First Bank of Nigeria Holding (FBNH), has finally completed the sale of FBN Microfinance Bank to Letshego Holdings a Botswana based financial institution.
The bank announced last December that it has applied for the Securities and Exchange Commission (SEC) approval for the deal, the company has obtained its board approval to dispose of the unit in 2014 and scheduled June 2015 for effective sale.
FBN Microfinance Bank contributed 1.6 per cent to the group’s gross earnings in 2014. It reported a gross earnings and profit before tax of N1.3 billion and N283 million respectively for the period.
The company had written to the Nigerian Stock Exchange (NSE), confirming that it has obtained approval from the CBN to divest from FBN Microfinance Bank. It is selling to Letshego Holdings Ltd a Botswana based Financial Services Company.