The National Pension Commission has approved new names for Investment One and Aiico Pension Manager, as Guaranty Trust Company and FCMB acquired the organisations respectively. While the former now bears Guaranty Trust Pension Managers Limited, the latter is now known as FCMB Pensions Limited.
This was confirmed on the website of the apex regulator on Thursday. The notice stated that the duo had requested for the consent of PenCom on Wednesday on the development.
According to PenCom, it authorized Guaranty Trust Holding Company Limited’s acquisition of Investment One Pension Managers Limited and also approved the combination of Tangerine Pensions Limited and APT Pension Funds Managers Limited.
What PenCom is saying about acquisition, merger
Pencom, which also approved the amalgamated entity’s subsequent name change to Tangerine APT Pensions Limited, stated, “This is to inform all stakeholders and the general public that the National Pension Commission (PenCom) has approved the following mergers and acquisitions.
“The acquisition of Investment One Pension Managers Limited by Guaranty Trust Holding Company Limited and subsequent change of name from Investment One Pension Managers Limited to Guaranty Trust Pension Managers Limited.
“The acquisition of AIICO Pension Managers Limited by FCMB Pensions Limited; and the merger between Tangerine Pensions Limited and APT Pension Funds Managers Limited and subsequent change of name of the merged entity to Tangerine APT Pensions Limited.”
Back story
- Last year, the industry regulator, the National Pension Commission (PenCom), approved M&As that will likely reduce the number of functioning pension fund administrators (PFAs).
- PenCom authorized the acquisition of AXA Mansard Pensions Limited by Eustacia Limited, as well as the name change from AXA Mansard Pensions Limited to Tangerine Pensions Limited, according to the company’s first quarter report.
- In addition, the Commission approved the merger of Tangerine Pensions Limited and Apt Pension Funds Managers Limited with no objections.
- FCMB Pensions Limited, one of the First City Monument Bank Group plc’s subsidiaries purchased a 60% share in AIICO Pension Managers Limited.
- PenCom directed PFAs operating in the country to boost their Minimum Regulatory Capital (shareholders’ fund) requirements to N5 billion from N1 billion on April 27, 2021, allowing them 12 months to do so.
