Agusto & Co rates FBNQuest Merchant Bank “A”, stable outlook

By Hamid Ayodeji

FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, has received an “A” rating from Augusto & Co., a leading pan-African credit ratings and credit reports agency, with globally accepted ratings, which affirms the Merchant Bank’s stable outlook.

The rating was assigned in the recently released rating report by Agusto & Co, a foremost rating agency in Nigeria. It recognises the bank’s better capitalisation ratios and improved profitability during the period, supported by acceptable asset quality, investment banking expertise and trading activities.

According to the rating agency, FBNQuest Merchant Bank is in good financial condition and has a strong capacity to meet its obligations to clients as the organisation’s performance over the years has been reflective of a dedicated strategy to deliver increased value to clients by virtue of a wide product range and deep talent pool.

The bank’s value proposition leverages on the strength of the FBN brand, heritage and expertise to provide bespoke financial solutions. Its subsidiaries provide partnerships that enhance the delivery of the organisation’s overall business strategy.

Speaking on the rating, Kayode Akinkugbe, managing director, FBNQuest Merchant Bank, stated that the bank is pleased to have been assigned an “A” rating from Agusto & Co. in spite of the current headwinds. “We remain committed to being a trusted wealth manager with strong investment banking capabilities,” he added.

FBNQuest was recently recognised as the winner of the Deal of Year (Africa) at the 2020 Banker Deals of the Year Awards; the Best Asset Manager (Nigeria) at the 2020 EMEA Finance African Banking Awards, among others