FBN Holdings offloaded its full stake in FBN Quest Limited, its merchant banking and asset management arm, to a consortium comprising three companies.
The development marked the exit of the group from the merchant banking business.
FBN Quest’s services include corporate and investment banking, investment management, wealth advisory, and fixed-income securities trading.
The “sale is in alignment with the company’s strategy to optimise its portfolio within the group,” FBN Holdings said in a regulatory filing published by the Nigerian Exchange.
“Following a competitive bid Process, EverQuest acquisition LLP (comprising Custodian Investments PLC, Aion Investments and Evercorp Industries) was selected as the preferred bidder,” it added.
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