Nigeria: FBN Holdings Divests 100 Percent Stake in Fbnquest

8 September 2024
Daily Trust (Abuja)
By Abdullateef Aliyu

FBN Holdings Plc has announced the divestment of its 100 per cent equity stake in FBNQuest Merchant Bank Limited.

Following the divestment, it has entered into a sale agreement with EverQuest Acquisition LLP.

This was contained in the communication filed with the Nigeria Exchange Limited by the Acting Company Secretary for FBN Holdings, Adeware Arogundade on Friday.

It explained that the announcement came after a competitive bidding process, with EverQuest Acquisition LLP a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries emerging as the preferred bidder.

FBNHoldings is a financial holding company and one of the largest financial services organisations in Africa offering a range of products and services through its subsidiaries, across commercial banking, merchant banking, capital markets, trusteeship and insurance brokerage to millions of customers.

FBNQuest is the unified brand identity for the Merchant Banking and Asset Management businesses of FBN Holdings Plc.

The statement read: "By the Nigerian Exchange Limited (NGX) Rulebook, we at this moment notify the Nigerian Exchange Limited and the investing public that FBN Holdings Plc ("the Company") has entered into a Share Sale and Purchase Agreement to divest its 100 per cent equity stake in its wholly owned subsidiary, FBNQuest Merchant Bank Limited. This sale aligns with the Company's strategy to optimize its portfolio within the Group.

"Following a competitive bid process, EverQuest Acquisition LLP (comprising Custodian Investments PLC, Aion Investments and Evercorp Industries) was selected as the preferred bidder. The completion of the sale is subject to approvals from the relevant regulatory authorities," the statement added.

Daily Trust reports that FBNQuest Merchant Bank, the investment banking and asset management company, recorded a strong financial performance for the year 2023, with gross earnings improving by 43.1% year-on-year to N35.5 billion.

Read the original article on Daily Trust.

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