First Bank Completes Sale of Merchant Bank Subsidiary to EverQuest Group

First Bank has finalized the sale of its merchant bank subsidiary, FBNQuest Merchant Bank, to EverQuest Group as part of its strategy to optimize capital allocation and bolster growth in its commercial banking operations. The move allows First Bank to concentrate on enhancing its core banking business and existing subsidiaries through investments in technology and customer service innovations.

The divestment marks a significant step towards improving performance and creating additional value for shareholders. The transaction, which received necessary approvals, signifies a key corporate deal in Nigeria's banking sector, with EverQuest Group emerging as the preferred bidder.

Notably, the net worth of investor Otedola has surged following the acquisition.