FBN Holdings sells service provider banking subsidiary FBN Quest

FBN Holdings offloaded its full stake in FBN Quest Restricted, its service provider banking and asset administration arm, to a consortium comprising three firms.

The event marked the exit of the group from the service provider banking enterprise.

FBN Quest’s providers embody company and funding banking, funding administration, wealth advisory, and fixed-income securities buying and selling.

The “sale is in alignment with the corporate’s technique to optimise its portfolio throughout the group,” FBN Holdings mentioned in a regulatory submitting revealed by the Nigerian Change.

“Following a aggressive bid Course of, EverQuest acquisition LLP (comprising Custodian Investments PLC, Aion Investments and Evercorp Industries) was chosen as the popular bidder,” it added.

The share sale deal requires the approvals of regulators earlier than it may be closed.

FBN Quest reported a web revenue of N13 billion for the monetary 12 months 2023, contributing 4.2 per cent to the underside line of the group.

It’s whole belongings as of the top of final 12 months stood at N361 billion in response to the audited earnings report of FBN Holdings for 2023, up from N302 billion a 12 months earlier.

FBN Quest Service provider Financial institution, previously FBN Service provider Financial institution Restricted, was included as a restricted legal responsibility firm in February 1995. It was initially often called Kakawa Low cost Home Restricted.

It acquired a license to function the enterprise of a reduction home and began operations in November 1995.

FBN Holdings acquired your complete fairness of the corporate and reworked it right into a service provider financial institution after getting approval from the Central Financial institution of Nigeria for service provider banking operations in 2015.

In 2020, South Africa’s Sanlam Group bought FBN Holdings 65 per cent curiosity in FBN Insurance coverage Restricted, giving the acquirer a 100 per cent possession of the entity and its subsidiary, FBN Normal Insurance coverage Restricted.