First Bank of Nigeria has clarified that its recent announcement about the sale of its 100% equity stake pertains exclusively to FBNQuest Merchant Bank and does not impact any other subsidiaries within the group.
Recall that, FBN Holdings Plc on 7 September, revealed it would divest its entire stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.
To address potential confusion, the bank issued a follow-up statement on September 10, 2024, through its company secretary, Mr. Adewale Arogundade, explaining the reasons behind the divestment, according to Nairametrics.
Arogundade emphasized that the divestment pertains only to FBNQuest Merchant Bank and does not affect any other entities within the group.
He reassured stakeholders that this transaction would not impact the strategic positioning of the group’s remaining subsidiaries, which continue to play a crucial role in the company’s overall operations.
“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 further specified that the subsidiaries unaffected by the divestment include FBNQuest Capital Ltd., FBNQuest Asset Management Ltd., FBNQuest Trustees Ltd., FBNQuest Funds Ltd., and FBNQuest Securities Ltd.
The decision to divest FBNQuest Merchant Bank is part of FBN Holdings’ broader strategy to streamline its portfolio and concentrate on core businesses with greater operational potential.
According to the statement, this strategic realignment is intended to enhance the group’s overall operations and business efficiencies.
Following a competitive bidding process, EverQuest Acquisition LLP, which includes Custodian Investment Plc, Aion Investments, and Evercorp Industries, was selected as the preferred bidder for FBNQuest Merchant Bank.
The sale is anticipated to be completed pending approval from relevant regulatory authorities.
