Without ACCC approval, no merger
Operational perspective, challenge is to roll out a plan which:
? Technical conversion - avoided failures of previous mergers
? Customers/service delivery at branches ? doesn't disaffect Westpac's and BML's
? Staff ? informative to and inclusive of Westpac's and BML's
? preserves the best of each bank
Technical Conversion
Must integrate the IT systems
Must avoid the technical failures and loss of data which occurred in previous mergers
Decision to migrate to Westpac system
Difficulty in retaining skilled IT staff to run Hogan system in short term
? frequent and honest communication
? negotiating a orderly exit of employees to other organisations
Result: successful ? no technical "hiccups" or loss of data
Customer service delivery through integrated Branch Network
Retain the popular "look and feel" of BML branches
Primarily adopt Westpac locations due to size
Pick the best systems and process from each:
? BML's uniforms, recruitment and induction procedure
? Westpac's front line authority levels higher so were re-launched
Result: successful ? after initial drop in customer service, slow steady gain
Creating a new culture among staff
Westpac technology driven, culture of compliance, bureaucratic
BML customer more in control, staff are CSO's who use their discretion
Staged roll out program ? from 8 weeks to the weekend before the conversion
Open two way communication
Series of training programs
Staff required to work on the other side:
? meet the other side
? BML staff learn new system
? Westpac staff learning customer service
Result: successful... displayed 300 characters
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Despite teething problems (W staff working longer, and BML staff having to learn new skills such as W system and sales techniques) no major difficulties emerged.
Ultimate challenge is to increase shareholder value.
Total value - net present value of BML's existing profits plus estimated synergies: total value of $1,680 million... displayed 300 characters
