FBN Holdings Divests Interest in Merchant Business to ‘Consortium’
Nigeria’s oldest listed financial services warehouse, FBN Holdings Plc, has divested interest in merchant business as the group announced a decision to sell down 100% shares in FBNQuest to consortium amidst recapitalisation.
According to the official statement submitted to the regulator, the financial services warehouse told the Nigerian Exchange it has no commercial interest in FBNQuest again and has picked its preferred bidder for the transaction.
“…the company has entered into share sale and purchase agreement to divest 100% equity stake in its wholly owned subsidiary, FBNQuest Merchant Bank Limited”.
FBN Holdings said its move is alignment with the group strategy to optmise its portfolio within the group. The financial services group said following a competitive bid process, EverQuest Acquisition LLP was selected as the preferred bidder, according to its regulatory filing.
EverQuest Acquisition LLP, is a consortium of three companies, including Custodian Investments PLC, Aion Investments Limited, and Evercorp Industries, founded in June, 2024.
FBN Holdings told the Exchange that the completion of the deal is subjected to approval from relevant regulatory authorities. #FBN Holdings Divests Interest in Merchant Business to ‘Consortium’ Jaiz Bank Trades at 44% Discount to 52-Week High
