Rating Release 

Agusto & Co. affirms the “A-” (long term) and “A1” (short term) ratings assigned to FBNQuest Merchant Bank Limited, with a “stable” outlook. 

The rating expires on 30 June 2026 

Agusto & Co. affirms the “A-” (long term) and “A1”  (short term) rating assigned to FBNQuest Merchant Bank Limited (“FBNQuest MB” or “the Bank”) on the back of the improved profitability, good liquidity profile and satisfactory capitalisation. Offsetting these positive rating factors is the prolonged divestment by First HoldCo Plc, which has delayed the planned recapitalisation exercise. The challenging macroeconomic environment, as well as the concentrated loan book and deposit base, are also considered rating negatives. A ‘3’ ESG score has been attached to the rating, reflecting our view that environmental, social and governance issues have a material contribution to the Bank’s credit risk profile.