inse/urit2 in9ol9es Gt*reat to >o+ /ontinuit2H. M78 is often per/ei9ed in t*is lig*t i.e. as a Gt*reat to >o+
/ontinuit2@@" +2 emplo2ees.
=*e mi: of organi?ational /*anges asso/iated wit* M78 /an manifest as a num+er of unwanted
ps2/*ologi/al out/omes w*i/* in/ludes non-identifi/ation wit* or relu/tan/e to em+ra/e t*e resulting merged
entit2( de/lining >o+ satisfa/tion( redu/ed interpersonal /ooperation( in/reased in/iden/e of /onfli/t and
dis/rimination w*i/* will e9entuall2 result in *ig* staff turno9er Illri/* 7 9an 4i/,( 200CA 1i,etta 7 9an 4i/,(
2005". M78 in9ol9es t*e /oming toget*er of two *omogeneous set of emplo2ees and li,el2 /onse<uen/es are
negati9e emotions( de/reased produ/ti9it2( a+senteeism( rapid staff turno9er( misunderstanding of leaders*ip(
et/. !ineda 7 Bummer( 200C( Dalra9e et al. 2010". Emplo2ees@ refusal to identif2 wit* post-M78 entit2 /an
ma,e a/*ie9ement of intended aims impossi+le w*ere it results in de/reased moti9ation t*at ultimatel2 *arm
post-merger performan/e .lei+s( Noa/,( 7 Mummende2( 2010". ;onse<uentl2( priorit2 attention must +e
a//orded t*e promotion of emplo2ee lo2alt2 to t*e entit2 t*at emerges from M78 .iessner et al 2011".
=*e relatedness +etween emplo2ee satisfa/tion and /ustomer satisfa/tion pro9ides >ustifi/ation for
ensuring t*at M78 does not result in alienation of an organisation@s most 9alua+le asset K t*e emplo2ees. In
ser9i/e organi?ations su/* as +an,s" intera/tions wit* /ustomers +2 frontline emplo2ees gi9e /lues to t*e
/ustomer a+out t*e /*ara/ter and identit2 of t*eir organisation 8*earne( B*atta/*ar2a( and .ruen 2005A
.rande2( .old+erg and !ug* 2011". E9iden/e from lin,age resear/* suggests a lin, +etween emplo2ees
e:perien/e in t*eir wor, en9ironment and important +usiness deli9era+les su/* as finan/ial returns and /ustomer
satisfa/tion S/*neider( E*r*art( Ma2er( Salt?( 7 Niles-Joll2( 2005A Ma:*am( Neteme2er( and 3i/*tenstein 200#A
.rande2( .old+erg and !ug* 2011". =*e impa/t of emplo2ee satisfa/tion on /ustomer satisfa/tion /an +e eit*er
dire/tl2 t*roug* affe/ti9e me/*anisms or indire/tl2 as a result of /ustomer ser9i/e +e*a9iours .rande2(
&ol.'( No.25( 201)

)C
.old+erg and !ug* 2011". =*e relations*ip +etween satisfa/tion for emplo2ees and satisfa/tion for /ustomers
/an +e rationalised t*roug* two modes K emotional /ontagion !ug* 2001A Barger and .rande2 200'" and t*e
ser9i/e-profit /*ain 0es,ett et al.( 199)( 200$A 8nderson and Mittal 2000". Emotional /ontagion see,s to
esta+lis* a dire/t relations*ip +etween emplo2ee and /ustomer satisfa/tion as t*e out/ome of affe/ti9e effe/t
during interpersonal /onta/t. Satisfied emplo2ees sa2 +an,ers" wit* a positi9e affe/t at wor, will t*erefore
Linfest@ t*eir /ustomers wit* t*e same effe/t t*roug* t*e me/*anism of /ontagion !ug*( 2001A Barger and
.rande2 200'".
=*ere are different aspe/ts to t*e negati9e /onse<uen/e of M78. M78 *as +een lin,ed wit* t*e
o//urren/e of ele9ated stress le9el in emplo2ees !an/*al and ;artwrig*t 2001A Bartels et al. 200'". =*e
ps2/*ologi/al distress &ander Elst( &an den Broe/,( 4e Ditte( 7 4e ;u2per( 2012"A t*reat to well-+eing
Bern*ard-%ettel( 1igotti( ;linton( 7 de Jong( 2012" and loss of moti9ation 1i?9i( Ja9ed( 7 Siddi<ui( 2012"
asso/iated wit* >o+ inse/urit2 *as also +een esta+lis*ed. 3awlor 201$5C19" found e9iden/e attesting to t*e fa/t
t*at emplo2ees priorit2 during merger ma2 +e more a+out Gme@@ i.e. w*at does it mean for an indi9idual
emplo2ee" rat*er t*an t*e often touted organisational out/omes. M78 ma2 +e per/ei9ed as not in an indi9idual
emplo2ees@ +est interest. =*e possi+ilit2 of organisational /*ange in9ol9ing staff rationali?ation and t*e em+ra/e
of te/*nolog2 fa/ilitated +2 M78 are a9enues t*roug* w*i/* su/* t*reat /an +e/ome real. =*e /onse<uen/e of
t*is is alread2 e9ident in t*e Nigerian +an,ing se/tor w*ere fraud *as +e/ome anot*er emplo2ee related negati9e
/onse<uen/e Ben>amin and Samson( 2011". 4um+ili 201$" termed t*is a desire to Gsa9e for a rain2 da2H
pre/ipitated +2 >o+ inse/urit2.
8,ingunola and 8digun 2010" argued t*at t*e re/ent stru/tural( management and regulator2 /*anges
in t*e Nigerian +an,ing se/tor *ad /om+ined to put in/reased pressure and stress on 9arious /adre of +an,
emplo2ee. %,e and 4awson 20125$2)-$25" noted t*at stress amongst Nigerian +an, emplo2ee ma2 +e lin,ed to
t*e dwindling fortune of +an,s in t*e wa,e of re/ent e/onomi/ re/ession( t*e downsi?ing impli/ation of su/*
realit2 and t*e o9erall state of infrastru/tural fa/ilities su/* as road. Mordi et al 201$5C0" pro9ided insig*t on t*e
pe/uliar /ir/umstan/e of t*e Nigerian +an, emplo2ee( w*i/* ma2 +e a germane /onsideration in e9aluating t*e
nature of t*eir post-M78 +e*a9ioural manifestations. =*e2 de/ried t*e near a+sen/e of emplo2ee 9oi/e due to
an almost trade union free +an,ing industr2 and noted t*at t*e negati9e manifestations of t*e re/ent glo+al
finan/ial /rises on t*e industr2 *ad led to a per9asi9e atmosp*ere of >o+ inse/urit2 w*i/* *as made +an,
emplo2ees fearful of losing t*eir >o+ in an e/onom2 w*ere >o+ opportunit2 is s/ar/e.
.ood +an, ser9i/e <ualit2 *as +een found to +e mu/* more asso/iated wit* people-oriented issues su/* as
friendl2( smiling and /ourteous staff w*o are alwa2s willing to *elp 3ee 201155". =*ese su+tle personal
e:pressions <ui/,l2 disappear w*en M78 result in an:iet2 and stress for emplo2ees.
Proposition ': )mplo#ee related outcomes in M&A will impact post-merger or acquisition customer satisaction.

2.* Outcome (: +eneral ,ocio-)conomic !limate
M78 out/ome /an manifest as t*reat to general so/io-e/onomi/ welfare. .armaise and Mos,owit? 200'" used
a mi: of se/ondar2 data to s*ow t*at areas wit* low median in/omes and poor loan /ompetition *ad +igger rise
in /rime after a merger-indu/ed lowering of /ompetiti9eness amongst lo/al +an,s. 8ppre*ensions a+out >o+
se/urit2 /an +e/ome real w*en M78s are a//ompanied +2 redundan/2( restru/turing or rationali?ation.
Inemplo2ment wit* its attendant so/ial /osts is an o+9ious realit2 for so/iet2. M78 in t*e Nigerian +an,ing
se/tor was a//ompanied +2 >o+ loss or unemplo2ment ;BN 20055 1#A 8ti,u( .ent2 and 8,inla+i( 2011A .unu
and %la+isi 2011A 4um+ili 201$". In t*e immediate aftermat* of t*e first wa9e of M78 i.e. 2005"( #(')1
emplo2ees lost t*eir >o+s in t*is se/tor .unu and %la+isi 2011". ;rime and unemplo2ment is one aspe/t of t*e
so/io-e/onomi/ ante/edent of M78. 8not*er t*reat to /ustomers is +2 9irtue of t*e fa/t t*at +an,ing is a uni<ue
se/tor of an e/onom2 t*at is /apa+le of displa2ing a parti/ular set of /*ara/teristi/s w*ose aggregate /an *a9e
s2stemi/ impli/ations &i9es 2010".
4e Ni/olo et al. 200$" found +ig +an,s formed from merger to +e sus/epti+le to moral *a?ard
in/enti9e w*i/* spurs t*em into entertaining a *ig*er appetite for ris, t*an do smaller +an,s. =*is pen/*ant for
ris, ta,ing *as +een lin,ed 9ariousl2 to t*e =oo Big =o -ail p*enomenonA w*i/* presupposes t*at t*e onl2
reason w*2 large merged +an,s *a9e an in/enti9e to a/t in t*is manner is +e/ause t*e2 are full2 aware t*at t*e
/ost of failure ma2 not ne/essaril2 +e +orne +2 t*em. =*e ta: pa2er is often t*e ultimate +earer of su/* ris, w*en
national aut*orities are for/ed to a/t( in order to forestall s2stemi/ /risis. =*is t*reat to t*e /ustomers@ so/io-
e/onomi/ standing in *er /apa/it2 as a ta: pa2er *as +een identified as a moti9ation for +an,s to want to attain
signifi/ant si?e t*roug* merger and a/<uisition !enas and Inal 200)A ;arow et al 200'A Brewer III and Jagtiani
2009".
Ban, regulators are e:pe/ted to ,eep +an,s under /*e/,. 0owe9er( t*e 200# finan/ial /risis raised
<uestions a+out t*e /apa+ilit2 of national regulators to forestall a Lwelfare /risis@ pre/ipitated +2 large
multinational +an,s t*at are formed t*roug* M78 Brunnermeier( 2009A Butler 2009A 1a>an( 2010A &i9es 2011(
2010". Be/, et al.( 2009" re9iewed 105 +an,ing industr2 data for 105 /ountries o9er t*e 2ears 19#0-200# and
&ol.'( No.25( 201)

