FBN Holdings Plc has clarified that it divested its merchant banking business to EverQuest Acquisition LLP to optimise its portfolio.
The company’s acting secretary Adewale Arogundade made the clarification in a notification sent to the Nigerian Exchange Ltd (NGX) in Lagos on Tuesday.
The holding company, whose chairman is Femi Otedola, also listed its other entities and businesses not included in the sale.
Last Friday, FBN Holdings informed the NGX of sale of 100 per cent equity stake in its wholly-owned subsidiary, FBNQuest Merchant Bank Ltd, to EverQuest Acquisition LLP.
The company said the sale and purchase agreement was subject to approvals from the relevant regulatory authorities.
Arogundade said that the divestment pertains solely to FBNQuest Merchant Bank, with no impact on the continued operations or strategic positoning of other subsidiaries within the group.
“We wish to clarify that all other entities and businesses listed below are not included in the divestment and they remain subsidiaries of FBN Holding and are well integrated into the group’s strategic focus.
“These entities are: FBNQuest Capital Ltd., FBNQuest Asset Management Ltd., FBNQuest Trustees Ltd., FBNQuest Funds Ltd., and FBNQuest Securities Ltd.,” he said.
