Business News of Wednesday, 24 September 2014

Source: Fidelity Bank

Int. Merger and Acquisition expert trains Fidelity Bank, ProCredit mgt.

Fidelity Bank Ghana Limited and ProCredit Ghana as part of their resolve to ensure a smooth integration have acquired the services of Danny A. Davis, an international expert on Merger and Acquisition to provide strategic guidance towards a successful merger.

The move is in anticipation of a final approval from the Bank of Ghana and shareholders for both companies to merge.

During the two day workshop, Danny Davis, one of the most respected integration specialists in the UK and the founder of DD Consulting took the Managers through effective planning, cultural issues, due diligence, implementation among others to enable them get the most out of the integration.

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 merger and acquisition in Ghana.

Danny Davis is known for his ability to demonstrate how to handle post–merger integration processes and how to restructure, consolidate, reduce costs, create efficiencies and perform M&A, from smaller transactions to big mergers.

Mr. Davis is positive about the prospects as most mergers that have taken the issue of integration seriously have proved successful over the years and urged both companies to adhere to best practice in the Post Merger integration process that he took participants through during the training.

“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, each of the functions, each of the businesses and moving up through to delivering the changes and improvement and regulate it well such that the focus is on customers and people.”

The Managing Director of ProCredit Ghana, 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 merger and acquisition integration in Ghana. This training is preparing us such that when we receive Bank of Ghana approval, the process will be smooth for the benefits of our clients and staff”

The objective of the proposed acquisition is to enable ProCredit Ghana to transfer its strong SME processes and qualified staff to Fidelity to enhance the Bank’s SME strategy. The merger if approved will also consolidate Fidelity’s position as a top six bank in Ghana with the third largest branch network.