)#
found t*at 5$U *ad 9er2 *ig* mar,et power /on/entrated in top t*ree +an,s ;1$ a+o9e 0.9"A 2CU *ad
moderatel2 /on/entrated mar,et power in t*e top t*ree ;1$ of 0.5-0.9" and onl2 20U *ad low mar,et power
9ested in top t*ree +an,s ;1$ +elow 0.5". =*e2 also esta+lis*ed t*at o9er t*is period( t*e top ten glo+al +an,@s
assets /ompared to world .4! *ad in/reased to $5U wit* t*eir 2earl2 assets growt* rate of 9U signifi/antl2
*ig*er t*an t*e a9erage world@s .4! growt* rate of )U. !ras/* 2012" noted t*at t*ese si?e impro9ements were
not +ased on an2 /ompetiti9e superiorit2 or e:/ellen/e in satisf2ing /ustomers +ut were mainl2 as a result of
su+sidi?ed-merger of failed +an,s wit* failing ones. Jo*nson 2010" o+ser9ed t*at t*e mega finan/ial entities
/reated out of su/* mergers /annot >ust +e des/ri+ed as +eing =oo Big =o -ail =B=-"( t*eir long *istor2 of
in/ompeten/e demonstrated o9er time ma,es it safe to /on/lude t*at t*e2 are also =oo Big =o Su//eed. =*e
/*ain of negati9e a//olades for t*ese produ/ts of merger /alled mega+an,s is growing. Bla/, 2010" des/ri+ed
t*em as =oo Big =o 1egulate. !ras/* 2012" /alled t*em =oo !on?i =o !rose/ute.
Be/, et al.( 200$" noted t*at t*e s2stemi/ importan/e of large +an,s /reated t*roug* M78 /an
generate Gtoo-+ig-to-failH orientation among t*e pu+li/ and poli/2 ma,ers( wit* an implied guarantee of sur9i9al
t*at will onl2 lead to e:/essi9e ris,-ta,ing +2 +an,s. =*e +an, /ustomer as a ta: pa2er must +e ama?ed at t*e
desperation to sa9e +ig +an,s formed t*roug* megamerger from failure. 8n e:er/ise w*i/* *as resulted in t*e
most /apitalist of institutions i.e. +an,s" +eing ta,en into pu+li/ owners*ip w*ile pu+li/ ser9i/es su/* as
National *ealt* ser9i/es are destined for pri9ati?ation Nd*lo9u 2012510)". =*e Nigerian regulator was proud
t*at no depositor lost mone2 in t*e last finan/ial /risis Sanusi( 2010". 0owe9er( t*e real /ost seemed e9ident in
t*e '20Billion Naira +ail-out gi9en to t*e +an,s N4I; 2011". In a /ountr2 w*ere +asi/ ne/essities su/* as water(
ele/tri/it2( good road et/. are una9aila+le to most /iti?enr2( surel2 t*ere must +e se9eral alternati9e uses to w*i/*
su/* amount of mone2 /an +e deplo2ed.
4ominant finan/ial pla2ers formed t*roug* M78" represent L/ontagions of legitima/2@ 1ia?
2009529". 3egitima/2 +efore +an, /ustomers for an2 regulator2 /*ange t*at promotes M78 will *a9e to s*ow
t*at it deli9ers on general so/io-e/onomi/ sta+ilit2 for su/* reform to *a9e pu+li/ endorsement. 8 more sta+le
and sustaina+le finan/ial s2stem is a route to pro9ision of real long term +enefit to t*e /ustomer in *er /apa/it2
as a ta:pa2er Mi/*ie and 3lewell2n( 2010".
Proposition *: M&A will be percei"ed as satis#ing or t$e ban- customer. w$ere e/pectation on socio-economic
stabilit# is met.
=*e foregoing re9iew of literature *as esta+lis*ed t*e different out/omes of M78 t*at *as
impli/ations for /ustomers@ post-M78 +an,ing e:perien/e. It *as also *elped to /ar9e an M78-;ustomer
agenda t*at is *olisti/ and multi9ariate. 8ttention is now turned to our met*odolog2 framewor,.

%" Method
=wo ma>or Nigerian +an,s i.e. Inited Ban, for 8fri/a-IB8 and -irst Ban, 0oldings Nigeria--BN" wit*
/ontrasting growt* strateg2 i.e. merger IB8" and a/<uisition -BN"" were t*e /ases used in t*is stud2. =*e
two +an,s a//ounted for a+out a fift* of industr2@s deposits and assets at t*e dawn of M78 amongst Nigerian
+an,s ;BN 20055$'". 8 mi:ed met*od approa/* t*at used semi-stru/tured inter9iew and <uestionnaire +ased
sur9e2 formed t*e +asis of data /olle/tion. 4ata were /olle/ted o9er t*e t*ree mont*s period Mar/*( 201$ and
June( 201$ in t*e two main Nigerian /ities of 8+u>a and 3agos.

%.1 0ualitati"e Met$od
&aried informants Eisen*ardt 7 .rae+ner( 200C52#" were inter9iewed to gain initial insig*t on re/ent
de9elopment in t*e +an,ing industr2 from +ot* t*e /ustomer and emplo2ee perspe/ti9e. =*e /ustomer
informants were representati9e of different /ustomer /lasses namel25 sa9ings a//ount /ustomers( indi9idual
/urrent a//ount *olders( enterprise +usiness a//ount operators( limited lia+ilit2 +usiness a//ount operators(
indi9idual term deposit owners( institutional depositors( indi9idual +orrowers( +usiness +orrowers( domi/iliar2
a//ount *olders and pu+li/ se/tor /ustomers. =wo /ustomers of ea/* /ustomer-informant grouping from t*e two
+an,s i.e. IB8 and -BN" were inter9iewed. 8 total of )0 /ustomers were inter9iewed 20 from IB8 and 20
from -BN".
=*e +an,er-informants from +ot* +an,s were from t*e fi9e fun/tional groups of *uman resour/e( operations(
information te/*nolog2( ris, or /omplian/e and /redit administration. -our emplo2ees from ea/* fun/tional
group a senior manager( two middle-le9el managers and a >unior offi/er" were inter9iewed in ea/* of t*e +an,s.
=otal sample si?e of emplo2ees inter9iewed was also )0 i.e. 20 emplo2ees of IB8 and 20 emplo2ees of -BN".
;ustomers and emplo2ees inter9iewed were t*ose t*at *a9e +een wit* t*eir respe/ti9e +an,s for almost a de/ade.
%pen-ended <uestions were used as inter9iew guide. Inter9iew duration was a+out one *our( dependent on
responses or su+se<uent need for pro+ing. 1esponses were re/orded manuall2 i.e. *andwritten". 1e/ording
a//ura/2 was a/*ie9ed t*roug* response +eing read out to inter9iewees after ea/* <uestion for /onfirmation. =*e
inter9iews were trans/ri+ed unto E:/el s*eets w*ere /olour /oding using t*e te:t *ig*lig*t /olour i/on was used
for t*emati/ /ategori?ations +ased on identified t*emes from literature. !referen/e for t*is modified manual
&ol.'( No.25( 201)

)9
met*od was premised on t*e fa/t t*at manual anal2sis allow for deeper refle/tion on t*e multipli/it2 of meanings
t*at are deri9a+le from <ualitati9e data t*an software programmes su/* as N&i9o 3awlor 201$5C11". ;ustomer
9oi/e was >u:taposed wit* emplo2ee 9oi/e on ,e2 /onstru/ts to pro9ide a narrati9e of /*ange.

