On September 7, 2024, FBN Holdings Plc announced the sale of its 100% equity stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP. This strategic move, however, pertains exclusively to the merchant bank and does not impact other subsidiaries within the FBN Holdings group.
To address any potential confusion, the company issued a follow-up statement on September 10, 2024, from Mr. Adewale Arogundade, the company secretary. He clarified that the divestment is confined to FBNQuest Merchant Bank and does not affect other entities under FBN Holdings’ umbrella.
Mr. Arogundade assured stakeholders that the remaining subsidiaries of FBN Holdings—FBNQuest Capital Ltd., FBNQuest Asset Management Ltd., FBNQuest Trustees Ltd., FBNQuest Funds Ltd., and FBNQuest Securities Ltd.—will continue to play a vital role in the group’s strategic framework and operations. He emphasized that these entities remain integral to the company’s overarching strategy.
The divestment aligns with FBN Holdings’ strategy to optimize operational efficiency and enhance business performance. Following a competitive bidding process, EverQuest Acquisition LLP, a consortium including Custodian Investment Plc, Aion Investments, and Evercorp Industries, was selected as the preferred bidder. The sale is set to be completed subject to regulatory approvals.
FBNQuest Merchant Bank, established as Kakawa Discount House Limited in 1995 and acquired by FBN Holdings in 2014, has evolved significantly. The bank’s investment banking and asset management operations were integrated in 2017 to bolster its capabilities.
FBN Holdings Plc stands as a major financial holding company in Africa, offering a broad spectrum of financial services including commercial and merchant banking, capital markets, trusteeship, and insurance brokerage.
PwC served as the M&A and Vendor Due Diligence advisor for FBN Holdings Plc throughout this transaction, while Kunle Amida, CFA, and Chijioke Uwaegbute played key roles in advising on the divestment. This strategic move underscores FBN Holdings’ commitment to enhancing its core business operations and ensuring long-term growth and success.
