The FCMB Group Plc has completed the acquisition of an additional 60 per cent equity stake in Legacy Pension Managers Limited.
The acquisition, which increased the holding company’s interest in the company from 28.2 per cent to 88.2 per cent, was concluded at the completion board meeting of Legacy Pension last Tuesday, the firm said in a statement on Monday.
The completion of the transaction followed the approvals of the Central Bank of Nigeria, the National Pension Commission, and the Securities and Exchange Commission.
“FCMB Group’s acquisition of Legacy is set to open a new vista of sustained growth for Legacy through the enhanced distribution and market presence,” it added.
FCMB Group described the acquisition of the majority stake in Legacy Pension as a significant development that would enhance the future performance of both organisations.
”We anticipates that Legacy Pension will be better positioned to grow its market share, compete effectively upon the onset of Retirement Savings Account portability, and also enter the micro-pensions segment in the informal market by leveraging on the network of First City Monument Bank, the retail and commercial banking arm of FCMB Group,” the group said.
FCMB Group Plc’s subsidiaries include: First City Monument Bank Limited, FCMB Capital Markets, CSL Stockbrokers Limited, CSL Trustees Limited, First City Asset Management Limited, FCMBMicrofinance Limited and now, Legacy Pension Managers Limited.