First HoldCo Plc has completed the divestment of its merchant banking subsidiary, FBNQuest Merchant Bank Limited, selling it to the EverQuest Group. The move is part of a strategic plan to optimise resource allocation and reinforce the Group’s commitment to delivering comprehensive financial solutions.

Proceeds from the divestment will be used to strengthen the capital base of the Group’s flagship subsidiary, FirstBank. The company is also investing in technology-driven innovations aimed at enhancing customer engagement, improving service delivery, and redefining the client experience.

The divestment allows First HoldCo to concentrate on key growth sectors within the Group by reallocating resources to commercial banking operations while continuing to expand offerings across its remaining subsidiaries. This strategic focus is expected to drive innovation, deliver exceptional customer value, and generate sustainable returns for shareholders.

Following the divestment, the Group retains its other subsidiaries, including FirstBank, FirstCap, First Asset Management, First Trustees, First Securities Brokers, and First Insurance Brokers.

Commenting on the development, First HoldCo Chairman, Mr. Femi Otedola, CON, said, “This divestment aligns fully with our long-term strategy to enhance the Group’s performance and create additional value for shareholders and stakeholders. It positions us for improved returns and sustainable growth.”

Group Managing Director, Wale Oyedeji, added, “By divesting from merchant banking, we are redirecting resources to strengthen our commercial banking operations and drive growth across the Group. This strategic decision allows us to execute our objectives more effectively and reinforces our commitment to market leadership.”

First HoldCo Plc views this milestone as an opportunity to enhance its commercial banking services, further adapt to evolving client needs, and deliver customized financial solutions in today’s dynamic market environment.