Merger Management and Completion
Five months into a struggling bank merger, Vaco was called in to get the project back on schedule.
Struggling Merger Project Plan
About five months into a merger with another bank, the client’s executive team realized that the consulting company that was leading their merger effort was struggling to deliver a consolidated integration project plan and the overall integration management framework. The total project duration was ten months, from the date the merger was announced. The delay in starting the integration project was approaching two months and the stress level was quickly escalating across both banks.
Delivering a Comprehensive Project Management Framework On Time and Under Budget
In two months Vaco created a comprehensive project roadmap and an enterprise-wide execution rhythm which was light weight, transparent and which allowed all project participants to be fully aligned on what was being worked on, what dependencies existed across teams and what still had to be done. The full roadmap was printed and delivered to key stakeholders weekly. The organization of work, as well as its visual representation, were unlike anything the client had seen in the past. It was complex, yet very simple to comprehend. It gave the bank a project management framework that has survived past the integration and is now used for ongoing change management at the organization. Additionally, Vaco was able to quickly provide key subject matter experts to the project to fill critical gaps. This partnership gave client flexibility to scale when needed while maintaining control over costs.
The pressure to deliver on time and without issues was very high. For the largest merger integration in the bank’s history, this project was a huge success. The integration was completed on schedule, under budget and with no major issues. As the result, Vaco and the client have developed a strategic partnership that will enable many success stories in the future.