• Wed. May 31st, 2023

Regulator Authorises FBN to Purchase Access Bank’s Pension Division

ByYinka Okeowo

Sep 12, 2022
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The acquisition of Access Pension Custodian Limited by First Pension Custodian Limited has been authorized by the National Pension Commission (PenCom).

It said Access Bank is divesting from the pension business.

In a deal comprising a 100 percent ownership transfer, FBN Holdings Plc, and Access Bank Plc agreed to purchase out the latter’s pension business, Access Pension Fund Custodian, through First Pension Custodian Limited.

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.

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

“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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