FBN Holdings Plc, parent Company of First Bank Nigeria has notified the Nigerian Exchange and the investing public that the Company has entered into Share Sale and Purchase Agreement to divest its 100% equity stake in its wholly owned subsidiary, FBNQuest Merchant Limited.
The sale is in alignment with the Company’s strategy to optimize its portfolio within the Group.
Following a competitive bid process, EverQuest Acquisition LLP (comprising Custodian Investments Plc, Aion Investment and Evercorp Industries) was selected as preferred bidder. The completion of the sale is subject to approvals from the relevant regulatory authorities.