Access Bank has completed its withdrawal from the pension custody market.

The divestiture of Access Bank Plc’s full equity stake in Access Pension Fund Custodian Limited to First Pension Custodian Nigeria Limited, a division of First Bank of Nigeria Limited, has been completed, according to an announcement from Access Holdings Plc. FastNews reports

In a statement submitted to the Nigerian Exchange Limited by the Group’s corporate secretary, Sunday Ekwochi (NGX).

According to the statement, the transaction has received the full approvals of the relevant regulatory agencies.

Recall that Access Holdings Plc had on May 18, 2022, announced plans by Access Bank to divest from its pension custody subsidiary.

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