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First Bank subsidiary acquires Access Bank’s pension business

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First Bank subsidiary, First Pension Custodian Nigeria Limited, has acquired Access Pension Fund Custodian Limited for an undisclosed amount.

Access Pension Fund is wholly owned by Access Bank, a subsidiary of Access Holdings.

The company’s 100 percent shares were purchased by First Pension Custodian.

In a statement issued on Wednesday, Access Holdings said the National Pension Commission and the Central Bank of Nigeria (CBN) had approved the deal, which surprisingly came more than a month after Access Holdings was established.

READ ALSO: First Bank sells subsidiary to Botswana firm

Access Holdings was established as a parent company of Access Bank, as the management and shareholders strategies in a bid to invest in non-banking services and expand revenue sources.

The statement read: “Access Holdings Plc announces today that its subsidiary, Access Bank Plc, has entered into a definitive agreement with First Pension Custodian Nigeria Limited regarding a proposed purchase by First Pension of the entire share capital of Access Pension Fund Custodian Limited held by Access Bank.

“The National Pension Commission and the Central Bank of Nigeria have given their ‘no objection’ to the transaction. Access Holdings will update the market as appropriate and in accordance with its disclosure obligations.”

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