%.2 0uantitati"e Met$od
Inter9iew response pro9ided input for t*e de9elopment of a Cpoint 3i,ert s/ale <uestionnaire /odedA 1 V strongl2
agree( 2 V agreeA $ V slig*tl2 agreeA ) V neit*er agree nor disagreeA 5 V slig*tl2 disagreeA ' V disagree and C V
strongl2 disagree. 4awes 200#" /onfirmed t*at 5- and C-point s/ales /an ma,e for eas2 /omparison as t*e2 /an
+e easil2 res/aled. =*e Cpoint was res/aled to $ w*ere emp*asis on agree i.e. 1( 2 7 $"( neit*er agree nor
disagree i.e. )" and disagree i.e. 5( ' 7 C" was needed. =*e 3i,ert s/ale <uestionnaire *ad 25 statements.
Wuestionnaires were administered on 500 /ustomers ea/* from IB8 and -BN. =*e 500 /ustomers were sele/ted
on a <uota sampling +asis of 50 in ea/* of t*e 10 different a//ount /lasses t*at /onstitute t*e +asis of 9aried
informant sele/tion at t*e inter9iew p*ase in ea/* of t*e +an,s. Wuestionnaires were piloted and impro9ed +efore
+eing administered in +ran/*es of +ot* +an,s in two Nigerian /ities /*osen for t*eir strategi/ signifi/an/e to t*e
Nigerian e/onom2- 3agos t*e nation@s /ommer/ial ner9e /entre" and 8+u>a t*e seat of go9ernment and sour/e
of signifi/ant pu+li/ se/tor inflow into t*e e/onom2".
E:plorator2 fa/tor anal2sis was /ondu/ted t*roug* S!SS on responses from t*e 1000 parti/ipants to all
items on t*e <uestionnaire wit* t*e e:/eption of t*e statement LI am more satisfied wit* m2 +an,@s ser9i/e after
its mergerSa/<uisition@ i.e. post-merger or post-a/<uisition /ustomer satisfa/tion rating". In line wit* Baiser@s
rule( eigen9alues di/tated w*at fa/tors were retainedA t*ose wit* eigen9alues less t*an 1 were e:/luded Binnear
and .ra2 200'5509". Eig*t fa/tors were su+se<uentl2 e:tra/ted. =*ese fa/tors pro9ided a +asis for /onstru/ts
w*ose /orrelation wit* satisfa/tion were e:amined and also formed a +undle of predi/tors for post-M78
/ustomer satisfa/tion in a multiple linear regression anal2sis done t*roug* S!SS. =*e resultant multiple
regression e<uation from ea/* set of /ustomers predi/ted mean satisfa/tion rating pro9ided +2 /ustomers of ea/*
/ase +an,. 8n independent- samples = test was su+se<uentl2 /ondu/ted to as/ertain t*at a differen/e e:ist
+etween post-merger and post-a/<uisition /ustomer satisfa/tion. =*is pro9ided t*e 9alidit2 +asis for t*e different
predi/tions of /ustomer satisfa/tion rating pro9ided +2 t*e multiple regression e<uation. ;orrelation pro9ided
des/ripti9e statisti/s used to as/ertain relations*ip +etween indi9idual e:tra/ted fa/tor and post-merger or
a/<uisition /ustomer satisfa/tion.
=*e met*odologi/al framewor, of t*is paper *as +een esta+lis*ed( t*e ne:t se/tion deals wit* result
and dis/ussion.

&" Resu'ts and (iscussion
'.1Researc$ Participants
=a+le 15 !rofile of /ustomer and emplo2ee respondents
Bio-data XInter9iew stage XXSur9e2 stage
;ustomers Ban,ers Merger IB8" 8/<uisition -BN"
Mean age $92ears $52ears $#2ears $92ears
-emale Male
-irst 4egree or a+o9e
4iploma
.;SE or Below
)0U )0U $9.)U )'.2U
'0U '0U '0.'U 5$.#U
#0U C0U )2.)U '2.)U
20U $0U )).#U $2.2U
NI3 NI3 12.#U 5.)U
89. 2ears spent wit* +an, 11 9 12 12
Sour/e5 X -ield inter9iew 201$ XX -ield sur9e2 201$
=a+le I is t*e profile of parti/ipants. =*e a9erage age range was $5-$9 2ears wit* male gender in t*e ma>orit2.
Male dominan/e ma2 +e s2mptomati/ of a so/ial /onte:t in w*i/* men are not >ust more fort*/oming and
asserti9e in t*e pro>e/tion of t*eir 9iews +ut also *a9e signifi/ant /ontrol o9er e/onomi/ means or famil2
in/ome irrespe/ti9e of a/tual earnings /ontri+ution. =*e patriar/*al nature of Nigerian so/iet2 is manifested in a
strong male domination t*at per9ades +ot* +usiness and so/iet2 Ituma and Simpson 2009A Mordi et al 201$A
%9ad>e et al 2001". =*us( a )05'0 mi: of female to male respondents /an +e /onsidered relati9el2 representati9e.
8ll parti/ipants at t*e inter9iew stage *ad post-se/ondar2 edu/ation wit* a signifi/ant ma>orit2 *a9ing a
uni9ersit2 degree or *ig*er <ualifi/ation. 8lso ma>orit2 of t*e /ustomers sur9e2ed were edu/ated +e2ond
se/ondar2 le9el i.e. #C.2U of merged +an, /ustomers and 9).'U of a/<uisition +an, /ustomers".=*is
edu/ational profile refle/ts a literate demograp*2 t*at /onstitutes a /ategor2 of people w*o will *a9e a relati9el2
informed understanding of t*e issues under /onsideration. Similar to St2*re et al 200'" t*at relied on
parti/ipants t*at *ad spent more t*an 102ears in t*eir post-M78 fo/us on /ultural an:iet2A t*e a9erage num+er
of 2ears o9er w*i/* t*e /ustomers t*at parti/ipated in t*is stud2 *a9e +een wit* t*eir +an, was o9er 102ears
&ol.'( No.25( 201)

50
w*ilst t*at for emplo2ee parti/ipants was 92ears. =*is lengt* of asso/iation was /onsidered appropriate in
ensuring t*at /ustomer and emplo2ee responses /apture t*eir e:perien/es +efore( during and after M78.

'.2 0ualitati"e Result: 1arrati"e o !$ange 2 !ustomer and )mplo#ee (oice
'.2.1 Rebranding
8 redeplo2ment of +rand name t*at saw IB8 and -BN emerge as t*e preferred name for t*e merger and
a/<uisition /ases respe/ti9el2 /onform to t*e position of Ru 201$" w*o su+mitted t*at immo+ile resour/es su/*
as +rands are more li,el2 to +e redeplo2ed following M78 t*an less immo+ile resour/es su/* as general
mar,eting e:pertise. 8 /*ange of /orporate +rand name goes against t*e fundamental /on/ept of mar,eting
Mu?elle/( 200'". ;onse<uentl2( +rand names did not emerge from a >oining of t*e /orporate names of M78
parti/ipants( *it*erto popular names +elonging to dominant merger or a/<uisition partner were preferred. =*is
re9er+erates wit* Ja>u( et al 200'" w*o found no s2nergisti/ +enefit from t*e pra/ti/e of >oining names. =*oug*
t*e re9olutionar2 /ourse of new +rand name was not pursued +2 t*e merger or a/<uisition +an,( t*e e9olutionar2
imprints of +randing were e9ident in /*anges to logo( interior design( /orporate /olour et/.
;*ange asso/iated wit* re+randing was not lost on emplo2ee and /ustomers of t*e two /ase +an,s. Some
emplo2ee responses on t*eir 9iew of post-M78 re+randing initiati9es em+ar,ed upon +2 t*eir +an, pro9ides
/lue on impa/t.
34ue to a c$ange in name. t$e corporate communications team and all sta $ad to do so muc$ to ma-e t$is
brand acceptable. 5e are still in t$e process o ore"er etc$ing t$e new brand in our customers6 $eart7 89:A
)MP;O<)) =ROM &>) ,&: ,I4) O= &>) M)R+)R?.
3I am more conscious nowada#s to propagate t$e new :rand and ma-e it acceptable. ).g. I use t$e new logo so
man# times as m# proile picture on aceboo-. twitter. ::M w$ere I interact wit$ m# riends and t$e outside
world668=:1 )MP;O<)) =ROM &>) M:! ,I4) O= &>) A!09I,I&IO1?.
=*ese emplo2ee <uotes e9identl2 s*ow t*e important role pla2ed +2 emplo2ees as +rand am+assadors and seem
to agree wit* Mu?elle/ and 3am+,in 200'" t*at emplo2ee identifi/ation is more important t*an aest*eti/ 9alues
in post-M78 re+randing. Emplo2ees appear prepared to alla2 an2 fear of un/ertaint2 +2 /ustomers
!apa9asileiou 2009".
Bot* aest*eti/ and emplo2ee +rand initiati9es eli/ited t*ese responses from /ustomers5
3Rebranding b# m# ban- is "er# good@@@.t$is gi"es me a sense o belonging7 -BN ;IS=%ME1"
35$at is t$e point o an e/ercise 8referring to branding? wit$ signiicant cost implicationsA66 89:A
!9,&OM)R?
Brand attitude is a refle/tion of feelings and t*oug*ts on a +rand !ar, et al. 2010". ;ustomers@ per/eption of
re+randing as Lgood@ and Lgi9es a sense of +elonging@ is a positi9e +rand attitude t*at meant en*an/ement to
+rand 9alue and positi9e disposition to ser9i/e offering. %n t*e ot*er *and( a /ustomer attitude t*at /onstrues
re+randing as a 9anit2 pro>e/t is a negati9e per/eption t*at will ultimatel2 lead to +rand de9aluation. =*is
/ontrasting /ustomer stan/e seem to find support in t*e per/eption of post-M78 re+randing as an opportunit2
for impro9ement to +rand name and pro9ision of superior ser9i/e to /ustomers Bris*nan( Jos*i and Bris*nan
200)" and t*e suggestion t*at +rand e<uit2 asso/iated wit* /orporate +rand de/lines as a result of merger Ja>u et
al 200'".

