FBN Holdings, the parent company of First Pension Custodian Limited has announced it’s acquisition of 100% stake in Access Pension Custodian Nigeria Limited a subsidiary of Access Bank Plc. The announcement was contained in a release signed by Adewale Arogundade, the Acting Company Secretary to FBN Holdings today
“FBN Holdings Plc is pleased to inform Nigerian Exchange Limited and the investing public that First Pension Custodian Nigeria Limited, a subsidiary of FBN Holdings has completed the acquisition of 100% of the share capital of Access Pension Fund Custodian Limited from Access Bank Plc, having obtained the requisite regulatory approvals
“The transaction has the “no objection” of the Central”Bank of Nigeria as well as the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission
The transaction is in line with First Pension’s growth strategy and advances its mission to be the ‘custodian of first choice’, and leading pension custodian in sub-Saharan Africa. Thank you“.
First Pension Custodian Nigeria Limited licensed in 2005 as a pension custodian is a wholly-owned subsidiary of First Bank of Nigeria Limited. The parent company FBN Holdings is the first banking institution to adopt the company holding structure in Nigeria in 2012 following Central Bank of Nigeria advise for banks to divest from non core banking businesses or adopt a company holding structure.
