Merging and Consolidating Banks: Lessons From CBG, a DMPS Episode

Merging and Consolidating Banks: Lessons From CBG, a DMPS Episode
Feb 12, 2021

In a world fraught with daily life challenges, knowledge is one of the best tools available to an individual in the pursuit of lasting solutions to these challenges. As a premier Business School in Ghana, we deem it paramount to collaborate with industry players to disseminate knowledge on some of these real-world challenges or cases and the accompanying solutions. This contributes to the Business School’s vision of becoming a world-class business school developing global leaders.

In light of this, the Department of Marketing and Entrepreneurship hosted Dr. Anita Oppong; Head, Corporate Communications, Consolidated Bank Ghana (CBG), as the speaker for the 16th  Distinguished Marketing Practitioners Seminar (DMPS) on Tuesday, 9th February 2021, via a Zoom webinar. She presented on the topic “Merging & Consolidating Banks- Key Service, Marketing and Communications Concerns for the Consolidated Bank Ghana (CBG)”. This session was moderated by Professor Robert Ebo Hinson, Head of Department, Marketing and Entrepreneurship.

Dr. Anita Oppong began her presentation with a short background of the entire banking industry reforms that were implemented by the Bank of Ghana in 2017. She revealed that some banks were merged as part of the reform process. These banks were Beige Bank, Sovereign Bank, Construction Bank, Royal Bank, and UniBank. This merger led to the formation of the Consolidated Bank Ghana.

She proceeded to discuss the topmost communications and marketing issues faced by CBG. Some included the fear of the impact of government on daily life and misconceptions about the merger. Dr. Oppong also revealed the messages that were communicated to customers through various outlets such as social media and print media, in a bid to restore customer confidence in the bank’s ability to cater to their needs. CBG focused on creating stability, building the brand and streamlining all its networks across the various merged banks. This was all part of its 3-year strategic plan.

She further indicated that CBG capitalised on the power of positive storytelling through various media outlets and word-of-mouth to give reassurance to customers of CBG as well as potential customers that the bank was capable of catering to their various financial needs. CBG also garnered the support and endorsement of some financial regulatory institutions such as the Bank of Ghana, Securities and Exchange Commission and the National Pensions Regulatory Authority in a bid to further instill confidence in the bank among their customers and the Ghanaian society at large. They launched their tag line “We Stand with You” as a sign of solidarity with their customers through every tough situation they may have been experiencing or were to experience.

In concluding, Dr. Anita Oppong revealed some lessons that were learnt thus far. She indicated that CBG is driven by a “People Strategy” that focus on employees, customers, shareholders and media or the general public. Some of their focus points included creating a sense of belonging among employees, improved services for customers, growth and expansion for shareholders and establishing CBG as an indigenous bank for all Ghanaians. She also encouraged the use of social media in pushing any brand in a market. 

An interactive question and answer session crowned the event. 

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