Access Bank divests from Stanbic IBTC Pension Managers

Herbert Wigwe  Access Bank Plc GMD/CEO

Herbert Wigwe
Access Bank Plc GMD/CEO

Access Bank Plc has announced divestment from Stanbic IBTC Pension Manager Limited (SIPML) in compliance with the regulation of the Central Bank of Nigeria (CBN) on the Scope of Banking Regulation and Ancillary Matters, No, 3, 2010.

Disclosing this, the Board of Directors of the Bank said it has received a regulatory approval for the sale of the Bank’s 17.65percent equity shareholding in SIPML to the company’s majority shareholder, Stanbic IBTC Holdings Plc. The Access Bank Board of Directors confirmed receiving all regulatory approvals for the share sales.

In a letter written by Sunday Ekwochi, Access Bank secretary, dated February 10, 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.

Group Managing Director/Chief Executive Officer of the bank, Herbert Wigwe, said Access Bank grew its loans and advances by 74 per cent between 2013 and 2015.

Specifically, the loans and advances’ figures of the bank rose from N810.8billion to N1.41trillion between 2013 and 2015.

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