Cititrust Holdings Plc has sold 100 per cent stake in Cititrust Financial Services Plc Nigeria and its six subsidiaries to Clandun Business Advisory.
The group said in a statement on Wednesday that the decision which was strategic was taken after considering the company’s long-term sustainability and objectives of its business model that no longer align with the vision of Cititrust Financial Services Plc Nigeria.
It noted that Cititrust Financial Services Plc Nigeria new owner was Clandun Business Advisory, saying that the company would be responsible for the management and operations of Cititrust Financial Services Plc Nigeria and its six 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.
It added: “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.
“To further underscore the dynamism of Cititrust Business Model, it is solely CBN licensed Banking subsidiary, LivingTrust Mortgage Bank Plc, declared a Q3 2021 Profit After Tax of N533Million. Cititrust Holdings Plc is resolved to deliver outstanding performance to its stakeholders across the remaining 18 direct subsidiaries and 2 indirect subsidiaries across twelve (12) African countries.”
Cititrust Holdings Plc remains committed to consistently delivering excellent service and performance in line with its core business values and objectives.
Recently, one of its subsidiaries, Pan African Finance Limited Rwanda, was granted an investment banking license from the Rwanda Capital Market Authority (RCMA), to upscale the business model to operate fully as a merchant bank.
