FBNQuest to Transfer Shareholding Interest to FBNHoldings
FBNQuest Trustees Limited has announced the transfer of its shareholding interest from FBNQuest Capital Limited to the parent company, FBN Holdings Plc.
The firm, in a statement which was signed by the Company’s Secretary, FBN Holdings, Seye Kosoko, on Monday, said the resolution for restructuring was passed by FBNQuest Capital, following which FBNQuest Trustees would become a direct subsidiary of FBN Holdings, subject to the approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The statement read in part, “FBNQuest Trustees is currently a direct subsidiary of FBNQuest Capital, which is a direct and fully-owned subsidiary of FBN Holdings. This makes FBNQuest Trustees an indirect subsidiary of FBN Holdings.
“The transfer is intended to achieve better visibility within the FBN holdings Plc group, improved oversight, group synergy and improved focus on core business areas, structured products and other capital market opportunities.”
It said the direct ownership of FBNQuest Trustees by FBN holdings would provide more visibility of the company to clients and the marketplace.
The statement added that the proposed transfer of the shares would not have any impact on the capital of the holding company or any of its subsidiaries.
It said the relative holdings of shareholders of the company would also not be affected.
FBNH is the ultimate parent/holding company 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.