Custodian Announces Interest in FBNQuest Merchant Bank Acquisition
Custodian Investment has given an update over the company’s interest in a deal to purchase FBNQuest Merchant Bank. Last week, FBN Holdings announced a plan to divest its merchant lending business to a consortium ahead of the Central Bank of Nigeria’s recapitalisation deadline.
In line with regulatory demand, Custodian Investment also notify the Nigerian Exchange Limited (NGX) and the investing public that the company through EverQuest Acquisition LP has entered into a share sale and purchase agreement to purchase 100% equity stake in FBNQuest Merchant Bank Limited.
EverQuest, a special purpose vehicle which comprises three shareholders including Custodian Investment Plc, Aion Investment and Evercorp Industries was registered in June, according to findings.
The consortium, according to FBN Holdings, has been picked as the preferred bidder to acquire FBNQuest Merchant Bank, the wholly owned subsidiary in the banking group. Custodian Investment said the purchase is in alignment with its 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,” Custodian Investment told the Nigerian Exchange. #Custodian Announces Interest in FBNQuest Merchant Bank Acquisition CBN Defends Naira with $39m in Forex Market
