Access Holdings Plc has announced a major development in its ongoing growth strategy.
Access Golf Nigeria Limited, a majority shareholder of Access Pensions Limited which is a subsidiary of Access Holdings, has received the ‘no-objection’ of the National Pension Commission and the approval of the Federal Competition and Consumer Protection Commission for its proposed acquisition of a majority equity stake in ARM Pensions Managers Limited (‘ARM’).
Subject to the receipt of relevant regulatory approvals, it is intended that following the acquisition, the operations of ARM and Access Pensions will be merged to create Nigeria’s second largest Pension Fund Administrator (PFA) by Assets Under Management.
Commenting on this transaction, Herbert Wigwe, the group chief executive, Access Holdings, said:“We are pleased to have reached this transformative milestone in our pension fund administration journey.
The proposed combination of ARM Pension with Access Pensions will not only create sustainable stakeholder value but will also contribute positively to the growth and development of the pension industry.
We anticipate an exciting future for the combined entity.”
Speaking on the transaction, Jumoke Ogundare, the group CEO of ARM Holding Company Limited said:“The market in which we operate is ripe for consolidation and I am confident that the proposed combination will create a formidable pension funds administration business leveraging Access Group’s expansive distribution network and innovation culture to deliver sustainable value to stakeholders.”
The completion of this transaction is contingent upon obtaining all requisite regulatory approvals.
Access Holdings remains committed to keeping the market informed in line with its disclosure obligations.
Access Holdings Plc is a leading multinational financial services group that offers commercial banking, lending, payment, insurance, and asset management services. Headquartered in Lagos, Nigeria, Access Holdings operates through a network of more than 700 branches and service outlets, spanning three continents, 20 countries, and 60+ million customers.Access transitioned into a holding company to drive rapid growth and become a full-scale ecosystem player offering interconnected services across customer needs. Established in 2022, Access Holdings Plc consists of the Access Bank Group; Access Pensions; a Payment and Switching Services Company; a Digital Lending Company, and an Insurance Brokerage Company. The banking vertical serves its various markets through four business segments: Retail, Business, Commercial and Corporate, and has enjoyed what is it arguably Africa’s most successful banking growth trajectory in the last eighteen years, becoming one of Africa’s largest retail banks by customer base and Sub-Saharan Africa’s largest bank by total assets. Access Holdings strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Businessday.ng – https://businessday.ng/news/article/acces-holdings-announces-access-pension-merger-with-arm-pensions/
