FBN Holdings gets regulatory approval to buy Access Bank’s pension business

The National Pension Commission (PenCom) has approved First Pension Custodian Limited’s acquisition of Access Pension Custodian Limited.

FBN Holdings Plc agreed with Access Bank Plc, through its subsidiary First Pension Custodian Limited, to buy out the latter’s pension subsidiary, Access Pension Fund Custodian in a deal involving 100% ownership transfer.

In a notice on Monday, PenCom said Access Pension would transfer its assets to First Pension Custodian Limited, a subsidiary of First Bank Holdings Plc.

It said Access Bank is divesting from the pension business.

The commission said it is committed to the effective regulation and supervision of the pension industry.

Read also:FBN Holdings GMD, Okonkwo, to taste gains/pains of shareholders, as he parts with N9.18m

“The National Pension Commission (PenCom) wishes to inform the general public and relevant Stakeholders that PenCom has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited,” the notice reads.

“The acquisition is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom.

“The Commission assures Stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry.”

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