First Holding Company Completes Divestment From FBNQuest Merchant Bank

First HoldCo Plc has announced the completion of its divestment from its merchant banking subsidiary, FBNQuest Merchant Bank Limited, to the EverQuest Group.

The company said the transaction is part of its strategic efforts to optimise capital allocation and strengthen its focus on core growth areas within the Group. Proceeds from the divestment will be used to reinforce the capital base of FirstHoldCo’s flagship subsidiary, FirstBank, while supporting investments in technology-driven innovations to enhance customer engagement and service delivery.

According to the Group, the exit from merchant banking is aimed at improving capital efficiency and deepening its commercial banking operations, as well as strengthening offerings across its remaining subsidiaries to deliver sustainable returns to shareholders.

Following the divestment, First HoldCo Plc retains ownership of FirstBank, FirstCap, First Asset Management, First Trustees, First Securities Brokers and First Insurance Brokers.

Commenting on the development, chairman of First HoldCo Plc, Femi Otedola, said the divestment aligns with the group’s long-term strategy to enhance performance and create additional value for shareholders and stakeholders.

Also speaking, group managing director of First HoldCo Plc, Wale Oyedeji, said the divestment would enable the Group to reallocate resources to strengthen commercial banking operations and drive growth across the business, reinforcing its commitment to market leadership.

First HoldCo Plc said it expects the divestment to support the enhancement of its commercial banking services and strengthen its ability to deliver customised financial solutions in line with evolving market demands.