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FBNQuest Merchant Bank awarded best sukuk house

By Princewill Ekwujuru

FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, has emerged    winner    of    the Best Sukuk House category, at the 2018 EMEA Finance Achievement Awards.

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Now in its 11th year, EMEA Finance has continued to spotlight the achievements of leading investment banks, asset managers and brokers in Africa.

A the bank in a statement said: “Recognising FBNQuest Merchant Bank’s support for the development of infrastructure in Nigeria through the issuance of the FGN Sukuk II in December 2018, this award reaffirms the bank’s strong performance as a leading investment bank in Nigeria.

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With the Sukuk II issuance, FBNQuest Merchant Bank has continued to support infrastructure development in the Nigerian economy, and deepen the Nigerian capital market by offering government issued investment alternatives to ethical investors, establishing a benchmark for pricing other Sukuk bonds and helping to build an investment culture amongst retail investors.”

“In 2018, we raised over N60 billion (USD167m) in various bond issues for medium and large corporates. We also raised over N260 billion (USD722m) across sixty-two (62) Series of commercial papers issued by several companies in different sectors” said Patrick Mgbenwelu, Head of Investment Banking, FBNQuest Merchant Bank Limited.

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