CBN Approves Major Rebrand as First Bank Parent Firm Sells Bank, Adopts New Identity
- FBNQuest Merchant Bank has rebranded as Quest Merchant Bank Limited after ownership transition approval from the CBN
- CEO Afolabi Olorode highlighted the name change as a strategic milestone, ensuring client commitments remain unchanged
- Quest Merchant Bank is aiming for growth while navigating Nigeria's evolving financial services landscape post-First Bank exit
Nigeria’s financial services landscape has recorded another notable shift as FBNQuest Merchant Bank Limited, formerly linked to First Bank of Nigeria Holdings, has completed a major ownership transition and adopted a new corporate identity.
The Central Bank of Nigeria (CBN) has approved the change, paving the way for the institution to now operate as Quest Merchant Bank Limited.
Source: Getty Images
The rebrand follows the sale of the bank by its former parent company and marks the end of its association with the First Bank brand.
The development confirms a full exit by the First Bank parent firm from the merchant banking subsidiary, aligning with broader restructuring trends across Nigeria’s banking sector.
Strategic repositioning, not a break in operations
Announcing the change, Acting Managing Director and Chief Executive Officer, Afolabi Olorode, described the rebrand as a strategic milestone rather than a disruption to the bank’s core operations.
According to him, the new name reflects a deliberate repositioning aimed at strengthening the bank’s identity, resilience, and long-term growth ambitions in Nigeria’s competitive financial services market.
“This name change represents a pivotal milestone in the rich history of the Bank and a deliberate strategic repositioning that reflects our resilience, strong track record, and long-term growth ambitions,” Olorode said.
He stressed that despite the change in name and corporate identity, the institution’s commitment to clients, stakeholders, and regulators remains unchanged.
Regulatory Status and Business Unchanged
According to a BusinessDay report, Olorode clarified that the transition does not affect the bank’s legal standing, management structure, or going-concern status.
Quest Merchant Bank Limited remains a fully licensed merchant bank operating under the regulation of both the Central Bank of Nigeria and the Securities and Exchange Commission (SEC).
The bank will also continue to provide its full range of services, including merchant banking, financial advisory, and capital markets solutions, without interruption.
“All existing contracts, client relationships, and obligations of the Bank remain valid, binding, and fully enforceable following the name change,” he said.
Brand updates underway
As part of the transition process, Quest Merchant Bank Limited has begun updating its branding, communications materials, and digital platforms to reflect the new identity.
The bank noted that during this phase, some legacy references to the former name may still appear across select channels.
These updates, according to management, will be completed progressively to ensure operational continuity and minimal disruption for clients and partners.
Source: UGC
Signals broader industry shifts
The exit of the First Bank parent firm and the emergence of Quest Merchant Bank Limited underscore the ongoing reshaping of Nigeria’s financial services sector, where banks are increasingly streamlining operations, divesting non-core units, and refocusing on strategic priorities.
With regulatory approvals secured and a new identity in place, Quest Merchant Bank Limited says it is positioned to pursue growth opportunities while maintaining the standards and service delivery expected by its clients and regulators.
First Bank writes off N748bn bad loans
Legit.ng earlier reported that First Bank Holdings Plc has taken a decisive step to reset its balance sheet after writing off N748 billion in legacy bad loans, a move that triggered a sharp drop in reported profits but has been described as critical for long-term stability.
The development drew public attention after the Group Chairman, Mr Femi Otedola, addressed the decision in a detailed post on his X handle on Saturday, January 31, 2025.
According to him, the write-off was a deliberate, one-time action aimed at clearing longstanding non-performing loans rather than masking financial weaknesses.
Source: Legit.ng
