FBN Holdings Plc, the parent company of FBN Capital, has announced that its subsidiary will commence merchant banking operation from November 2, as approved by its shareholders at its last annual general meeting. To this end, it has unveiled FBNQuest, a unified brand identity for the merchant banking and asset management group.
Kayode Akinkugbe, managing director, FBN Capital, said the development was in line with the institution’s commitment to improve service delivery to clients and position the group at the forefront of emerging merchant banking and asset management sector in Nigeria.
“FBNQuest now includes FBN Merchant Bank Limited, FBN Capital Limited, FBN Securities Limited, FBN Capital Assets Management Limited, FBN Trustees Limited, FBN Funds Limited and FBN Capital Partners Limited. They will now operate under one brand identity. The new brand identity does not alter the existing ownership and governance structures of all the companies within the group.”
According to Akinkugbe, as the company prepare to commence merchant banking services, the evolution to one brand was important for the alignment of its business and brand strategy. He noted that the unification of all its subsidiaries under a single identity, allows it to offer broad range of services to its clients in a simplified way.
“It also conveys a more unified company ethos and vision that seeks to create value-driven connections with our clients and build lasting relationships. We aim to be the leading merchant bank and asset manager in Africa, a trusted and inspirational partner, with deep local roots and global insights. This client-centric approach allows us to provide services more efficiently and effectively,” he stated.
On her part, Ibukun Awosika, chairman, Merchant Banking and Asset Management Group, said, “With the acquisition of Kakawa Discount House by FBN Holdings, and Central Bank of Nigeria (CBN) approval of the associated merchant banking licence, we believe it was important to consolidate the various brands in our investment banking and asset management group under one cohesive identity.
“Although Nigeria remains predominantly a commercial and corporate banking market, there is a growing need for merchant banking and asset management services as the conduit between the bank and capital markets. The group’s competitive positioning is enhanced by a strong track record of delivery, a strong balance sheet, access to wider universe of funding sources to enable the creation of value for clients.”
— Nov 9, 2015 @ 01:00 GMT