FBN Holdings takes over Access Bank’s pension business

FBN Holdings Plc, through its subsidiary First Pension Custodian Limitedagreed with Access Bank Plc to buy the latter’s pension subsidiary, Access Pension Fund Custodian, in a deal involving the transfer of 100 percent ownership. The acquisition will pave the way for First Pension Custodian to expand its presence in an industry in which it has operated for 17 years in charge of custodianship of pension assets on behalf of taxpayers. “The Central Bank of Nigeria and the National Pensions Commission have given their ‘no objection’ to the transaction, and its completion is subject to receipt of all regulatory approvals,” FBN Holdings said Wednesday in a regulatory filing announcing the transaction. agreement. The last participation of FBN Holdings in the negotiation was in June 2020 when sold out its insurance business, FBN Insurance Limited, together with its subsidiary FBN General Insurance Limited, to Cape Town-based Sanlam, Africa’s largest underwriter. Access Holdings, which became a holding company this year, disclosed the transaction in a separate note also issued Wednesday. The group, currently Nigeria’s largest lender by assets, plans to use its holdco license to diversify beyond traditional banking into asset management, payments and insurance, and has stated its ambition to set up operations in six new markets, notably those that offer the promise of higher currency. “What Holdco’s strategy allows us to do is look for new markets and new opportunities that the traditional bank doesn’t allow us to do,” Herbert Wigwe, CEO of the financial services group in Lagos, said in March. “I think that by 2027, you will see us moving closer to one of the top 5 banks on the continent.” Access Holdings is currently the 12th largest lender on the continent with assets valued at N12.1 trillion at the end of March. Read More Related News Here Let here it in the comment below if you do have an opinion on this; FBN Holdings takes over Access Bank’s pension business