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Access Bank Completes Divestment From Pension Custody Business

Access Bank Completes Divestment From Pension Custody Business

Access Bank Completes Divestment From Pension Custody Business

Access Bank Completes Divestment From Pension Custody Business

According to an announcement from Access Holdings Plc, Access Bank Plc, a subsidiary of First Bank of Nigeria Limited, has finalized the sale of its full equity stake in Access Pension Fund Custodian Limited.

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

The announcement claims that all necessary regulatory agencies have given their full approval for the transaction.

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What You Should know

  • 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.

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  • 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.

IBEH C. JOE

Financial analyst, Entrepreneur, Blogger and Business model

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