FBN Holdings Plc has written to the Nigerian Stock Exchange 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.
FBN Microfinance Bank contributed 1.6% 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 has obtained board approval to dispose of the unit in 2014 and scheduled June 2015 for effective sale. The sale will not be completed by the end of this year.