FBN Holdings sells 100% FBNQuest stake

FBN Holdings Plc has announced the sale of its 100 per cent equity stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.

In a statement filed with the Nigeria Exchange Limited by the Acting Company Secretary for FBN Holdings, Adeware Arogundade on Friday stated that this move comes after a competitive bidding process, with EverQuest Acquisition LLP a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries emerging as the preferred bidder.

FBNHoldings is a financial holding company and one of the largest financial services organisations in Africa offering a range of products and services through its subsidiaries, across commercial banking, merchant banking, capital markets, trusteeship and insurance brokerage to millions of customers.

FBNQuest is the unified brand identity for the Merchant Banking and Asset Management businesses of FBN Holdings Plc.

EverQuest Acquisition LLP, is a consortium of three companies, including Custodian Investments PLC, Aion Investments Limited, and Evercorp Industries, founded in June, 2024.

“By the Nigerian Exchange Limited (NGX) Rulebook, we at this moment notify the Nigerian Exchange Limited and the investing public that FBN Holdings Plc (“the Company”) has entered into a Share Sale and Purchase Agreement to divest its 100 per cent equity stake in its wholly owned subsidiary, FBNQuest Merchant Bank Limited. This sale aligns with the Company’s strategy to optimize its portfolio within the Group.

“Following a competitive bid process, EverQuest Acquisition LLP (comprising Custodian Investments PLC, Aion Investments and Evercorp Industries) was selected as the preferred bidder. The completion of the sale is subject to approvals from the relevant regulatory authorities,” the statement added.

The company disclosed the development through a Share Sale and Purchase Agreement, highlighting that the transaction is subject to approval by the relevant regulatory authorities.

FBN Holdings emphasized that the divestment aligns with its broader strategy to streamline its portfolio for enhanced growth and focus across the Group.

In May, PUNCH reported that the gross earnings of FBNQuest Merchant Bank for 2023 rose by 43.1 per cent year-on-year to hit N35.5bn.