In line with the objectives to deliver a consistent customer experience and drive increased stakeholder value, FBN Holdings Plc has announced the renaming of all entities under its Merchant Banking and Asset Management group. These are FBNQuest Merchant Bank, FBNQuest Asset Management, FBNQuest Securities; FBNQuest Capital, FBNQuest Trustees and FBNQuest Funds.
The merchant banking and asset management group is set to close the year on a positive note, having successfully delivered several landmark transactions in the course of the year.
During the year, FBNQuest Merchant Bank was appointed as co-Financial Adviser to the Debt Management Office (DMO) on the inaugural FGN N100 billion Sukuk offer, and acted as a Joint Issuing House/Book Runner for the Dufil Bond programme.
Despite the tight monetary conditions, the Bond Series was successfully distributed to a diversified mix of investors, which included pension fund administrators, insurance companies, asset managers, deposit money banks and frontier-market fund managers.
FBNQuest Merchant Bank also acted as joint financial advisers to the Asset Management Company of Nigeria (AMCON), on the bad bank divestment of its 100% stake in Keystone Bank; as joint issuing house/arranger on the Municipality Waste Management Contractors Limited 18% Series 1 Fixed Rate Medium Term Notes Programme; and as joint local book runner on Nigeria’s first ever SEC-registered debt instrument, first ever diasporabond offering, and first Saharan African offering in SEC Registered format for the Federal Republic of Nigeria – the US$300M 5.625% Inaugural US SEC-Registered Diaspora Bond due in 2022.
Equally FBNQuest Asset Management won the ‘Best Asset Manager in Nigeria’ award in the 2017 Euromoney Private Banking and Wealth Management Survey and the EMEAFinance African Banking Awards. It also topped the chart in the BusinessDay Research and Intelligence Unit (BRIU) transparency index with a score 73 points out of a possible 100 points.
FBNQuest Securities (a member of the Nigerian Stock Exchange) was also recognized as ‘Best Broker in Nigeria’ at the 2017 EMEA Finance African Banking Awards. The firm is currently ranked as one of the top 10 brokers on the Nigerian Stock Exchange (NSE) YTD ranking, and the number one Market Maker in Nigeria.