'.2.2 !redit
=*e response from a /redit offi/er at -BN on post-a/<uisition /redit poli/2 /*ange is /aptured +elow5
3!redit procedures became tig$ter and wai"ersBdeerrals on credit documentation were abolis$ed. A customer
t$at wants to enCo# a credit acilit# must meet all conditions precedent to drawdown beore accessing unds66
8)MP;O<)) =:1?
=*is seem to +e an agreement t*at M78 *as led to a >ettisoning of a loan de/ision pro/ess w*i/* permit
emplo2ee dis/retion and relies more on soft attri+utes su/* as t*e /*ara/ter of t*e +orrower and pre9ailing lo/al
mar,et realit2 in /redit de/ision pro/ess S/ott 200'A !ar, and !enna//*i( 200#A I/*ida( Idell( and Ramori
2012". =*is often for/es t*e management of t*ese +ig +an,s to rel2 on /learl2 defined de/ision rules w*i/* does
not permit emplo2ee dis/retion in loan de/ision pro/ess. =*ere+2 gi9ing rise to a loan and pri/ing de/ision
pro/ess t*at is +ased on G*ard@@ fa/ts pro9ided +2 eit*er /ustomers@ /redit *istor2 or finan/ial statement.
Narrati9e on /redit related /*ange as refle/ted +elow is s2mptomati/ of a preferen/e for *ard information5
3Impro"ed Ris- Acceptance !riteria and customer proiling t$roug$ use o !redit :ureau and Insurance
companies66 8)MP;O<)) 9:A?.
3Impro"ed credit acilities. but t$e# grant to t$ose t$e# are sure o66 8!9,&OM)R =:1?
GImpro9ed ris, assessment /riteria@@( G/ustomer profiling@@( Guse of /redit +ureau@@ and Gt*ose t*e2 are sure of@@
are all ensem+les in t*e tilting of /redit de/ision pro/ess more in t*e dire/tion of *ard information. =*is finding
is in agreement wit* !anetta( S/*i9ardi( and S*um 2009" w*o found t*at +an, mergers led to a permanent
in/rement of lending t*at is +ased on *ard information. It also /on/urs wit* t*e finding t*at M78 leads to a loan
&ol.'( No.25( 201)

51
de/ision pro/ess t*at gi9es preferen/e to ratio loans o9er relations*ip loans Berger and Idell 2002". =*is post-
/onsolidation mo9e towards o+>e/ti9e /redit de/ision pro/ess seems a /ons/ious effort at addressing
irresponsi+le lending +e*a9iour. !oor lending de/isions and t*e resultant *ig* in/iden/e of +ad de+t *as +een
+lamed for re/urrent insta+ilit2 in t*e Nigerian +an,ing s2stem 8g+on,polor 2010A %g*o>afor and 8de+isi 2012A
Sanusi 2011".
=*is swit/* to o+>e/ti9e /redit de/ision pro/ess appears to *a9e fa9oured /onsumer lending as e9iden/ed in t*is
/ustomer response5
3!onsumer credits are now common and t$e# also pro"ide corporate inance ad"isor# ser"ices66 8!9,&OM)R
9:A?.
=*is appears /ontradi/tor2 to findings t*at seem to suggest t*at +an, M78 result in redu/ed /redit a9aila+ilit2 to
small +orrowers e.g. Be/, et al. 200)A ;raig and 0ardee 200CA 4egr2se( Mass/*elein( and Mit/*ell 2010A
8+dela?i? and Bilel 2012". But finds resonan/e wit* t*ose t*at /on/luded t*at M78 /an result in in/reased
a//ess to /redit for small +orrowers e.g. 4iets/* 200$A ;er<ueiro 2009A S/*mieder( Mars/* and 8erssen 2010A
0uang( Jia and Q*ang 2010A Erel 2011".

'.2.% &ec$nolog#
=*e deplo2ment of te/*nolog2 w*i/* M78 fa/ilitate is e9ident in t*is mi: of responses from /ustomers and
emplo2ees5
3I& $as greatl# impro"ed ser"ices but t$ings can be better as s#stem downtime remains a recurring e/perience7
8!ustomer =:1?
3&$is is t$e single most positi"e de"elopment embar-ed upon b# m# ban- o"er t$e last D #ears. but $as been
blig$ted b# incidence o A&M raud 8!ustomer 9:A?
34eplo#ment o new I& platorm t$at allowed or more )lectronic ban-ing products. intended to -eep us a$ead
o competition7 8)mplo#ee 9:A?
3Our ban- $as been spending more mone# on Inormation &ec$nolog# in order to meet up wit$ competition and
increasing sop$istication o customers6 demand 8)mplo#ee =:1?
=*is narrati9e on te/*nolog2 resonate wit* 9arious findings t*at *a9e asso/iated +an, M78 wit* in/reased
em+ra/e of information te/*nolog2 e.g. 8+efe-Balogun and Nwan,pa( 2012A 8l-S*ar,as et al 200#A 4um+ili
201$A %n2edime,wu and %ruan 201$". =*ere is also resonan/e wit* suggestions t*at /ustomers are *app2 wit*
t*e /on9enien/e( ease and speed wit* w*i/* t*e2 /an /ondu/t t*eir transa/tions in a post-M78 te/*nolog2
dri9en industr2 8desina and 82o 20105 %n2edime,wu and %ruan 201$A Jegede 201)".
=*oug* '0U of t*e s2nergies e:pe/ted from finan/ial ser9i/e industr2 merger are underpinned +2 +enefits
asso/iated wit* information s2stem 0enningson 2011". =*is potential of te/*nolog2 to foster profita+ilit2 and
inno9ati9eness notwit*standingA mista,es ma2 +e damaging for +usiness reputation or strateg2 0ulland et al
200C". 8=M fraud or appre*ension a+out se/urit2 8desina and 82o 2010A %g+u>i et al 2012A Jegede 201)" and
t*e long <ueues at 8=Ms %n2edime,wu and %ruan 201$" as a result of Gte/*nolog2 glit/*@@ or Gs2stem
downtime@@ are e9ident t*reats to /ustomer satisfa/tion in a te/*nolog2 dri9en post-M78 Nigerian +an,ing
industr2.
8not*er perspe/ti9e to te/*nolog2 related /*ange o//asioned +2 M78 is t*at it *as +e/ome a +asis of
/ompetition wit* attention now fo/used on /reation of more ele/troni/ produ/ts and ser9i/es t*at is e:pe/ted to
gi9e /ompetiti9e edge to indi9idual +an,s. 82o et al 200C" affirmed t*e influen/e of Information and
;ommuni/ations =e/*nolog2 I;=" on post-/onsolidation +an,ing ser9i/e pro9ision to /ustomers w*i/* *as
en*an/ed effe/ti9eness and effi/ien/2 and led to t*e introdu/tion of te/*no-produ/ts and ser9i/es su/* as
ele/troni/ /ards( Internet +an,ing and mo+ile +an,ing ser9i/es.

'.2.' )mplo#ee - !ustomer relations
=*e impa/t of emplo2ee satisfa/tion on /ustomer satisfa/tion /an +e eit*er dire/tl2 t*roug* affe/ti9e
me/*anisms or indire/tl2 as a result of /ustomer ser9i/e +e*a9iours .rande2( .old+erg and !ug* 2011". !ost-
M78 emplo2ee realities refle/ted t*e multiple perspe/ti9es t*roug* w*i/* M78 /an *a9e meaning for an
emplo2ee. =*ese t*emes were palpa+le in different emplo2ee <uotes t*at summari?ed /*ange impli/ations.
3I $a"e ound t$e w$ole reorganiEation process rat$er stressul. t$e ban- now $as two -inds o emplo#ee 2
casual or contract sta and permanent sta66 8)MP;O<)) 9:A?
3Poor relations$ip resulting in drop in perormance o sta and increased Internal =rauds b# sta occasioned
b# Cob insecurit#66 8)MP;O<)) 9:A?
Emplo2ees in t*e merged +an, IB8" were parti/ularl2 /on/erned a+out >o+ inse/urit2 and stress asso/iated
wit* post-merger restru/turing. =*is /on/ur wit* pre9ious findings t*at merger result in ele9ated stress le9el in
emplo2ees 8,ingunola and 8digun 2010A Bartels et al. 200'A !an/*al and ;artwrig*t 2001A %,e and 4awson
2012". MartTne?( 4e ;u2per and 4e Ditte 2010519#" des/ri+ed >o+ inse/urit2 as Gt*reat to >o+ /ontinuit2H.
;*anges asso/iated wit* merger often pre/ipitate >o+ inse/urit2 =err2( ;are2 and ;allan 2001"A w*i/* is a
&ol.'( No.25( 201)

