December 3, 2018/02:59 PM/NSE
This is to notify the Exchange and our stakeholders that FBNQuest Capital (a subsidiary of FBN Holdings PIc) has passed a resolution for a business restructuring which will involve the transfer of ALL of its shareholding interest in FBNQuest Trustees Limited (”FBNQT") to FBN Holdings PIc.("FBNH”) following which FBNQuest Trustees will become a direct subsidiary of FBNH subject to the approval of Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
FBNH is the ultimate parent/holding cAompany of all the operating companies in the Group which was incorporated in Nigeria on October 14, 2010 and licensed by the CBN as a Financial Holding Company. FBNH is the parent company of First Bank of Nigeria Limited & its subsidiaries; FBNQuest Merchant Bank Limited & its subsidiaries; FBNQuest Capital Limited & its subsidiaries; FBN Insurance Limited & its subsidiary and FBN Insurance Brokers Limited.
FBNQuest Trustees is currently a direct subsidiary of FBNQuest Capital Limited ("FBNQC") which is a direct and fully owned subsidiary of FBNH, thus making FBNQT an indirect subsidiary of FBNH. FBNQT provides solutions in Corporate Trust, Public Trust, Private Trust, Estate Administration, Executorship, and Agency services to both institutional and private investors.
The transfer is intended to achieve the following strategic objectives:
1. Better visibility within the FBN Holdings PIc Group: As a specialist business within the Group, the direct ownership of the business by FBN Holdings Plc. provides more visibility to clients and marketplace;
2. Improved oversight: Direct ownership of FBNQT will enable FBNH to provide better oversight to FBNQT;
3. Synergy: being a direct subsidiary of Holdco will engender group synergy, performance and return to ultimate shareholders; and
4. Focus: the transfer of FBNQT to FBNH will enable FBNQC to focus on its core business area of advisory, structured products and other Capital market opportunities.
We confirm that the proposed transfer of FBNQT to FBNH as a direct subsidiary of the Holding company does not have any impact on the Capital of the holding company or any of its subsidiaries and has no impact on the relative holdings of the Shareholders of FBN Holdings Plc
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