FCMB acquires 25% stake in Legacy Pension Managers

FCMB acquires 25% stake in Legacy Pension Managers

July 17, 2008/Adeniyi.Adebayo@firstcitygroup.com

 

First CityMonument Bank Plc (FCMB) has formally signed an agreement with Legacy Pension Managers Limited, a pension fund administrator.

 

Under the agreement, the bank acquired 25 per cent stake in the company through an investment of N300 million, thus becoming the largest single shareholder in the pension firm, while Legacy becomes an associate subsidiary of FCMB.

 

Consequently, contributors of Legacy Pension Managers Limited, will among other things, enjoy specialised financial planning and wealth management services offered by the bank and also have the ability to access their accounts from designated branches of the bank, thus expanding the range of services available to them.

 

Other services, which contributors to the PFA will enjoy, according to the bank, include retirement planning seminars, mortgage advisory, estate and trust planning, assistance in insurance cover negotiations, annuities and educational planning, and 24 hour service desk.

 

Market Information from the CSL Equity Market Note. Adeniyi.Adebayo@firstcitygroup.com


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