- Following staff, third party vendor contracts are the largest single expense in a bank - typically millions of dollars at stake. Specific attention and a clear negotiation strategy must be developed first.
- The merger will affect your volumes for processing. As most pricing is volume related, major contracts should be analyzed for renegotiation opportunities.
- There inevitably will be ‘onerous’ contracts in the mix between both Banks. Extending these without proper due diligence and market intel can ‘double down’ with existing vendors and delay achieving the targeted earnings.
- Speed is of the essence. The vendor agreements and a clear system direction must be established before the actual merger work can proceed.
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