When the Central Bank of Nigeria announced that Asset Management Company of Nigeria, AMCON will effectively from the 24th of September 2018 take over the management of Skye Bank PLC, many tongues wagged with many people predicting that the move will be the end of the financial institution. Contrary to popular opinion, the new bank, Polaris Bank continues to thrive. The seamless manner of the takeover has thrown up some important life lessons:
CHANGE IS NOT NECESSARILY A BAD THING
Anybody familiar with Skye Bank will attest to the fact that the takeover has done more good than harm. Since the takeover, it seems a new lease of life has been breathed into the bank. ATM machines notorious for being temporarily out of service now seem to have cash all the time. Even the bank branches have a new face lift. Analysts are now hoping the bank leaves the shadow and take a prominent role in the banking industry
JUST TRUST THE PROCESS
Rumors monger had a field day when the news of the takeover was broken, some went as far as to say, the takeover will not only be the end of the bank but also the disappearance of deposits, while there is no verifiable statistics to measure the number of people that were affected by this rumors, but knowing the Nigerians, the number will most likely be in hundreds. However, the smooth transition has taught us that sometimes all we need to do in life is just to trust the process without fidgeting or allowing ourselves to be swayed by the public opinion.
A NAME IS EVERYTHING
The rumors of a takeover has been trailing Skye bank for almost 2 years and if experience has taught us anything, it is that in the Nigerian business environment, news of instability is never a good thing. The decision to change the name of the bank is therefore an inspired one as not only has the name change given the bank a breath of fresh lease of breathe to the bank but also changed the perception of the populace over the bank. The easy trick of renaming the bank will undoubtable change the opinion of most people. The name change equally sees an upturn in the bank’s fortunes at the stock exchange market with the bank gaining 4.05% before the suspension of trading of its stock If only the bank can cash in on the showers of goodwill by engaging in aggressive marketing campaign that will consequently improve their customer base.
JUST A LITTLE TWEAK MIGHT BE THE PANACEA
It will interest you to know that Polaris Bank kept the members of staff and management of the defunct Skye Bank, not a lot of people will consider this a masterstroke but the thinking behind this is quite obvious. A complete overhaul might do the new bank more harm than good hence, the decision to continue with more of the same. There are enough examples of organisations that went out of business because the new management replaced everyone. The confidence shown in the old team by the owners has effected an increase in the productivity of the team.
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