Legacy Pensions takes FCMB's brand identity to harmonise group's interest
The Group said the move was sequel to its acquisition of majority shareholding in the company and the approval of the board at its meeting of October 17, 2018, noting that the change of name will positively enhance the company’s marketing and distribution activities.
According to the company, the acquisition is expected to engender sustainable and diversified low-risk growth momentum and also leverage on FCMB’s extensive distribution network, alternate channels, digital innovation, investment research, and rapidly expanding customer base.
The Managing Director of the now FCMB Pensions Limited, 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 increased its stake in its pensions business between 2017 and 2018 from 28.3% to 91.6% currently.
The Chairman of FCMB Pensions and the Group Chief Executive of FCMB Group Plc, Ladi Balogun, said: “The change of the company’s name 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 five million customers.”
“The brand harmonisation will enable us create greater marketing synergies and, along with other initiatives, accelerate the growth of our pensions business”.