First Bank of Nigeria (FBN) Holdings says the sale of FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP does not include other subsidiaries.
On September 6, FBN Holdings announced the divestment of a 100 percent stake in FBNQuest Merchant Bank to EverQuest Acquisition, a consortium comprised of Custodian Investments Plc, Aion Investments and Evercorp Industries.
Divestment involves a company selling off a full or partial stake of its assets through sale, exchange, closure, or bankruptcy, often to improve the company’s value and obtain higher efficiency.
In a statement on Tuesday by Adewale Arogundade, acting company secretary of FBN Holdings, the company clarified that its subsidiaries like FBNQuest Capital Ltd. and FBNQuest Asset Management Ltd are not part of the deal.
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According to FBN Holdings, the divestment pertains solely to FBNQuest Merchant Bank, with no impact on the continued operations or strategic positioning of its other subsidiaries within the group.
“We wish to clarify that all other entities and businesses listed below are not included in the divestment and they remain subsidiaries of FBN Holding and are well integrated into the group’s strategic focus,” the company said.
“These entities are: FBNQuest Capital Ltd., FBNQuest Asset Management Ltd., FBNQuest Trustees Ltd., FBNQuest Funds Ltd.”
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FBN Holdings said the sale and purchase agreement — subject to approvals from the relevant regulatory authority — aligns with the company’s strategy to optimise its portfolio within the group.
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