FCMB said it wants to acquire 60% stake in addition to the 20.2% stake of Legacy Pension Managers Limited thus automatically making Legacy a subsidiary of the group.
The bank said in a statement that FCMB Group Plc has entered into an agreement with other shareholders of Legacy Pension Managers Limited (“Legacy”), for the acquisition of an additional 60% stake in Legacy. The proposed acquisition will increase FCMB’s interest in Legacy to 88.2%, thus making Legacy a subsidiary of FCMB.
The proposed transaction is subject to the approvals of the Central Bank of Nigeria, the National Pension Commission and the Securities and Exchange Commission. We shall notify the NSE once the relevant approvals for the transaction are received.”
Legacy Pension Managers Limited is a private limited liability company incorporated on 7th of April 2005. It is duly licensed by the National Pension Commission (PenCom), to carry on business as a Pension Fund Administrator (PFA) as defined under the Pension Reform Act, 2014. Legacy Pension is a wholly owned Nigerian PFA with First City Monument Bank (FCMB) being the major shareholder amongst 18 investors.
FCMB Group Plc is one of the leading financial services institutions in Nigeria, with three wholly-owned subsidiaries – that are market leaders in their respective segments – namely FCMB Capital Markets Ltd, CSL Stockbrokers Ltd (as well as its subsidiaries, First City Asset Management Ltd and CSL Trustees Ltd) and First City Monument Bank Ltd (and its two subsidiaries, Credit Direct Ltd and FCMB (UK) Ltd).
FCMB Group Plc is listed on the Nigerian Stock Exchange (NSE) with the ticker symbol (FCMB) and has 19.8bn ordinary shares held by over 500,000 shareholders. FCMB Group Plc and its subsidiaries each function as separate and distinct operating companies with separate Boards of Directors and Executives.