Access Holdings Plc is set to acquire majority equity stake in First Guarantee Pension Limited.
Access Holdings, trading as Access Corporation, announced its entry into a deal with First Guarantee on the acquisition.
The Group Company Secretary, Sunday Ekwochi, in a statement said the transaction was a step in the Corporation’s evolution from banking into a financial service holding company positioned to gain scale across Africa, global monetary centres, and beyond-banking verticals.
According to her, the National Pension Commission (PenCom) and the Central Bank of Nigeria (CBN) have given their nod to the transaction, the completion of which is subject to the receipt of approvals.
She noted that the Corporation will update the market as appropriate and in accordance with its disclosure obligations.
The Group Chief Executive Officer, Access Corporation, Dr. Herbert Wigwe, 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.”
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