Diamond Bank staff jittery over acquisition


Lasun Alagbe

Anxiety has gripped many workers at Diamond Bank across the country due to reports of its imminent acquisition by  Access Bank.

Reports say the the deal will soon be formally established even as the Central Bank says it is aware of discussions between both parties to that effect.

Predictably, the staff of the troubles bank, whose (Diamond) earnings and investments have continue to dwindle due to a cluster of problems, are not too sure of the continued security of their jobs.

Phenomenallagos learnt that even the management staff are not immune to the scare.

Some of the workers, who spoke to phenomenallagos on condition of anonymity, explained that they were aware that if Access Bank or any other one eventually acquired Diamond, the buyer was bound to take certain decisions that would be hard so as to curtail liability.

“We discuss it often among ourselves. Only a fool will not know that some jobs can be affected. Even if that does not happen, salary cut may be an option while conditions of service may be affected,” one of them said.

A financial expert, Kunbi Fadare, told phenomenallagos that no matter how carefully structured the integration process was, it would cause some strains here and there.

“But, as time goes on, stability will be achieved. It is good that Access has the relevant experience. What happened when it was integrating Intercontinental Bank will definitely help to ease the present exercise,” Fadare said.


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