Cititrust Holdings Plc has announced its strategic decision to divest its 100 per cent holdings in Cititrust Financial Services Plc Nigeria.
The company announced this in a statement on Tuesday titled ‘Cititrust Holdings Plc repositions, divests from Cititrust Financial Services Nigeria’.
It said the decision was taken after considering the company’s long-term sustainability and objectives of its business model that no longer aligned with the vision of Cititrust Financial Services Plc Nigeria.
The statement said, “Cititrust Financial Services Plc Nigeria is now owned and represented by Clandun Business Advisory, which will be responsible for the management and operations of Cititrust Financial Services Plc Nigeria and its six subsidiaries: Cititrust Credit Limited, Cititrust Portfolio Limited, Core Capital Limited, First Guaranty Healthcare Limited, First Option Microfinance Bank Limited, and Great Hope Insurance Brokers Limited.
“Consequently, Cititrust Financial Services Plc Nigeria and its direct subsidiaries cease to be a direct or indirect affiliate of Cititrust Holdings Plc, as the new owners are not related to the holding company.
“Cititrust Holdings Plc remains committed to consistently delivering excellent service and performance in line with its core business values and objectives.”
The company noted that recently, one of its subsidiaries, Pan African Finance Limited Rwanda, was granted an investment banking licence from the Rwanda capital market authority, to upscale the business model to operate fully as a merchant bank.
It said to further underscore the dynamism of Cititrust Business Model, its Central Bank of Nigeria-licensed banking subsidiary, LivingTrust Mortgage Bank Plc, declared a profit after tax of N533m for the third quarter of 2021.