First Bank buys out Access Bank’s pension business in 100% takeover

BY CHARLES ABUEDE

Nigeria’s lender, First Bank Holding, has said it has acquired 100 percent share capital of Access Pension Fund and Custodian, a pension business owned by Access Bank, through First Bank of Nigeria’s flagship subsidiary, First Pension Custodian Limited, on Wednesday, the holding company disclosed in a statement filed to the NGX.

Incorporated in September 2005 as Diamond Pension Fund Custodian Limited, Access Pension Fund Custodian Limited is a wholly-owned subsidiary of Access Bank and one of the four pension fund custodians licensed by the National Pension Commission (PenCom) to offer custodial services in accordance with the Pension Reform Act 2014 (as amended). It commenced custodial operations in March 2006.

According to the disclosure, the acquisition comes after it received the “no objection” to the transaction by the Central Bank of Nigeria (CBN) and the National Pension Commission (PenCom) to proceed with the full acquisition through its subsidiary.

The disclosure signed by both parties and filed to the NGX said, “FBN Holdings wishes to notify the Nigerian Exchange Limited and the investing public that First Pension Custodian Limited, a subsidiary of FBNH’s flagship subsidiary, First Bank of Nigeria Limited, has entered into a definitive agreement with Access Bank Plc for the planned acquisition by the First Pension of 100 percent share capital of Access Pension Fund Custodian Limited held by Access Bank Plc.

“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,” they noted while both financial institutions added that they will update the market as appropriate and in accordance with its disclosure obligations.