WorldStage– First HoldCo Plc, formerly FBN Holdings Plc has successfully completed a full divestment of its 100% ownership in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP, a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries.
First HoldCo in a notification to the Nigerian Exchange Limited (NGX) and the investing public said the transaction was finalized after obtaining all necessary regulatory approvals from the Central Bank of Nigeria as part of First HoldCo’s strategic restructuring to focus on core commercial banking and digital financial services.
The new owners are expected to focus on talent retention, client relationships, and exploring synergies with Custodian’s asset management and insurance networks.
Prior to this divestment, FBNQuest Merchant Bank contributed less than 5% to FBN Holdings’ overall revenue and assets.
