Finance

Cititrust Holdings sells 100% stake in Nigerian subsidiary

Cititrust Holdings Plc says it has divested its entire 100 percent stake in its subsidiary, Cititrust Financial Services Plc Nigeria.

Cititrust Holdings Plc says it has divested its entire 100 per cent stake in its subsidiary, Cititrust Financial Services Plc Nigeria.

In a statement on Wednesday, the company said the decision was taken after considering that the long-term sustainability and objectives of its business model no longer aligned with the vision of Cititrust Financial Services Plc Nigeria.

Cititrust Holdings said that Cititrust Financial Services Plc Nigeria is now owned and represented by Clandun Business Advisory.

The statement added that the company would be responsible for the management and operations of Cititrust Financial Services and its six (6) subsidiaries: Cititrust Credit Limited, Cititrust Portfolio Limited, Core Capital Limited, First Guaranty Healthcare Limited, First Option Microfinance Bank Limited, and Great Hope Insurance Brokers Limited.

“Consequently, CITITRUST Financial Services Plc Nigeria and its direct subsidiaries cease to be a direct or indirect affiliate of CITITRUST Holdings PLC, as the new owners are not related to the Holding Company,” the statement reads.

“CITITRUST Holdings Plc remains committed to consistently delivering excellent service and performance in line with its core business values and objectives.”

To further underscore the dynamism of its business model, the holding company said that its solely Central Bank of Nigeria (CBN) licensed banking subsidiary, LivingTrust Mortgage Bank Plc, declared N533 million profit in Q3 2021.

It also said that one of its subsidiaries, Pan African Finance Limited, Rwanda, was recently granted an investment banking licence from the Rwanda capital market authority to upscale the business model to operate fully as a merchant bank.

“Cititrust Holdings Plc is resolved to deliver outstanding performance to its stakeholders across the remaining 18 direct subsidiaries and 2 indirect subsidiaries across twelve African countries,” the statement adds.

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