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FBN Holdings To Acquire Access Bank’s Pension Fund Custodian Business

FBN Holdings To Acquire Access Bank’s Pension Fund Custodian Business
First Bank Holdings Plc says its subsidiary, First Pension Custodian Limited, on Wednesday announced that it entered into an agreement to purchase Access Bank Plc’s entire share capital in Access Pension Fund Custodian Limited.

Gatekeepers News reports that the bank disclosed in a statement signed by Adewale L.O Arogundade, Ag. Company Secretary.

“The Central Bank of Nigeria and the National Pension Commission have given their ‘no objection’ to the Transaction, with completion subject to the receipt of all required regulatory approvals,” the statement reads.

“FBNH will update the market as appropriate and in accordance with its disclosure obligations.”

The main functions of PFCs are to receive pension contributions on behalf of pension fund administrators(PFAs); settle transactions and undertake activities relating to the administration of pension fund investments on behalf of PFAs.

The planned acquisition is expected to shrink the number of PFCs in the country to three companies; Zenith Pensions Custodian Limited, UBA Pensions Custodian Limited and First Pension Custodian Limited.

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