Yemisi Izuora
Access Holding Plc, has confirmed receiving all legal instruments to facilitate its desire to take up majority equity stake in First Guarantee Pension Limited (FGPL).
With the approval, FGPL becomes the latest subsidiary of the financial series holding group.
Access Bank had in March, this year completed its transition from a commercial banking group to a holding company (holdco).
The new status gives Access Holdings, which already has well-established subsidiaries in not less than 12 African markets and also in United Kingdom, the opportunity to expand into other financial services and non-finance businesses, in addition to its known commercial banking franchise.
The members of Access Holdings are the flagship Access Bank Plc and its former subsidiaries, which include Access Bank (Gambia) Limited, Access Bank (Sierra Leone) Limited, Access Bank (Rwanda) Plc, Access Bank (Zambia) Limited, Access Bank (R.D Congo) S.A.R.L, Access Bank (Ghana) Plc, Access Bank (Guinea) S.A, The Access Bank (UK )Limited, Access Bank (Mozambique) S.A, Access Bank Kenya Plc, Access Bank (South Africa) Limited; and African Banking Corporation of Botswana Limited.
Group Chief Executive, Access Holdings Plc, Mr. Herbert Wigwe said the acquisition of the new subsidiary would provide the springboard for the group to execute its ecosystem strategy for the pension industry.
He said the acquisition was in line with the group’s vision to create a globally connected community and ecosystem; inspired by Africa for the world.
“We will deploy our renowned culture of strong risk management; innovative technology and best practice corporate governance to deliver high standards of management and returns on pension assets to the benefit of our stakeholders,” Wigwe said.
Wigwe had explained that the transition to holdco was in order to realign the group for growth and create strategic flexibility and diversification of its revenues.
According to him, the non-operating financial holding company would enable the group to hold investment in banking and non-banking subsidiaries as well as benefit from available market opportunities and grow scale in the regulated consumer lending market, African electronic payments industry and Nigerian retail insurance market.
Wigwe expressed optimism that the group would do well as its planned strategies in 2022 are intended to unlock opportunities for its stakeholders as well as its shareholders.
“We plan to do this by building a dynamic, efficient and agile bank with a digital-first mindset, capable of providing best in class service with strong returns,” Wigwe said.