Sequel to the acquisition of majority shareholding in the company by First City Monument Bank, FCMB Group Plc, and the approval of the Board of Directors at its meeting of October 17, 2018, Legacy Pension Managers Limited has been renamed FCMB Pensions Limited.
This was disclosed by the Group via a press statement released in Abuja, the nation’s capital, declaring that the change of name will positively enhance the company’s marketing and distribution activities.
While notifying stakeholders, Managing Director of FCMB Pensions Limited, Mr. Misbahu Yola, said, “what has happened is expected and an important alignment of our marketing message. There has been a comprehensive integration of the pensions business into FCMB Group, which is known for its culture of excellence, resilience and customer focus.
“It is another way of welcoming it to a group that has endured and enjoyed stability and sustainable growth in the last 41years”.
FCMB Group Plc is a leading financial services group with businesses in commercial and retail banking, investment banking and wealth management with seven subsidiaries. It was founded in 1977 and became a public listed company in 2005.
FCMB increased its stake in its pensions business between 2017 and 2018 from 28.3% to its current 91.6%. The acquisition is expected to engender sustainable and diversified low-risk growth momentum. The pension firm will also leverage on FCMB’s extensive distribution network, alternate channels, digital innovation, investment research, and rapidly expanding customer base.
Chairman of the Board of FCMB Pensions Limited and the Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun is enthusiastic about the acquisition and the change of name.
“The change of the company’s name,” he enthused, “will entrench a single brand identity across our pensions and retail banking businesses. Having distinguished ourselves in consumer finance over the years and gaining greater market share in retail payments solutions and savings accounts, a comprehensive suite of asset and wealth management propositions is a natural addition to our growing base of 5 million customers. The brand harmonisation will enable us create greater marketing synergies and, along with other initiatives, accelerate the growth of our pensions business”.
