FBNQuest Merchant Bank Limited (FBNQuest Merchant Bank) is a Nigerian investment bank and asset manager that was incorporated in 1995 as Kakawa Discount House Limited (Kakawa Discount House). In October 2014, FBN Holdings Plc (the parent, the ultimate group) acquired a 100% interest in Kakawa Discount House and secured regulatory approval to commence operations as a merchant bank in May 2015. The parent also transferred its investment banking and asset management interests (FBNQuest Securities Limited and FBNQuest Asset Management Limited) to FBNQuest Merchant Bank as subsidiaries in 2017, complemented by FBNQuest Capital Limited, FBNQuest Trustees Limited, and FBNQuest Funds Limited. As the bank and its subsidiaries (the FBN Quest Merchant Bank sub – group) jointly represent less than 5% of the ultimate group’s operating revenue and assets, GCR follows a sub – group credit analysis approach in assigning the national scale issuer ratings, with uplift for group support.
CREDIT RATINGS ISSUED AND RESEARCH PUBLICATIONS PUBLISHED BY GCR, ARE GCRâ€™S OPINIONS, AS AT THE DATE OF ISSUE OR PUBLICATION THEREOF, OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. GCR DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL AND/OR FINANCIAL OBLIGATIONS AS THEY BECOME DUE. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: FRAUD, MARKET LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND GCRâ€™S OPINIONS INCLUDED IN GCRâ€™S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND GCRâ€™S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND GCRâ€™S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL OR HOLD PARTICULAR SECURITIES. NEITHER GCRâ€™S CREDIT RATINGS, NOR ITS PUBLICATIONS, COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. GCR ISSUES ITS CREDIT RATINGS AND PUBLISHES GCRâ€™S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING OR SALE.
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