Finance

Agusto & Co. affirms ‘A’ rating, stable outlook for FBNQuest

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FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, has again received an ‘A’ rating from Agusto & Co., 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 and recognised the bank’s better capitalisation ratios, strong liquidity, acceptable asset quality and improved profitability during the period, supported by acceptable asset quality, investment banking expertise and trading activities.

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The agency affirmed that FBNQuest Merchant Bank is in good financial condition and has a strong capacity to meet its obligations to clients. It also reflects the bank’s franchise upheld by the affiliation with FBN Holdings Plc, one of Nigeria’s largest financial institutions with interests in commercial banking, capital markets, trusteeship and insurance brokerage.

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The organisation’s performance over the years has been reflective of a dedicated strategy to deliver increased value to clients by providing product offerings across a broad array of investment opportunities suitable to their needs as well as the deep pool of exceptional talent.

Speaking on the rating, the managing director, FBNQuest Merchant Bank, Kayode Akinkugbe stated that “We are pleased to have been assigned an ‘A’ rating from Agusto & Co. amidst the current macroeconomic headwinds. We remain committed to being an investment manager of choice with strong corporate and investment banking capabilities.”

FBNQuest was recently recognised as the winner of the Equity Deal of the Year at the 2021 African Banker Awards.

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