52
pre/ursor for ot*er negati9e emplo2ee manifestations. 8mongst w*i/* are ps2/*ologi/al distress &ander Elst(
&an den Broe/,( 4e Ditte( 7 4e ;u2per( 2012"A t*reat to well-+eing Bern*ard-%ettel( 1igotti( ;linton( 7 de
Jong( 2012"A loss of moti9ation 1i?9i( Ja9ed( 7 Siddi<ui( 2012"A *ig* turno9er Illri/* 7 9an 4i/,( 200C"A
de/reased produ/ti9it2 !ineda 7 Bummer( 200CA Dalra9e et al. 2010" and fraud Ben>amin and Samson( 2011A
4um+ili 201$".
8not*er post-merger emplo2ee related de9elopment is t*e growing influen/e of Lagentism@ 0utton
201252A Nd*lo9u 20125105" or outsour/ing w*i/* *as gi9en rise to nonstandard wor,ers %,afor( 2012+" /alled
contract or casual wor,ers 4um+ili 201$". =*is *as furt*er entren/*ed >o+ inse/urit2 and raises fundamental
<uestions a+out t*e legal rig*ts of t*is group of emplo2ees as t*e Nigerian la+our law *ardl2 offers /asual or
/ontra/t staff an2 prote/tion %,afor( 2012+". ;asuali?ation in t*e Nigerian +an,ing industr2 is a post-M78
emerging emplo2ee issue t*at *as +een lin,ed wit* a deli+erate effort to suppress trade unionism -apo*unda(
2012A Mordi et al 201$" and ,eep staff /ost low 8dele2e( 2011A 8denug+a and %te2owo( 2012A 4um+ili 201$A
-apo*unda( 2012A .unu 7 %la+isi( 2011A Mordi et al 201$".
4e/reased staff moti9ation resulting from t*ese negati9e emplo2ee out/omes ma2 *arm post-merger
performan/e .lei+s( Noa/,( 7 Mummende2( 2010" t*roug* t*e ser9i/e deli9er2 route. 1esponses from some
IB8 /ustomers /apture emplo2ee disposition to /ustomer ser9i/e in a post-merger IB85
3!ustomer ser"ice $as impro"ed as t$e ban-ers now -now t$at t$e essence o t$eir being in emplo#ment is t$e
customers6 transactions. none o t$em wants to be sac-ed7 89:A !9,&OM)R?
;ustomers seem to agree t*at t*ere *as +een some impro9ement in /ustomer ser9i/e. 0owe9er( t*e noti/ed
impro9ement was <ualified +2 a per/eption t*at emplo2ees@ /ommitment ma2 +e dri9en +2 desperation to ,eep
t*eir >o+s. Su/* desperation ma2 not +e un/onne/ted wit* t*e wea, and unsta+le industrial +ase of t*e Nigerian
e/onom2 w*i/* does not support an in/reasing population t*at remain largel2 unemplo2ed Mordi et al 2010".
=*e +an, emplo2ees position in t*is respe/t( +eing furt*er /ompounded +2 t*e waning influen/e of trade unions
in t*e Nigerian +an,ing se/tor Mordi et al 201$". Ser9i/e point intera/tion +etween emplo2ee and /ustomer
e:posed t*e underl2ing pressure fa/ed +2 +an, staff in t*is post-merger en9ironment as e9iden/ed +2 a /ustomer
/omment +elow5
G)mplo#ees are oten too quic- to react to customers. w$ic$ is bad or corporate image789:A !9,&OM)R?
=*is re-enfor/es t*e position of Illri/* 7 9an 4i/,( 200C" t*at merger /an result in in/reased in/iden/e of
/onfli/t and agrees t*at displa2 of negati9e emotions /an +e an unwanted /onse<uen/e of merger !ineda 7
Bummer( 200CA Dalra9e et al. 2010".
!ost-a/<uisition /*ange for emplo2ees in t*e a/<uisition +an, -BN" did not >ust raise /on/ern a+out >o+
inse/urit2( it also +roug*t to t*e fore t*e strategi/ role of organisational leaders in managing post-M78
integration. =*is is e9ident in t*is emplo2ee response on emplo2ee related /*ange5
3Initiall#. we were so Citter# about Cob securit#. but t$e management pro"ided some re-assurance about Cob
securit#66 8)MP;O<)) =:1?.
=*is e9iden/e did not >ust /on/ur wit* ot*er studies t*at lin,ed M78 wit* *eig*tened fear and an:iet2 a+out >o+
se/urit2 amongst emplo2ees Bartels et al. 200'A 3awlor 201$A Mordi et al 201$A !an/*al and ;artwrig*t 2001"A
+ut more importantl2 agrees wit* t*e importan/e as/ri+ed to leaders*ip in M78 in general Ba9anag* and
8s*,anas2( 200'A Biessling and 0ar9e2 200'A 1i/*e2 et al 200#A S/*laepfer et al 200#" and post-M78
integration in parti/ular 8ppel+aum et al 2009A Daldman and Mansour 2009".
Emplo2ee /*ange d2nami/s o//asioned +2 t*e a/<uisition strateg2 of -BN also impa/ted on interrelations*ip
amongst emplo2ees( wit* *ierar/*i/al relations*ip +etween management staff and t*eir line su+ordinates +eing
re-negotiated. =*is finds refle/tion in t*e emplo2ee /omment +elow5
3>ad to start t$e process o -nowing our line )46s and some senior management sta o"er again7
8)MP;O<)) =:1?
=*e marriage of two *omogenous set of emplo2ees is li,el2 to result in redu/ed inter-personal /ooperation
Illri/* 7 9an 4i/,( 200C"A and misunderstanding of leaders*ip !ineda 7 Bummer( 200CA Dalra9e et al. 2010".
3eaders*ip *as an important role to pla2 in pro9iding /lear dire/tion( purpose and effe/ti9e /ommuni/ation
w*i/* re-assures emplo2ees from eit*er side of merger or a/<uisition deal and en/ourages /ommitment to t*e
new merged entit2 wit* pro/ess and stru/tural fusion a/*ie9ed wit* ease 8ppel+aum et al 2009A Daldman and
Mansour 2009".
!ost-a/<uisition emplo2ee-/ustomer relations in -BN was re9ealing on t*e su+>e/t of emotional /ontagion as
t2pified +2 t*is /ustomer <uote5
GY.impro"ed customer ser"ice but t$e ban-ers wor- more $ours t$an necessar# wit$out adequate
compensation38=:1 !9,&OM)R?
=*is feeling of pit2 for t*e plig*t of t*e +an, wor,er +2 t*e /ustomer is em+lemati/ of *ow frontline emplo2ees@
intera/tion wit* /ustomers gi9e /lues to t*e /ustomer a+out t*e /*ara/ter and identit2 of t*eir organisation
8*earne( B*atta/*ar2a( and .ruen 2005A .rande2( .old+erg and !ug* 2011". =*e /ustomer@s o+ser9ation on
inade<uate /ompensation for long *ours of wor, is in resonan/e wit* t*e findings of Mordi et al 201$" on poor
&ol.'( No.25( 201)

5$
wor, life +alan/e pra/ti/e and t*e de/lining influen/e of la+our union in t*e new +an,ing dispensation in Nigeria
w*i/* was *eralded +2 M78. It also resonate wit* a post-M78 effi/ien/2 dri9e t*at *as led to t*e widespread
pra/ti/e of emplo2ing /asual or /ontra/t staff w*i/* is aimed at redu/ing staff /ost 8dele2e( 2011A 8denug+a
and %te2owo( 2012A 4um+ili 201$A -apo*unda( 2012A .unu 7 %la+isi( 2011A Mordi et al 201$".
8n ultra-/ompetiti9e +usiness /limate w*i/* fo/uses *ea9il2 on performan/e management( seem to +e putting
additional pressure on indi9idual emplo2ees as e9iden/ed +2 t*ese responses5
39n$ealt$# competition b# t$e ban-s $as led some institutions into putting e/cessi"e pressure on sta members
to deli"er on targetsBbudget66 8)mplo#ee 9:A?
3<oung emale ban-ers are now so desperate to win deposits and meet t$eir so-called targets t$at t$e# will sleep
wit$ an# man t$at $as enoug$ mone# to bring in as i/ed deposit66 8!ustomer 9:A?
=*e traditional transa/tion-+ased model of +an,ing *as +een repla/ed wit* a salesSser9i/e model in t*e wa,e of
M78 indu/ed /ompetiti9eness %>edo,un( 200#A %gung+amila( 2010". =*is model *as promoted a target dri9en
/ulture t*at *as put enormous pressure on emplo2ees %gung+amila( 2010A 8de>uwon and 3awal 201$"(
worsened fears a+out >o+ se/urit2 %gung+amila( 2010A %wola+i 7 Ba+alola( 2011" and led se9eral emplo2ees
to <uit +an,ing wit* man2 *a9ing t*e intention to <uit as soon as t*e2 are a+le to se/ure alternati9e emplo2ment
wit* +etter /onditions %>edo,un( 200#A Balogun and %lowoduno2e( 2012". =*is de9elopment *as led to a
deteriorating moral stan/e in w*i/* t*e <uest for more /ustomers and deposit( *as led to t*e deli+erate
re/ruitment of 2oung prett2 ladies to a/t as L*one2traps@ to attra/t deposit from wealt*2 indi9iduals 8de>uwon
and 3awal( 201$".

'.2.* 1eed or impro"ement
;ustomers would li,e to see a post-M78 +an,ing en9ironment wit* ade<uate te/*nolog2 t*at /an +e trusted to
impro9e speed of ser9i/e deli9er2 at ser9i/e points and a +an,ing s2stem t*at /an pro9ide lending to priorit2
areas of t*e e/onom2 as refle/ted in t*ese t2pi/al /ustomer responses on spe/ifi/ aspe/ts of /urrent fun/tioning
in t*e industr2 t*at /ould +e impro9ed upon5
3&ransaction turnaround time as a result o s#stem related issue and credit a"ailabilit# to customers7 89:A
!9,&OM)R?
3Prompt response to complaints w$en tec$nolog# is not wor-ing as e/pected66 8=:1 !9,&OM)R?
=*e /ase for <ui/, turnaround time agree wit* findings t*atA speed of ser9i/e is an important ser9i/e deli9er2
e:pe/tation for +an, /ustomers 3ee 2011"A te/*nolog2 related mista,es ma2 +e damaging for +rand reputation
or +usiness strateg2 0ulland et al 200C" and long <ueues at 8=Ms as a result of Gte/*nolog2 glit/*@@ or Gs2stem
downtime@@ are e9ident t*reats to /ustomer satisfa/tion in a te/*nolog2 dri9en post-M78 Nigerian +an,ing
industr2 %n2edime,wu and %ruan 201$". ;on/ern a+out /redit seemed to +e more a+out t*e dire/tion of /redit
rat*er t*an <uantit2. =*is re9er+erates wit* t*e /risis ante/edents of margin loans w*ose +ust +u++le resulted in
se9ere /onse<uen/es for +ot* t*e sto/, mar,et and t*e +an,ing se/tor %g*o>afor 7 8de+isi 2012". It is also in
s2n/ wit* /on/erns raised on proliferation of mortgage-related produ/ts Sanusi 2010" w*i/* ma2 +e drawing
/redit awa2 from manufa/turing and agri/ulture.
Emplo2ees <ueried t*e transparen/2 of t*e ape: +an, in *er *andling of t*e industr2-wide M78 e:er/ise and
t*ere was general agreement amongst t*em t*at proper attention was not gi9en to post-M78 integration and
dispute resolution as e9ident in t*ese responsesA
3Most o t$e c$anges seem s$rouded in politics and personal agenda. Most o t$is was done $astil# and t$e#
were not air and transparent. !:1 did not prepare :an-s "er# well in t$e areas o post consolidation
integration and conlict management7 IB8 EM!3%REE"
3&$e !:1 could $a"e sponsored more training programmes on post consolidation management to mitigate
conlicts associated wit$ consolidation. t$ereb# acilitating t$e sustainabilit# o t$e mega ban-s66 8=:1
)MP;O<))?
Emplo2ee /on/erns o9er t*e potential of M78 to result in /onfli/t ma2 not +e mispla/ed. S*a9er and Me?ias
2009" used e9iden/e from /i9il law suits to in9estigate dise/onomies of managing a/<uisitions and found a 50U
in/rement in post-a/<uisition legal entanglements. =*e e9entual restoration of t*e +an,ing li/en/es of So/iete
.enerale Ban, of Nigeria now 0eritage Ban," and Sa9anna* Ban, t*roug* t*e /ourts %latun>i et al 201)" +ore
testimon2 to t*e legitima/2 of t*ese /on/erns.

