First Bank of Nigeria halts misconceptions, Clarifies sale of FBNQuest merchant bank 

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First Bank of Nigeria (FBN) has confirmed that the recent sale of its 100% equity stake applies solely to FBNQuest Merchant Bank, clarifying that other subsidiaries in the group remain unaffected.

On September 7, 2024, FBN Holdings Plc announced the sale of FBNQuest Merchant Bank to EverQuest Acquisition LLP as part of a strategic decision to streamline its operations and focus on core business areas.

The company’s secretary, Adewale Arogundade, emphasized that key subsidiaries like FBNQuest Capital, FBNQuest Asset Management, and FBNQuest Securities will continue to be integral to the group’s strategic goals. He reassured stakeholders that the divestment only involves FBNQuest Merchant Bank and will not affect the group’s broader operational strategy.

The divestment follows a competitive bidding process in which EverQuest Acquisition LLP, consisting of Custodian Investment Plc, Aion Investments, and Evercorp Industries, emerged as the preferred buyer. This move aligns with FBN Holdings’ efforts to improve operational efficiency and strengthen its core businesses.

FBN Holdings remains one of Africa’s largest financial services organizations, providing a diverse range of financial services, including commercial and merchant banking, capital markets, and insurance brokerage, to millions of customers across the continent.

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