Access Bank Announces Divestment From Stanbic IBTC Pension Manager
By Tunji Faleye
Access Bank has announced divestment from Stanbic IBTC Pension Manager Limited in compliance with the Central Bank’s regulation on the Scope of Banking Regulation and Ancillary Matters, No, 30, 2010.
Disclosing this, the Board of the Bank said, it has received a regulatory approval for the sale of the Bank’s 17.65% equity shareholding in SIPML to the company’s majority shareholder, Stanbic IBTC Holdings Plc.
In a letter written by Sunday EKwochi, Access Bank secretary, dated 10th February, 2017, the Bank notified the NSE of this transaction in view of the material effects it may have on the value of Access Bank Plc’s security listed on the NSE.
This is also to fulfil the requirement of the NSE’s Rule 17, Rule Book of 2015 and Rule 187 of the Rule and Regulations of the Security and Exchange Commission (SEC) 2013 which requires the disclosure of material non-public information to the NSE.
Access Bank is a full-service commercial bank operating through a network of 310 branches and service outlets located in major cities across Nigeria, Sub Sahara Africa and United Kingdom.
Listed on the Nigerian Stock of Exchange in 1988, the Bank serves it various market through five business segments: Corporate and Financial Banking, Commercial Banking, Business Banking, Personal Banking, Operation and IT Division.
The Bank has over 800,000 shareholders including several Nigerian and international institutional investors and has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 16 years.
As parts of it continued growth strategies, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strive to deliver sustainable economic growth that is profitable, environmentally responsible and social relevant.