By Aduragbemi Omiyale
FBN Holdings Plc has sold one of its subsidiaries, FBNQuest Merchant Bank Limited, to Custodian Investment Plc.
A statement from Custodian Investment disclosed that the acquisition of the merchant bank aligns with its long-term strategy to build a robust investment group.
It was gathered that Custodian Investment is taking full control of the lender as a result of the purchase of a 100 per cent stake from FBN Holdings, which issued a statement to emphasise that the transaction does not affect its other subsidiaries, FBNQuest Capital, FBNQuest Asset Management, FBNQuest Trustees, FBNQuest Funds, and FBNQuest Securities.
“In accordance with the Nigerian Exchange (NGX) Limited Rulebook, we hereby notify the NGX and the investing public that Custodian Investment Plc 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, a wholly owned subsidiary of FBN Holdings Plc.
“This purchase is in alignment with the company’s long-term strategy to build a robust investment group.
“Following a 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,” the statement said.