FBN HOLDINGS PLC DISINVESTS

By the end of this year it is almost certain that FBN Holdings PLC, the group that includes First Bank, will no more be involved in FBN Microfinance Bank ltd.
According to a letter of intent sent to the stock exchange December 3, signed by head of finance. Oyewale Ariyibi  FBN has secured the go ahead from the Central Bank of Nigeria to disinvest from its microfinance subsidiary.
As a result, the statement said. FBN Holdings has executed a sale and purchase agreement with Letshego Holdings Ltd to " sell its shares  to Letshego".
" We expect that the sale will be concluded before the end of this year" the letter declared.
For those who took time to study FBN Holdings 2014 published accounts, this may not come as a surprise. In that report, the Group CEO Bello Machido did not say much about how the microfinance arm of the group fared while hinting at changing outlooks for others.
FBN Holdings PLC now comprises 11 subsidiaries involved in commercial banking ; seven in investment and asset management and three in insurance with FBN microfinance bank in other financial services.

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