Absa Bank hopes to make banking cheaper for you after the merger of Volkskas, United, TrustBank and Allied into a single bank on Monday.
Nallie Bosman, group managing director Absa Bank, says the merger was prompted by a decision to focus on the customer rather than building four different brands, competing with one another.
If it is at all possible to bring costs down, the only way Absa Bank will be able to do it is by merging its four banks, he says.
Bosman admits that banks have been very inflexible in the past about cost structures.
As a client of the new Absa Bank you will have access to the widest network of branches and automatics teller machines of any bank in the country.
Santie Botha, group executive director of marketing, says the mammoth merger has been one of the biggest marketing projects ever undertaken in South Africa. More than 1,7 million people have received a direct mailing.
All in all, 182 pieces of bank stationery had to change, 5 000 signs outside bank branches will change over the next three months and more than 20 000 staff members will be kitted out in the new corporate wardrobe.
The roughly 20 different cheque account packages have been whittled down to four.
A total of 1,2 million cheque and credit card customers will be moved to new accounts. But if you are one of them, you don't have to worry, it will be done for you.