FCMB Group Plc has notified the Nigerian Exchange Limited that its pension management subsidiary, FCMB Pensions Limited has received relevant regulatory approvals and concluded the acquisition of a 60% stake in AIICO Pension Managers Limited. This is made up of 33.9% stake held by AIICO Insurance Plc and 26.1% stake held by other shareholders in AIICO Pensions. The acquisition makes AIICO Pensions an indirect subsidiary of FCMB Group Plc.
The acquired stake was reduced from the initial 96.3% stake in a notification to the NGX on 25 June 2020 to comply with the transaction structure approved by regulators. The goal is to combine the businesses of FCMB Pensions and AIICO Pensions to build a stronger and more resilient business.
FCMB Group Plc is a bank-led financial services group, headquartered in Lagos, Nigeria, with operating companies divided along three business groups – Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Corporate & Investment Banking (The Corporate Banking Division of the Bank, FCMB Capital Markets Limited and CSL Stockbrokers Limited) and Investment Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited). Listed on the Nigerian Stock Exchange (NSE) with the ticker symbol (FCMB), FCMB Group Plc has 19,802,710,781 ordinary shares held by over 517,000 shareholders.
First City Monument Bank Limited, the flagship company, has approximately 6.8 million customers and 206 branches in Nigeria and a banking subsidiary in the United Kingdom through FCMB Bank (UK) Limited.