FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, has received an “A” rating from Augusto & 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. 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 Agency, FBNQuest Merchant Bank is in good financial condition and has a strong capacity to meet its obligations to clients. 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 “We are 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”.
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; and the Debt Deal Of The Year at the 8th BAFI Awards.
Agusto & Co is a Pan African leader in credit ratings and credit reports. They have assigned well over 1,500 ratings across various sectors and their ratings are accepted globally with a wide client base utilizing their ratings as a benchmark to measure business success.