PenCom approves FBN Holdings takeover of Access Bank’s pension business

The National Pension Commission (PenCom) says it has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited.

FBN Holdings Plc, had 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.

In a notice on Monday, PenCom said Access Pension would transfer its assets to First Pension Custodian Limited which is a subsidiary of First Bank Holdings Plc.

It said Access Bank is divesting from the pension business.

The Commission said it is committed to the effective regulation and supervision of the pension industry.

“The National Pension Commission (PenCom) wishes to inform the general public and relevant Stakeholders that PenCom has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited,” the notice reads.

“The acquisition is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom.

“The Commission assures stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry.”