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FBN Holdings (FBNH) Plc, through its subsidiary, First Pension Custodian Limited, agreed with Access Bank Plc to buy out the latter’s pension subsidiary Access Pension Fund Custodian in a deal involving 100 per cent ownership transfer.
The acquisition will ease the path for First Pension Custodian to broaden its footprint in a sector where it has operated for 17 years in charge of safe-keeping of pension assets on behalf of contributors.
FBN Holdings, in a statement signed by its acting company secretary, Adewale Arogundade said: “the Central Bank of Nigeria (CBN) and the National Pension Commission(PenCom) have given their no objection to the transaction, with completion subject to the receipt of all regulatory approvals.”
