Access Holdings, the parent company of Access Bank and Access Pensions Limited, has announced its acquisition of majority stakes in ARM Pensions Managers (PFA) Limited.
The firm said the step aligned with the company's efforts to grow revenue and meet people's needs globally.
Access Golf Nigeria Limited is the majority shareholder of Access Pensions Limited, a subsidiary of Access Holdings.
The organisation said it had 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 (PFA) Limited ('ARM'). The deal complies with regulatory approvals.
Speaking about the acquisition, the Group Chief Executive of Access Holdings, Dr. Herbert Wigwe, 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 create sustainable stakeholder value and contribute positively to the growth and development of the pension industry. We anticipate an exciting future for the combined entity.
- The market in which we operate is ripe for consolidation. I am confident that the proposed combination will create a formidable pension fund administration business, leveraging Access Group’s expansive distribution network and innovation culture to deliver sustainable value to stakeholders.
Access Holdings Plc is a leading multinational financial services group that offers commercial banking, lending, payment, insurance, and asset management services.
Read more: https://www.investingport.com/access-holdings-acquire-major-stakes-in-arm-pensions-managers/