The Managing Director of FCMB Group Mr. Ladi Lawal just confirmed that the Bank holding company has spun off its subsidiary City Securities Registrars Ltd. The company was purchased by CardinalStone Partners Limited, a full service investment banking firm after a competitive bidding exercise that involved CSP and six other bidders.
This follows six other divestments the company has made thus far. The bank in its 2012 FY results had held the investment as an asset under sale and had taken it off its investment in subsidiaries completely when it released its 2013 H1 results. From my estimate the purchase consideration was between N170million and N200million.
See more on the story here FCMB divests holdings in City Securities Registrars