&ol.'( No.25( 201)

5)
'.% 0uantitati"e Result
'.%.1)/plorator# actor anal#sis
=a+le II5 E:plorator2 fa/tor anal2sis5 Eig*en 9alues a+ridgedX" s*owing +asis of fa/tor e:tra/tion.
;omponent Initial Eig*en 9alues E:tra/tion sums of rotation S<uared sums of s<uared
=otal U of
&ar.
;um. U =otal U of &ar. ;um.U =otal U of
&ar.
;um. U
!ositi9e effe/t
of t:n pro/ess
/*ange
).2# 1C.#) 1C.#) ).2# 1C.#) 1C.#) $.'1 15.0' 15.0'
;redit pro/ess
/*ange
$.)$ 1).2C $2.11 $.)$ 1).2C $2.11 2.9# 12.)2 2C.)#
Staff e:it 2.51 10.)# )2.59 2.51 10.)# )2.59 2.)C 10.2C $C.C5
Inaffe/ted +2
re+randing
1.91 C.9' 50.55 1.91 C.9' 50.55 2.)) 10.1C )C.9$
%ffer of E-
platform
1.#$ C.'$ 5#.1# 1.#$ C.'$ 5#.1# 1.#$ C.'1 55.5)
-re<uent
4owntime
1.52 '.$2 ').)9 1.52 '.$2 ').)9 1.'$ '.C# '2.$2
0eard t*roug*
media and staff
/onfirmed
1.$5 5.'1 C0.1 1.$5 5.'1 C0.1 1.5' '.52 '#.#)
1egulator@s
M78 agenda
restored
/onfiden/e
1.2' 5.2) C5.$5 1.2' 5.2) C5.$5 1.5' '.51 C5.$5
Sour/e5 S!SS /omputation of responses from sur9e2 parti/ipants.
E:tra/tion met*od5 !rin/ipal /omponent anal2sis.
XEig*en 9alues for ot*er items were not pro9ided as t*e2 were +elow t*e re/ommended t*res*old of 1.
=a+le II is t*e a+ridged Eig*an 9alues ta+le o+tained t*roug* e:plorator2 fa/tor anal2sis. =*e first /olumn s*ows
t*e initial Eig*an 9alues w*i/* met t*e Baiser@s /riterion t*at 9alue must +e a+o9e 1 for a fa/tor to +e in/luded
in su+se<uent anal2sis. &alues ranged +etween 1.2' and ).2# for t*e # fa/tors e:tra/ted a+o9e. =*e /umulati9e
per/entage 9alue is t*e proportion of total 9arian/e a//ounted for +2 t*e # e:tra/ted fa/tors w*i/* is C5.$5U.
=*is implies t*at C5.$5U of t*e +asis of post-M78 /ustomer satisfa/tion ran,ing is dependent on t*ese eig*t
/riteria.

'.%.2 Multiple Regression Result
=a+le III5 Multiple /orrelation /oeffi/ient 1" and ot*er statisti/s.
Model Summar2
+
Model 1 1 S<uare 8d>. 1 s<uare Std. Error of t*e Estimate
)BA *MER+ER, .9)0
a
.##) .##2 .'5$
-BN *AC.)I/I0I1N, .#'9
a
.C55 .C51 .#'0
a. !redi/tors5 ;onstant" eig*t e:tra/ted fa/tors in =a+le III
+. 4ependent 9aria+le5 !ost-merger or a/<uisition /ustomer satisfa/tion rating.
Multiple /orrelation /o-effi/ient 1" is 0.9)0 for t*e merged +an, IB8" and 0.#'9 for t*e a/<uisition +an,
-BN". =*e proportion of 9arian/e a//ounted for +2 regression 1 s<uare" is 0.##) or ##.)U in respe/t of t*e
merged +an, IB8" and 0.C55 or C5.5U for t*e a/<uisition +an, -BN". =*is implies t*at t*e effect si2e as
estimated +2 R
2
is large.
=a+le I&5 =*e 8N%&8 for t*e regression
8N%&8
+

Model Sum of s<uares df Mean S<uare - Sig.
IB8
Merged +an,"
1egression 15#9.220 # 19#.'5$ )'5.95' .000
+

1esidual 209.$$0 )91 .)2'
=otal 1C9#.550 )99
-BN
8/<uisition
+an,"
1egression 111#.1'$ # 1$9.CC0 1##.9)2 .000
+

1esidual $'$.219 )91 .C)0
=otal 1)#1.$#2 )99
a. !redi/tors5 ;onstant" eig*t e:tra/ted fa/tors in =a+le III
+. 4ependent 9aria+le5 !ost-merger or a/<uisition /ustomer satisfa/tion rating.
&ol.'( No.25( 201)

55
=a+le I& s*ows t*at t*e - 9alue of +ot* t*e post-merger and post-a/<uisition /ustomer satisfa/tion regression
were signifi/ant at t*e 0.01 le9el. =*e null *2pot*esis t*at t*e eig*t predi/tors of post-M78 /ustomer
satisfa/tion does not affe/t satisfa/tion rating of +an, /ustomers after M78 is re>e/ted and support is found for
post-M78 satisfa/tion +eing reliant on out/ome for t*e /ustomer in respe/t of t*ese attri+utes.
'.%.% Regression )quation and Associated ,tatistics
=a+le &85 1egression ;oeffi/ients
a
IB8 merged +an,"
IB8 Model Instandardi?ed
;oeffi/ients
Standardi?ed ;oeffi/ients
B Std. Error Beta t Sig.
;onstant 10.02) .2#C $).9'5 .000
=ransa/tion pro/ess /*ange :
1
" .'2) .01# .#19 $5.5$2 .000
Ele/troni/ +an,ing :
2
" -.0#C .01) -.112 -'.)$5 .000
=e/*nolog2 glit/* :
$
" .)'C .02$ .$90 20.'10 .000
;redit pro/ess /*ange :
)
" -.#)5 .0$5 -.CC$ -2$.950 .000
Emplo2ee loss :
5
" -.C12 .02) -.#)5 -29.'5$ .000
Identit2 1e+rand :'" -.)21 .01C -.))9 -2).20C .000
;orp. /ommuni/ation :
C
" -.50' .020 -.C11 -25.)2$ .000
M78 asso/iated wit*
ma/roe/onomi/ sta+ilit2 :
#
"
.))C .025 .$#) 20.)10 .000
a. 4ependent 9aria+le5 !ost-merger /ustomer satisfa/tion rating.
!ost-merger /ustomer satisfa/tion V 10.02) Z 0.'2)E1 - 0.0#CE2 Z 0.)'CE$ - 0.#)5E) - 0.C12E5 -0.)21E' -
0.50'EC Z 0.))CE#

=a+le &B5 1egression /oeffi/ients
a
-BN 8/<uisition +an,"
-BN Model Instandardi?ed ;oeffi/ients Standardi?ed ;oeffi/ients
B Std. Error Beta t Sig.
;onstant -1.11C .21C -5.1$# .000
=ransa/tion pro/ess /*ange :
1
" .5)) .021 .C)9 2'.091 .000
Ele/troni/ +an,ing :
2
" -.0#5 .01$ -.10# -'.1#2 .000
=e/*nolog2 glit/* :
$
" .11' .02# .12$ ).191 .000
;redit pro/ess /*ange :)" .29C .0$0 .$00 10.02) .000
Emplo2ee loss :
5
" .1C$ .02$ .219 C.'51 .000
Identit2 1e+rand :
'
" -.1#2 .02' -.221 -'.902 .000
;orporate /ommuni/ation :
C
" .110 .029 .120 ).1'0 .000
M78 asso/iated wit*
ma/roe/onomi/ sta+ilit2 :
#
"
.199 .0)) .12) ).501 .000
a. 4ependent 9aria+le5 !ost-a/<uisition /ustomer satisfa/tion rating.
!ost-a/<uisition /ustomer satisfa/tion V -1.1C Z 0.5))E1 - 0.0#5E2 Z 0.11'E$ Z 0.29CE) Z 0.1C$E5 - 0.1#2E'
Z 0.110EC Z 0.199E#
=a+les &8 7 &B re9eal t*at t*e indi9idual test of signifi/an/e for all t*e predi/tors of post-merger or a/<uisition
/ustomer satisfa/tion in our multiple regression was signifi/ant at t*e 0.01 le9el. =*is gi9es support to t*e
regression model t*at predi/ates post-M78 /ustomer satisfa/tion on t*e eig*t e:tra/ted fa/tors.
'.%.' Independent ,amples & test

