Time is of the essence when integrating an acquisition. “Speed is the main thing I would change,” says Lars Nordstrom, CEO of Nordea, reflecting on the merger of four banks from four countries to create the largest bank in the Scandinavian region. While every deal is different – size of operation, location, local labour laws, longevity of the management team, current economic circumstances, and many factors play a part – all participants from the cases mentioned in this article agreed that speed was the top priority.
“When it comes to integrating banks, there are two key aspects: speed is more important than precision; and your human team,” says Vitalino Nafría, managing director in charge of Latin America at Spanish bank BBVA and formerly in charge of the merger of BBVA’s Mexican operations with Bancomer, one of the country’s top three banks.
