First HoldCo sold off its merchant bank. The parent company dumped FBNQuest Merchant Bank to the EverQuest Group. The move is about shifting money and focus, according to the board.
The cash from the sale will bulk up the main subsidiary, FirstBank. They also plan to spend on tech stuff for better customer service. The chairman, Femi Otedola, called it a long-term play for more value. The group managing director, Wale Oyedeji, said it lets them concentrate on commercial banking and other subsidiaries like their asset management and insurance broker arms.
They frame this as a step to sharpen their market position. The idea is to free up resources for innovation and growth in their remaining businesses.
The cash from the sale will bulk up the main subsidiary, FirstBank. They also plan to spend on tech stuff for better customer service. The chairman, Femi Otedola, called it a long-term play for more value. The group managing director, Wale Oyedeji, said it lets them concentrate on commercial banking and other subsidiaries like their asset management and insurance broker arms.
They frame this as a step to sharpen their market position. The idea is to free up resources for innovation and growth in their remaining businesses.
