Access Bank To Sell It’s Pension Custody Business To First Pension

Access Holdings Plc has announced plans by Access Bank to divest from its pension custody subsidiary.

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

Further information regarding the transaction will be appropriately announced by the bank according to its disclosure obligations.