=a+le &I85 .roup statisti/s5 post - merger or a/<uisition /ustomer satisfa/tion
Ban, N Mean Std. 4e9iation Std. Error Mean
IB8 Merged +an," 500 $.9$ 1.#99 0.0#5
-BN 8/<uisition +an," 500 2.#9 1.C2$ 0.0CC
Sour/e5 S!SS /omputation of /ustomer responses to +eing more satisfied post - merger or a/<uisition.
Inferring t*at t*e predi/ti9e multiple regression e<uation from =a+les &8 7 &B" will +e e<ual to t*e mean
9alues for /ustomer satisfa/tion rating in t*e merged +an, IB8" and t*e a/<uisition +an, -BN" as s*own
a+o9e in =a+le &I8A t*e two e<uations are re-written as5
!ost-merger /ustomer satisfa/tion V 10.02) Z 0.'2)E
1
- 0.0#CE
2
Z 0.)'CE
$
- 0.#)5E
)
- 0.C12E
5
-0.)21E
'
-
0.50'E
C
Z 0.))CE
#
V mean post-merger /ustomer satisfa/tion rating IB8 /ustomers" V $.9$
!ost-a/<uisition /ustomer satisfa/tion V -1.1C Z 0.5))E
1
- 0.0#5E
2
Z 0.11'E
$
Z 0.29CE
)
Z 0.1C$E
5
- 0.1#2E
'
Z
0.110E
C
Z 0.199E
#
V mean post-a/<uisition /ustomer satisfa/tion rating -BN /ustomers" V 2.#9
=*e result of independent samples t-test s*owing t*at post-merger /ustomer satisfa/tion differs from post-
a/<uisition /ustomer satisfa/tion is presented in =a+le &IIB +elow.
&ol.'( No.25( 201)

5'
=a+le &IB5 =est of signifi/an/e t-test"
3e9ene[s =est for E<ualit2 of
&arian/e
t-test for E<ualit2 of Means
- Sig. t df Sig.
2-
tailed
"
Mean
4ifferen/
e
Std.
Error
4ifferen/
e
95U
;onfiden/e
Inter9al of t*e
4ifferen/e
3owe
r
Ippe
r
E<ual
9arian/e
s
assumed
2$.)0 0.00 9.0
)
99#.0
0
0.00 1.0) 0.11 0.#1 1.2'
E<ual
9arian/e
s not
assumed
9.0
)
9##.C
5
0.00 1.0) 0.11 0.#1 1.2'
Sour/e5 S!SS /omputation of /ustomer responses to +eing more satisfied post - merger or a/<uisition.

=*e independent t-test result on post-merger and post-a/<uisition /ustomer satisfa/tion responses from t*e
/ustomers of +ot* merged +an, IB8" and a/<uisition +an, -BN" s*own in =a+le &IB was signifi/ant at 0.01
le9el. =*is means t*at t*e ri9al e:planation t*at t*ere is no differen/e +etween post-merger and post-a/<uisition
/ustomer satisfa/tion is re>e/ted. ;onse<uentl2( t*e different post-merger and post-a/<uisition /ustomer
satisfa/tion rating as e:pressed +2 t*e mean 9alues for IB8 and -BN in =a+le &I8 is up*eld. Based on t*e
rating s/ale used for t*is stud2( -BN a/<uisition +an," wit* a mean satisfa/tion rating of 2.#9 is +etter in terms
of /ustomer satisfa/tion t*an IB8 merger +an," wit* a mean satisfa/tion rating of $.9$. =*is is /orro+orated +2
figure 1.

Sour/e5 Sur9e2 201$
-igure 15 ;omparati9e of /ustomer satisfa/tion rating for -BN and IB8.

-igure 1 s*ows t*at w*ile C5U of t*e a/<uisition +an, -BN" /ustomers agreed t*at t*e2 were more satisfied
post-a/<uisition( onl2 )5U of t*e merged +an, IB8" /ustomers agreed to +eing more satisfied post-merger. %n
t*e ot*er *and( onl2 1)U of t*e a/<uisition +an, -BN" /ustomers disagreed wit* +eing more satisfied post-
a/<uisition in /omparison to a )2U disagreement +2 t*e /ustomers of t*e merged +an, IB8" wit* +eing more
satisfied post-merger. =*is was against t*e +a/,drop of similar le9els of /ustomer un/ertaint2 a+out w*et*er
t*e2 agree or disagree i.e. 11U in t*e a/<uisition +an, -BN" and 1$U in t*e merged +an, IB8". =*is
&ol.'( No.25( 201)

5C
e9iden/e appears to indi/ate t*at t*e Nigerian +an, /ustomer is more satisfied wit* post-a/<uisition /onse<uen/e
for *er as a /ustomer t*an post-merger manifestations for *er +an,ing relations*ip.

'.%.* !orrelation
=a+le &II5 4es/ripti9e statisti/s and /orrelation of fa/tors wit* post K merger or a/<uisition /ustomer satisfa/tion.
IB8 -BN
-a/tor Mean S4 ;orrelation wit*
post merger
satisfa/tion
Mean S4 ;orrelation wit*
post a/<uisition
satisfa/tion
=ransa/tion pro/ess /*ange $.29 2.)9 0.$5XX $.C1 2.$C 0.C5XX
;redit pro/ess /*ange $.)9 1.C) 0.20XX 2.90 1.C) 0.)0XX
Emplo2ee loss ).5# 2.25 -0.22XX ).$5 2.19 0.0CX
Identit2 Branding 2.C1 2.02 -0.$CXX 2.2) 2.09 -0.)0XX
Ele/troni/ +an,ing $.5C 2.)5 -0.$5XX 2.5C 2.00 0.2CXX
=e/*nolog2 glit/* 2.2' 1.5# 0.5#XX 2.#) 1.#$ -0.)5XX
;orporate /ommuni/ation $.29 2.'C -0.1CXX 2.C# 2.)2 -0.11XX
M78 asso/iated wit*
ma/roe/onomi/ sta+ilit2
2.)5 1.5' 0.$'XX 1.#C 1.0C 0.29XX
Sour/e5 S!SS ;omputation of <uestionnaire responses
X;orrelation is signifi/ant at t*e 0.05 le9el 2-tailed"
XX;orrelation is signifi/ant at t*e 0.01 le9el 2-tailed"

=a+le &II s*ows t*e asso/iation of t*e eig*t predi/tors wit* post-merger or post-a/<uisition /ustomer
satisfa/tion. =*e different /onstru/ts em+edded in t*ese predi/tors /an +e regarded as M78 out/omes. -or
instan/e( =e/*nolog2 finds e:pression in transa/tion pro/ess /*ange due to in/reased automation"( ele/troni/
+an,ing and te/*nolog2 glit/*. 1e+randing is in/orporated in identit2 re+rand and /orporate /ommuni/ation
w*ilst ;redit poli/2Spro/ess /*ange( Emplo2ee impa/t and Sta+ilit2 per/eption of M78 inter9ention are ot*er
self-e9ident out/omes in t*ese predi/tors of post-M78 /ustomer satisfa/tion.
M78 permits in/reased deplo2ment of +an,ing te/*nolog2 8l-S*ar,as et al 200#A Erel 2011". =*is
*as mi:ed /onse<uen/e for +an,er-/ustomer relations*ip. =*e impro9ement to transa/tion pro/ess impa/ted
positi9el2 on post-M78 /ustomer satisfa/tion. Similar positi9e impa/t *as +een as/ri+ed to te/*nologi/al
manifestations asso/iated wit* +an, M78 e.g. redu/ed agen/2 /ost due to en*an/ed /ommuni/ation Berger 7
4e2oung 200'"A +etter a//ess to /ustomers@ /redit *istor2 Stein 2002A -rame( !ad*i and Doosle2 200)A Erel
2011" and /on9enien/e( ease and speed wit* w*i/* /ustomers /an /ondu/t transa/tions 8desina and 82o 20105
%n2edime,wu and %ruan 201$A Jegede 201)". =*is o+9ious s2nerg2 is plagued +2 integration /omple:ities
Bo9ela and S,o, 2012". Su/* /omple:ities ma2 manifest as t*reat to ser9i/e e:perien/e of +an, /ustomers
w*ere te/*nolog2 related mista,es damage +rand reputation or +usiness strateg2 0ulland et al 200C" +2
impa/ting speed of ser9i/e w*i/* is an important ser9i/e deli9er2 e:pe/tation for +an, /ustomers 3ee 2011"A
and finds e:pression as long <ueues at 8=Ms as a result of Gte/*nolog2 glit/*@@ or Gs2stem downtime@@
%n2edime,wu and %ruan 201$". 1e/urrent te/*nolog2 glit/* was a t*reat wit* negati9e /onse<uen/e for t*e
/ustomers of t*e a/<uisition +an, -BN" K a +an, t*at *ad relati9e su//ess in getting *er message a/ross to
/ustomers on ele/troni/ +an,ing alternati9e.
0owe9er( t*is te/*nolog2 ris, did not t*reaten /ustomer satisfa/tion in t*e merged +an, IB8". =*is
departure ma2 not +e un/onne/ted wit* t*e fa/t t*at t*e merged +an, was not 9er2 su//essful at getting *er
message a/ross to /ustomers on ele/troni/ +an,ing alternati9es. -igure 2 pro9ides a /omparati9e on offer of E-
platform for t*e two +an,s.

&ol.'( No.25( 201)

5#

Sour/e5 Sur9e2 201$
-igure 25 ;omparati9e on offer of e-+an,ing platform +etween -BN and IB8.

