Following its divestment from its own pension business, Access Holdings Plc, the parent company of Access Bank Plc, has announced its intention to acquire a majority stake in FBN Holding’s pension subsidiary, First Guarantee Pension Limited.
The Group, according to a statement filed with the stock exchange (NGX), has entered into an agreement with the company regarding the potential acquisition of a majority stake in the company.
This transaction is key in the group’s plan to evolve from a narrow banking business into a financial services holding company positioned to gain relevant scale across Africa, global currency centers and “beyond-the-market verticals”. bank “.
What the CEO says
Speaking on the transaction, Access Corporation Group CEO Dr Herbert Wigwe said: “This transaction is a natural evolution for us. Over the past 20 years, we have set our goals and implemented ambitious plans to transform the African financial services landscape with a focus on banking and have created Africa’s first and largest bank by customer base.
“This large customer base, in both the wholesale and retail segments, makes the retirement business a natural fit for the company given its focus on optimizing the ecosystem.
“We will leverage our well-established culture of strong corporate governance, risk management, advanced technology and digital capabilities to deliver high standards of professionalism in the management of pension assets for the benefit of our stakeholders” , he added.
The notice said the National Pensions Commission and the Central Bank of Nigeria had given their “no objection” to the transaction, the completion of which is subject to the receipt of all required regulatory approvals.
In case you missed it
- Access Holdings Plc recently announced that its subsidiary, Access Bank Plc, has entered into a definitive agreement with First Pension Custodian Nigeria Limited, a subsidiary of First Bank Nig Holdings Plc.
- The agreement relates to a proposed purchase by First Pensions of the entire share capital of Access Pension Fund Custodian Limited held by Access Bank Plc.