FIRST Bank of Nigeria (FBN) Holdings has signed the deal to sell FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP, subject to regulatory approval.
EverQuest Acquisition comprises Custodian Investments Plc, Aion Investments and Evercorp Industries.
A statement signed by Adewale Arogundade, acting Company Secretary, FBN Holdings said the completion of the sale is subject to approvals from the relevant regulatory authorities.
The company said: “In accordance with the Nigeria Exchange Limited (NGX) Rulebook, we hereby notify the Nigerian Exchange Limited (NGX) and the investing public that FBN Holdings Plc (“the company”) has entered into a Share Sale and Purchase Agreement to divest its 100 percent equity stake in its wholly owned subsidiary, FBNQuest MerchantBank Limited.
“This sale is in alignment with the company’s strategy to optimise its portfolio within the group.
“Following a competitive bid process, EverQuest Acquisition LLP (comprising Custodian Investments Plc, Aion Investments and Evercorp Industries) was selected as the preferred bidder.
“The completion of the sale is subject to approvals from the relevant regulatory authorities.”
FBNQuest Merchant Bank represents less than five percent of FBN Holdings’ overall operating revenue and assets and the decision to sell was in line with strategic realignment within the group.
FBNQuest Merchant Bank (formerly known as Kakawa Discount House) licensed by the Central Bank of Nigeria (CBN) is a leading corporate and investment banking house, delivering high-end financial products and services to clients in targeted sectors of the economy.
FBN Holdings acquired Kakawa Discount House in 2014 and secured regulatory approval to commence operations as a merchant bank in 2015.
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