Cititrust Holdings repositions, divests for enhanced growth

Cititrust Holdings Plc has divested its 100 per cent equity holdings in Cititrust Financial Services Plc for enhanced growth.

This is contained in a statement by Cititrust Holdings made available to Nigerian NewsDirect on Wednesday in Lagos.

The statement said the decision was taken after considering that the company’s long-term sustainability and business model objectives were no longer in line with the vision of Cititrust Financial Services Plc.

It said that “Cititrust Financial Services is now owned and represented by Clandun Business Advisory, which will be responsible for the management and operations of Cititrust Financial Services and its six subsidiaries.”

“Consequently, Cititrust Financial Services and its direct subsidiaries cease to be a direct or indirect affiliate of Cititrust Holdings, as the new owners are not related to the holding company.

“Cititrust Holdings 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 Ltd Rwanda, was granted an investment banking license from the Rwanda Capital Market Authority, to upscale the business model to operate fully as a merchant bank,” it said.

The statement added that the company would remain committed to deliver outstanding performance to its stakeholders across the remaining 18 direct subsidiaries and two indirect subsidiaries across 12 African countries.