PenCom clears FBN Holdings’ acquisition of Access Bank’s pension business

The National Pension Commission (PenCom) announced that it has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited.

FBN Holdings Plc, had through its subsidiary First Pension Custodian Limited has reached an agreement with Access Bank Plc to buy out their pension subsidiary Access Pension Fund Custodian in a 100% ownership transfer deal.

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

Access Bank was said to be divesting itself of the pension business.

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

“That National Pension Commission (PenCom) would like 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 acquisition is the culmination of Access Pension Custodian Limited’s process of divesting itself of its pension custodial business, transferring all of its assets under custody to First Pension Custodian Limited and returning its license to operate to PenCom.

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


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