CEM REPORT | Access Holdings Plc has announced its intention to acquire majority equity stake in First Guarantee Pension Limited a pension subsidiary of Frist Bank Holding’s.
This is according to a disclosure by the parent company of Access Bank Plc, filled with the Nigerian Exchange (NGX) and signed by the company’s group secretary Sunday Ekwochi.
According to the statement, Access Holdings Plc trading as Access Corporation revealed that it has entered into a definitive agreement with First Guarantee Pension Limited regarding the potential acquisition of majority equity stake in the Company adding that the transaction is a consequential step in its evolution from a narrow banking business into a financial service holding company.
Speaking on transaction, Chief Executive Officer, Access Corporation, Dr. Herbert Wigwe, said;
‘This transaction is a natural evolution for us. Over the last 20 years, we set our sights on and delivered ambitious plans to transform the African financial services landscape focusing on banking and have created the African leading Bank and largest bank by customer base.
This large customer base both on the wholesale and retail segments makes the pension business a natural fit for the Corporation given its objective of ecosystem optimisation. We will leverage our well-established culture of strong corporate governance, risk Management, cutting-edge technology, and digital capabilities to deliver high standards of professionalism in the management of pension assets to the benefit of our stakeholders.’
The disclosure further revealed that the completion of which is subject to the receipt of all required regulatory approvals have received “no objection” from the National Pension Commission and the Central Bank of Nigeria adding that it will further it will update the market as appropriate and in accordance with its disclosure obligations.
Recall that 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 is regarding a proposed purchase by First Pensions of the entire share capital of Access Pension Fund Custodian Limited held by Access Bank Plc.