FBN Holdings Plan To Buy 100% Stake In Access Pension

A subsidiary of FBN Holdings Plc, First Bank of Nigeria Limited has entered into agreement with Access Bank for the planned acquisition by First Pension of 100 per cent share capital of Access Pension Fund Custodian Limited held by Access Bank.

FBN Holdings in a statement signed by its acting company secretary, Mr. Adewale Arogundade posted on the Nigerian Exchange Limited (NGX), explained the Central Bank of Nigeria (CBN) and the National Pension Commission have given their “no objective” to the Transaction, with completion subject to the receipt of all required regulatory approvals.

Also, Access Holdings announced plans by Access Bank to divest from its pension custody subsidiary.

The Group in a statement signed by the company secretary, Sunday Ekwochi stated that the group is already in the process of divestment from this part of its business.

The group announced that its subsidiary, Access Bank , 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.

Further information regarding the transaction will be appropriately announced by the bank according to its disclosure obligations.

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