First HoldCo Plc has successfully concluded the divestment of its merchant banking subsidiary, FBNQuest Merchant Bank Limited, transferring ownership to the EverQuest Group. The move forms part of a strategic initiative to strengthen the Group’s focus on its core operations and enhance overall capital efficiency.

In a statement, First HoldCo explained that the proceeds from the divestment will be used to bolster the capital base of its flagship subsidiary, FirstBank. Additionally, the Group plans to intensify investments in technology-driven innovations aimed at improving customer engagement, service delivery, and the overall client experience.

The Board noted that the divestment aligns with a broader strategy to concentrate on key growth sectors, reallocating resources to commercial banking while deepening offerings across its subsidiaries. The initiative is intended to drive innovation, deliver greater value to clients, and generate sustainable returns for shareholders.

Post-divestment, First HoldCo Plc continues to maintain a strong portfolio of subsidiaries, including FirstBank, FirstCap, First Asset Management, First Trustees, First Securities Brokers, and First Insurance Brokers.

Chairman Femi Otedola, CON, highlighted that the divestment supports the Group’s long-term strategic goals. “This divestment is fully consistent with our long-term strategy to enhance performance and create additional value for shareholders and stakeholders. It positions us for improved returns and sustainable growth,” he said.

Group Managing Director Wale Oyedeji added that the decision allows the Group to focus on its commercial banking operations and execute objectives more efficiently. “By divesting from the merchant banking business, we are reallocating resources to strengthen our core operations and drive growth across the Group,” he noted.

First HoldCo expressed optimism that the divestment would unlock new growth opportunities, reinforcing its commitment to evolving with clients and delivering tailored financial solutions in a dynamic market.