FBNQuest Trustees, a subsidiary of FBNQuest Capital is set to become a direct subsidiary of FBN Holdings, subject to the approval of the Central Bank of Nigeria and the Securities and Exchange Commission (SEC).
FBNQuest Trustees Limited on Monday, December 3, 2018 announced the transfer of its shareholding interest from FBNQuest Capital Limited to the parent company, FBN Holdings Plc.
In a statement by Seye Kosoko, Secretary, FBN Holdings, he said; “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.”
“The direct ownership of FBNQuest Trustees by FBN holdings will provide more visibility of the company to clients and the marketplace. The proposed transfer of the shares will not have any impact on the capital of the holding company or any of its subsidiaries. The relative holdings of shareholders of the company will also not be affected.”