FBN Holdings Divests 100% Stake in FBNQuest Merchant Bank to EverQuest Acquisition LLP
FBN Holdings Plc has announced the sale of its entire equity stake in FBNQuest Merchant Bank Limited to EverQuestAcquisition LLP, marking a significant move in the company’s broader strategy to streamline its portfolio. The deal, which was disclosed in a statement to the Nigeria Exchange Limited (NGX) on Friday, follows a competitive bidding process that saw EverQuest emerge as the preferred bidder.
EverQuest Acquisition LLP, a consortium established in June 2024, comprises Custodian Investments Plc, Aion Investments, and Evercorp Industries. The divestment of FBNQuest aligns with FBN Holdings’ focus on optimising its operations and strengthening growth across its various business units.
“By the Nigerian Exchange Limited Rulebook, we at this moment notify the Nigerian Exchange Limited and the investing public that FBN Holdings Plc 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,” the company said in its filing. The statement, issued by Acting Company Secretary Adeware Arogundade, emphasised that the sale represents a strategic decision to enhance the group’s overall performance and focus.
The completion of the sale is contingent upon approval from relevant regulatory authorities, but the successful bid by EverQuest highlights growing interest in Nigeria’s financial services sector, particularly in areas such as merchant banking and asset management.
FBNQuest Merchant Bank, which operates under the unified FBNQuest brand for FBN Holdings’ merchant banking and asset management businesses, has shown impressive growth. The company’s gross earnings for 2023 rose by 43.1 per cent year-on-year to N35.5bn, showcasing its strong financial performance prior to the divestment.
The acquisition by EverQuest is expected to bring new investment opportunities and strategic direction to the merchant bank. However, for FBN Holdings, this sale represents a pivotal step in reshaping its operations for enhanced focus and future growth across its portfolio.
