Nairametrics| Tier one lender, Access Bank Plc made a profit of N16.2 billion from the sale of its 17.65% stake in Stanbic Ibtc Pension Managers Limited (SIPML). The bank disclosed this in its just released financial statements for the year ending December 2016. Below is a screenshot of the disclosure.
The stake was sold to Stanbic Ibtc Holdings Limited in 2016 following CBN rules that it divest from non-core banking assets.
The bank paid a final dividend of 40 kobo per share, bringing the total dividend paid to 65 kobo per share. A 10 kobo increase over the 55 kobo dividend paid in 2015.
Stanbic Ibtc Pension Managers Limited was incorporated in 2004 as a joint venture between Stanbic Ibtc Holdings plc, Access bank and Linkage Assurance. SIPML is Nigeria’s largest Pension Funds Administrator (PFA), with total assets under management of N1.5 trillion and 1.4 million Retirement Savings Account (RSA) contributors.
Access Bank also un-bundled its stake in Wapic Insurance in 2013. Access Bank took over Intercontinental bank in a slightly controversial circumstance in 2012.