FBN Holdings Plc has announced the sale of its 100% equity stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP, a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries. The sale follows a competitive bidding process, with EverQuest emerging as the preferred bidder.
In a statement filed with the Nigerian Exchange Limited, FBN Holdings’ Acting Company Secretary, Adeware Arogundade, disclosed that the divestment aligns with the company’s strategy to optimize its portfolio and streamline its focus across the group.
FBNQuest is the unified brand identity for FBN Holdings’ merchant banking and asset management businesses. The sale is subject to approvals from relevant regulatory authorities.
FBN Holdings emphasized that the divestment is part of its broader strategy to enhance growth and focus across the group. Notably, FBNQuest Merchant Bank’s gross earnings for 2023 rose by 43.1% year-on-year to N35.5bn.
