First Bank of Nigeria has issued a clarification regarding the recent announcement concerning the sale of its 100 per cent equity stake in FBNQuest Merchant Bank.
The bank emphasized that the divestment is limited solely to FBNQuest Merchant Bank and does not involve any of its other subsidiaries or business units within the FBN Holdings Group.
In an official notice to the Nigerian Exchange Limited (NGX), which was also reviewed by NewsNGR, First Bank made it clear that entities such as FBNQuest Capital Limited, FBNQuest Asset Management Limited, FBNQuest Trustees Limited, FBNQuest Funds Limited, and FBNQuest Securities Limited are not part of the sale.
The group reiterated that these subsidiaries will continue to operate as usual under the FBNQuest brand.
This clarification comes as part of First Bank’s ongoing efforts to ensure transparency in its corporate restructuring process, assuring stakeholders that the divestment is a targeted action and does not signal any broader changes within its wider portfolio of financial services.
The statement reads,
“Further to our earlier notification dated September 6, 2024, regarding the divestment of FBN Holdings Plc from its Merchant Banking business, we wish to clarify that all other entities and businesses are not included in the dvestment and they remain subsidiaries of FBNH and are well integrated into the group’s strategic focus. These entities are: FBNQuest Capital Limited, FBNQuest Asset Management Limited, FBNQuest Trustees Limited, FBNQuest Funds Limitedd, and FBNQuest Securities Limited”
The statement signed by the Ag. Company Secretary Adewale Arogundade noted that the group reiterate that the divestment pertains solely to F.BNQuest Merchant Bank Limited, with no impact on the continued operations or strategic positioning of its other subsidiaries within the Group.
Custodian Investment confirmed recently that the company through EverQuest Acquisition LP comprising Custodian Investment Plc, Aion Investment and Evercorp Industries has entered into a share sale and purchase agreement to purchase 100 per cent equity stake in FBNQuest Merchant Bank Limited, a wholly owned Subsidiary of FBN Holdings Plc.
According to the statement, the purchase is in alignment with the Company’s long-term strategy to build a robust investment Group.
The statement signed by the Company Secretary, Adeyinka Jafojo, noted that following the competitive bid process, EverQuest Acquisition LP was selected as the preferred bidder.
The completion of the sale is subject to approvals from the relevant regulatory authorities.