Migrating /ustomers to ele/troni/ platform /an +e 9iewed as a ,e2 /ustomer-/entri/ a/ti9it2. 1elati9e failure +2
t*e merged +an, as s*own a+o9e in -igure 2" on t*is +usiness a/ti9it2 meant t*at t*oug*( post-M78 integration
/*allenge *a9e +een a//used of *a9ing t*e potential to detra/t attention from /ustomer-related issues 8ron( et al.
2010A 0itt( et al 2009A 3inder 2005A Ir+an and !ratt 2000"( t*e potential for su/* distra/tion ma2 +e more in
merger t*an a/<uisition. ;onse<uentl2( t*e su//ess of t*e a/<uisition +an, at offering alternati9e +an,ing
platform ele/troni/ +an,ing" to *er /ustomers translated to positi9e asso/iation wit* post-a/<uisition
satisfa/tion rating +2 *er /ustomers wit* t*e failure of t*e merged +an, on t*is /ustomer engagement resulting in
a negati9e asso/iation of *er alternati9e +an,ing platform wit* satisfa/tion.
Brand e:perien/e is a response +2 /ustomers to +rand-related stimuli of design and identit2( mar,eting
/ommuni/ations and pa/,age as well as en9ironment Bra,us et al 2009". Identit2 re+rand a +road des/ripti9e
for name( signage( logo( +ran/* am+ien/e et/" failed to stimulate positi9e satisfa/tion rating from eit*er t*e
merger IB8" or a/<uisition -BN" +an,s@ /ustomers. 1elian/e on a /orporate /ommuni/ations strateg2 t*at
seem to pla/e media /ampaign a*ead of dire/t /ommuni/ation wit* /ustomers also eli/ited negati9e asso/iation
wit* satisfa/tion for /ustomers in +ot* +an,s. 8 finding t*at /on/urs wit* t*e argument t*at +rand e<uit2
de/lines as a result of merger Ja>u et al 200'".
!ositi9e asso/iation +etween /redit pro/ess or poli/2 /*ange and satisfa/tion for +ot* set of /ustomers
resonated wit* t*e finding t*at M78 amongst Nigerian +an,s neit*er /ompromised /ompetiti9eness nor
effe/ti9eness wit* respe/t to loan and deposit rate Elumilade 2010". =*is finding ma2 +e a su+tle /ontrast to
studies suggesting t*at M78 results in redu/ed /redit a9aila+ilit2 e.g. Be/, et al. 200)A ;raig and 0ardee 200CA
AGREE NEITHER
AGREE NOR
DISAGREE
DISAGREE
57.21
100.00
26.30
42.79
0.00
73.70
P
E
R
C
E
N
T
A
G
E
(
%
)
Com3arative res3onse on offer of e4banking 3'atform beteen merger
*)BA, and ac5uisition*-BN, bank customers
IB8 ME1.E1 B8NB" -BN8;WIIS=I%N B8NB"
&ol.'( No.25( 201)

59
4egr2se( Mass/*elein( and Mit/*ell 2010A 8+dela?i? and Bilel 2012" and a ta/it agreement wit* t*ose t*at
asso/iated M78 wit* in/reased a//ess to /redit e.g. 4iets/* 200$A ;er<ueiro 2009A S/*mieder( Mars/* and
8erssen 2010A 0uang( Jia and Q*ang 2010A Erel 2011" +ased on t*e presumption t*at less /redit for /ustomers
will eli/it dissatisfa/tion negati9e asso/iation" and more /redit for /ustomers will eli/it satisfa/tion positi9e
asso/iation".
=*e negati9e asso/iation +etween staff e:it and satisfa/tion for t*e merged +an, IB8" /ustomers is in
tandem wit* findings asso/iating emplo2ee e:it in t*e wa,e of M78 wit* negati9e impli/ations e.g. ;arow et
al 200'A .lei+s( Noa/,( 7 Mummende2( 2010A !ineda 7 Bummer( 200CA Dalra9e et al. 2010". 0owe9er( t*e
slig*tl2 positi9e asso/iation +etween staff loss and t*e satisfa/tion e:perien/e of t*e a/<uisition -BN" +an,
/ustomers /ontrasts wit* t*is position.
;ustomers of +ot* +an,s found t*e sta+ilit2 argument for regulator2 dri9en M78 /redi+le and
asso/iated it wit* positi9e impa/t on satisfa/tion. =*e in*erent d2nami/s of /ompetition and sta+ilit2 asso/iated
wit* regulator2 imposed M78 &i9es 2011" seem to *a9e +een ad>udged wort*w*ile +2 a ma>orit2 of +an,
/ustomers.
-rom t*e foregoing( it is o+9ious t*at M78 as a strateg2 is <uite di9ergent in terms of out/ome. =*e
/on9ergen/e of t*ese out/omes to pro9ide meaning for t*e /ustomer in terms of post-M78 satisfa/tion *as led
to t*e arti/ulation of a di9ergent-/on9ergent spe/trum for M78-;ustomer intera/tion.

-igure $5 4i9ergent-;on9ergent Spe/trum of M78-;ustomer Intera/tion

-igure $ is t*e di9ergent-/on9ergent spe/trum of M78-;ustomer intera/tion w*i/* is premised on t*e fa/t t*at
t*e /ustomer is an a/tor t*at is impa/ted +2 ot*er a/tors in an M78 s/enario. !ost-M78 de/isions around
te/*nolog2( re+randing( /redit and *uman resour/e ta,en +2 managersA t*e so/io-e/onomi/ inter9entions +2 +an,
regulators w*i/* sometimes fa/ilitate M78A and t*e disposition of emplo2ees to M78A are e9iden/es of *ow
ot*er a/tors impa/t t*e /ustomer in M78.
=*e results of t*is stud2 and su+se<uent dis/ussions *a9e led to t*e de9elopment of a model /alled t*e di9ergent-
/on9ergent spe/trum of M78-;ustomer intera/tionA we ne:t turn to t*e /on/luding se/tion of t*is paper.

6" Conc'usion
8 <ualitati9e /omparati9e of firm spe/ifi/ impli/ations for t*e /ustomer t*roug* /ase e9iden/e from a merged
+an, IB8" and an a/<uisition +an, -BN" t*roug* /*ange narrati9es pro9ided +2 emplo2ees and /ustomers of
t*ese +an,s t*rew up interesting re9elations a+out /ustomer-M78 d2nami/s w*i/* +ore spe/ifi/ imprints of t*e
Nigerian /onte:t. =*ese <ualitati9e re9elations were furt*er put t*roug* <uantitati9e tests to as/ertain impa/t on
post-a/<uisition or post-merger satisfa/tion. =*e e:tra/ted fa/tors t*at formed t*e +asis of a regression model
t*at predi/ted post-a/<uisition and post-merger /ustomer satisfa/tion rating largel2 measured fi9e main
/onstru/ts t*roug* w*i/* M78 /an *a9e impli/ations for t*e /ustomer. =*ese were /redit( te/*nolog2(
re+randing( emplo2ee-/ustomer relations and general so/io-e/onomi/ sta+ilit2.
=*e independent sample t-test /onfirms t*at t*e predi/ted post-merger and post-a/<uisition /ustomer satisfa/tion
rating offered +2 t*e multiple regression model *as signifi/ant differen/e. =*is rating re9ealed a +etter s/ore for
a/<uisition +an,@s /ustomers t*an merged +an,@s /ustomers. 8n out/ome attested to +2 a superior ma>orit2 of
a/<uisition +an,@s /ustomers agreeing t*at t*e2 were more satisfied post-a/<uisition t*an t*e proportion of
merged +an,@s /ustomers t*at agreed t*e2 were more satisfied post-merger. =*us pro9iding furt*er proof t*at t*e
greater t*e need for integration( t*e more t*e li,eli*ood of attention +eing detra/ted from /ustomer or /ustomer-
related issues 8ron( et al. 2010A 0itt( et al 2009". P+erg@s 200#" assertion t*at M78 ma2 legall2 +estow rig*ts
to use a +rand name and allow a//ess to a /ustomer +ase( it neit*er guarantees t*e a//rual of future in/ome
t*erefrom nor t*e /ontinued lo2alt2 of /ustomers to t*e new entit2( seem parti/ularl2 true of merger t*an
a/<uisition.
4ata /olle/tion from >ust two /ities and t*e in*erent sur9i9al +ias of rel2ing on emplo2ee and
/ustomers t*at remained wit* t*e /ase +an,s after engaging in merger or a/<uisition ma2 +e two important issues
&ol.'( No.25( 201)

'0
t*at put some perspe/ti9e on t*e findings of t*is stud2. ;onse<uentl2( a re/ommendation is made for future
resear/* t*at will +e more representati9e of t*e geograp*i/al si?e of Nigeria and a//ommodate t*e 9iews of
/ustomers and emplo2ees t*at *a9e left t*eir +an,s after in9ol9ement in M78.
In /on/lusion( it is re/ommended t*at managers gi9e serious /onsideration to *ow emplo2ees and
/ustomers are a//ommodated in ,e2 strategi/ pursuits su/* as merger and a/<uisition. ;redit a9aila+ilit2 and
te/*nolog2 were two areas w*ere /ustomers felt M78 *as failed to li9e up to t*eir e:pe/tation. E9iden/e on
/ustomers@ asso/iation of /redit /onstru/ts wit* satisfa/tion did not support an2 t*reat to post-M78 /ustomer
satisfa/tion. =*e em+ra/e of a /ulture of responsi+le lending needs to +e re/ipro/ated wit* responsi+le /redit
/onsumption from /ustomers. =*is /an onl2 +e a/*ie9ed w*ere /ustomers are edu/ated a+out responsi+le
finan/ial /onsumption. =*is is a responsi+ilit2 t*at *as to +e s*ared +2 +an,s( regulator and t*e so/iet2 at large.
Ban,s and regulator must ma,e /on/erted effort to ma,e lending information a9aila+le to t*e +an,ing pu+li/ and
pro9ide regular update on t*eir lending a/ti9ities to t*e pu+li/ to a9ert /onfusion of responsi+le lending wit*
/redit s*rin,age. !ost-M78 te/*nolog2 integration( upgrade or deplo2ment needs to +e /arefull2 planned to
ensure minimal disruption to ser9i/e deli9er2. =e/*nolog2 *as assumed a /riti/al su//ess fa/tor in +an,ing(
potential for te/*nolog2 s2nerg2 +etween intending merger or a/<uisition partners in terms of I= /ompati+ilit2
and I= *uman resour/e /apa+ilit2 s*ould +e ele9ated to t*e status of deal Lma,er@ or L+rea,er@ in M78 +id
dis/ussions. Merger was more damaging for /ustomer satisfa/tion t*an a/<uisition. =*e different out/ome of
t*ese strategies for /ustomer satisfa/tion pro9ides managers wit* an alternati9e +asis for assessing strategi/
/*oi/e.

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