In an unexpected move, Access Bank PLC said it has divested all its equity holdings from Stanbic IBTC Pension Managers Limited, SIPML.
Stanbic IBTC Pension Managers Limited is the largest pension fund administrator in Nigeria with over 200 billion in pension liabilities paid out to beneficiaries.
The company is a subsidiary of Stanbic IBTC Holdings Plc, a subsidiary of Standard Bank Group of South Africa.
In an official state Access Bank said that it has received all regulatory approvals for the sale of the Bank’s 17.65% equity shareholding in SIPML to the Company’s majority shareholder.
Also, Acces Bank said further to the provisions of Rule 17 of The Nigeria Stock Exchange (“The NSE”) Rule Book 2015 and Rule 187 of the Rules & Regulations of the Securities and Exchange Commission (“SEC”) 2013 which require the disclosure of material non-public information to The NSE, we hereby notify The NSE of this transaction in view of the possible material effect it may have on the value of Access Bank Plc’s securities listed on The NSF.
Access Bank has not disclosed how much it has been paid for sale of its stake in the company.
The detail of the sale might be included in its 2016 full year result which is billed to be released.