FBNQuest Merchant Bank Limited has been assigned an “A” rating by Agusto & Co. This rating expires 30 June 2019.
The rating assigned to FBNQuest Merchant Bank Limited (‘FBNQuest MB’ or ‘the Bank’) reflects the Bank’s affiliation with FBN Holdings, the non –operating holding company of one of the largest banking and financial services organisations in Africa with an asset base of S58;5.2 trillion ($15.7 billion @ S58;331/$) as at 31 December 2017. FBNQuest MB ranked first on local currency deposits of the five merchant banks operating in Nigeria as at FYE2017, but ranked fourth by total assets and contingents. The Bank has an experienced and stable management team which provides oversight of its daily operations. The rating recognises FBNQuest MB’s good capitalisation and good profitability during the period, supported by its acceptable asset quality, investment banking expertise and trading activities.
Nonetheless, FBNQuest MB’s rating is constrained by concentration in its loan portfolio which renders it vulnerable to adverse changes in the performance of its lending sectors and obligors.
The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information.
This rating release is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit given to Agusto & Co.
This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.