Pension News

Access Holdings Plc acquires First Guarantee Pension Limited

Access Holdings Plc, the parent company of Access Bank, has disclosed that it is set to acquire majority stake in First Guarantee Pension Limited. This was contained in a letter signed by the Group Company Secretary of Access Holdings Plc, Mr Sunday Ekwochi, dated 19 May 2022.

Access Holdings Plc said it has entered into a definitive agreement with First Guarantee Pension Limited (FGPL) regarding the potential acquisition of majority equity stake in FGPL.

Access Holdings Plc also said that the acquisition is a consequential step in the Corporation’s evolution from a narrow banking business into a financial service holding company positioned to gain relevant scale across Africa, global monetary centres, and beyond-banking verticals.

Speaking on this landmark transaction, Dr. Herbert Wigwe, Group Chief Executive Officer of Access Corporation, said:

“This transaction is a natural evolution for us. Over the last 20 years, we set our sights on and delivered ambitious plans to transform the African financial services landscape, focusing on banking and have created the African leading Bank and largest bank by customer base.”

“This large customer base both on the wholesale and retail segments makes the pension business a natural fit for the Corporation given its objective of ecosystem optimisation. We will leverage our well-established culture of strong corporate governance, risk Management, cutting-edge technology, and digital capabilities to deliver high standards of professionalism in the management of pension assets to the benefit of our stakeholders.”

Access Holdings Plc further said that, the National Pension Commission and the Central Bank of Nigeria have given their “no objection” approval to the acquisition, but the completion is subject to the receipt of all required regulatory approvals.

With Access Holdings Plc and Guaranty Trust Holding Company PLC in the pension business, the pension industry in Nigeria might be entering a new competition dimension. PensionNigeria will continue to update you as the event unfolds.

Also Read = Guaranty Trust Holding Company Plc acquires 100% stake in Investment One Pension Managers Limited

And Read Recent news about Acquisitions & Mergers in Pension Industry Here

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