FBN Holdings Plc has announced the sale of its 100 per cent equity stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.
A statement filed with the Nigeria Exchange Limited by the Acting Company Secretary for FBN Holdings, Adeware Arogundade on Friday stated that the move comes after a competitive bidding process, with EverQuest Acquisition LLP a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries emerging as the preferred bidder.
FBNQuest is the unified brand identity for the merchant banking and asset management businesses of FBN Holdings.
EverQuest Acquisition LLP is a consortium of three companies, including Custodian Investments PLC, Aion Investments Limited, and Evercorp Industries, founded in June 2024.
“Following a competitive bid process, EverQuest Acquisition LLP (comprising Custodian Investments PLC, Aion Investments and Evercorp Industries) was selected as the preferred bidder. The completion of the sale is subject to approvals from the relevant regulatory authorities,” the holding firm added.
The company disclosed the development through a share sale and purchase agreement, highlighting that the transaction was subject to approval by the relevant regulatory authorities.
FBNQuest Merchant Bank’s gross earnings for 2023 rose by 43.1 per cent year-on-year to N35.5bn.
