Access HoldCo, the parent company of Access Bank, which is the largest lender in Nigeria by assets, is nearing regulatory approval from the Nigerian Stock Exchange (NGX) and the Nigerian Pension Commission to acquire ARM Pensions, which is the country’s second-largest independent pension fund manager with over $2 billion in pension assets under management (AUM).
Upon complete approval, Access HoldCo intends to incorporate ARM Pensions into its current pension business. This will allow the company to become a significant participant in the $34.9 billion pension market and maybe challenge Stanbic IBTC for the top spot. Last year, Access HoldCo, which was once a pension custodian, acquired First Guarantee Pension and Sigma Pension and combined them into Access Pension.
Two regulatory agencies closely examine the transaction to ensure pensioner protection and financial stability. PenCom’s primary goal will be to protect the interests of ARM Pensions’ contributors and beneficiaries. At the same time, the NGX will evaluate the proposed transaction in light of its listing rules and issuer guidelines, according to a pension fund manager who wished to remain anonymous.
Established in 2005, ARM Pensions provides corporate and individual clients with various pension options and services. Millions of Nigerians are saving for their retirement with its help, thanks to its solid brand recognition and proficiency in investment management.
