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Tag: AIICO Pensions

Group acquires 96% stake in AIICO Pensions

Group acquires 96% stake in AIICO Pensions

Business
FCMB Group said it has notified the Nigerian Stock Exchange (NSE) that its pensions arm, FCMB Pensions Limited, has entered into an agreement to acquire 96 percent of AIICO Pensions Limited. This is part of a deliberate strategy to grow the Group’s investment management portfolio, and build on the inherent synergies between this and banking. Recall that FCMB Group increased its stake in Legacy Pensions (now FCMB Pensions) to 91.6 percent in 2019, and now has full control of the business. FCMB Pensions has since grown its assets under management (AUM) to N325 billion with 350,000 customers as at March 2020, while that of AIICO Pensions is estimated at N126 billion with over 240,000. A combined AUM of N451 billion and almost 600,000 customers will take the entire Group’s customer ...