Business

Breaking: First Bank Explains Divestment Decision Of FBNQuest

Published

3 weeks ago

September 11, 2024

First Bank of Nigeria has provided clarifications concerning its divestment from FBNQuest Merchant Bank .

It says sale of its 100% equity stake applies solely to FBNQuest Merchant Bank and does not affect any other subsidiaries within the group.

The bank made the clarification through its company secretary, Mr. Adewale Arogundade, on Tuesday, September 10, 2024.

it follows an FBN Holdings Plc September 7, 2024, announcement of the divestment of its 100% equity stake in FBNQuest Merchant Bank Limited, a wholly-owned subsidiary, to EverQuest Acquisition LLP.

This was greeted by divergent interpretations in the sector forcing the financial powerhouse to come up with a clarification.

Stating that the divestment is limited solely to FBNQuest Merchant Bank and does not extend to any other entities within the group, Mr Arogundade reassured stakeholders of its zero impact on strategic positioning of First Bank’s other subsidiaries.

“We wish to clarify that all other entities and businesses listed below are not included in the divestment, and they remain subsidiaries of FBN Holdings, fully integrated into the group’s strategic focus,” Mr. Arogundade stated.

He said that the decision to divest FBNQuest Merchant Bank was part of a broader strategy by FBN Holdings to streamline its portfolio and focus on core businesses with stronger operational potential.

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After a competitive bidding process, EverQuest Acquisition LLP, which includes Custodian Investment Plc, Aion Investments, and Evercorp Industries, emerged as the preferred bidder for FBNQuest Merchant Bank.

The sale is expected to be finalized pending approvals from relevant regulatory authorities.

Mr Arogundade listed other subsidiaries not affected by the policy move thus: