Access Bank completes divestment from pension custody business

Access Holdings Plc has announced that its subsidiary, Access Bank Plc has completed the divestment of its entire equity interest in Access Pension Fund Custodian Limited to First Pension Custodian Nigeria Limited, a subsidiary of First Bank of Nigeria Limited.

The Group released a statement signed by the company secretary, Sunday Ekwochi and filed with the Nigerian Exchange Limited (NGX).

According to the statement, the transaction has received the full approvals of the relevant regulatory agencies.

It would be recalled that Access Holdings Plc had on May 18, 2022, announced plans by Access Bank to divest from its pension custody subsidiary.

According to the statement, the group is already in the process of divestment from this part of its business. The group announced that its subsidiary, Access Bank Plc, has entered into a definitive agreement with First Pension Custodian Nigeria Limited, a subsidiary of First Bank Nig Holdings Plc.

The agreement is regarding a proposed purchase by First Pensions of the entire share capital of Access Pension Fund Custodian Limited held by Access Bank Plc.

Having duly informed the respective regulatory bodies, Central Bank of Nigeria and the National Pension Commission, both bodies have given a “no objection” to the transaction.