After Zambian Bank Acquisition, Access Holdings’ Subsidiary Buys Majority Stake in Nigerian Company
- The FCCPC said that Access Pension Limited is set to acquire and merge with ARM Pensions Managers Limited
- This came after Access Pension Limited acquired an 81.82% majority stake in ARM Pension
- The deal is expected to be finalized through a scheme of merger between both companies
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Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
The Federal Competition of Consumer Protection (FCCPC) has announced a merger between Access Pension Limited and ARM Pensions Managers Limited for an enhanced service offering.
Source: UGC
According to a notice by the FCCPC, the merger followed Access Pension's acquisition of an 81.82% majority stake in ARM Pension – a subsidiary of ARM Traditional Assets Management Limited.
This comes after Legit.ng reported that Access Bank Zambia Limited, a subsidiary of Nigeria's Access Corporation, confirmed the successful acquisition of African Banking Corporation Zambia Limited, which operates under Atlas Mara Zambia.
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Acquisition to be finalized through merger scheme
The new acquisition, according to the FCCPC, will be finalized through a scheme of merger between both companies.
Access Pensions is a Pension Fund Administrator (PFA) incorporated in Nigeria and licensed and regulated by the National Pension Commission (PenCom).
It is a subsidiary of the Access Corporation and resulted from the business combination of First Guarantee Pension Limited and Sigma Pensions Limited.
The Cable reported that the firm's principal activity is pension fund administration involving the management of retirement savings accounts and legacy funds.
The FCCPC said:
“The merger will be consummated through a scheme of merger (the scjheme). Under the terms of the scheme, ARM Pension will transfer all its assets, liabilities and undertakings to Access pensions.
“The merger of ARM Pension and Access Pensions will create a pension fund administrator with assets under management (AUM) of just over N2.22 trillion. The expected revenue and cost synergies are material and promise significant long-term value.
FCCPC also said the merger would provide customers with an enhanced service offering, support the rollout of micro pension products and provide a better overall customer experience.
Charles Abuede, a financial analyst said,
"In my opinion, this strategically positions the company on a trajectory towards becoming a leading financial services entity in Africa. This expansion drive not only broadens its presence across diverse financial sectors but also strengthens its overall market influence."
Access Bank plans to launch in Asia in 2024
Legit.ng reported that Access Bank is set to open its first full banking service in Asia in the first quarter of 2024.
Herbert Wigwe, chief executive of Access Holdings, the parent company of Access Bank, disclosed this to Semafor Africa.
According to him, the plan is part of a wider global expansion target, including a strategy to expand more deeply into Francophone Africa and build closer ties with North Africa.
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Source: Legit.ng
