The just-concluded divestment of Cititrust Financial Services Plc and Six (6) of her operating subsidiaries by their erstwhile Parent Company, Cititrust Holdings Plc has only given room for the much-needed growth, stability, and strategic repositioning that is required for the financial services Group to upscale to the next level. This was projected in a statement released by the Company on Thursday, 11th Of November, on the Highlights and Gains of the Company’s Divestment.
Prior to the divestment of Cititrust Financial Services Plc and Her Operating subsidiaries namely; Core Capital Limited, First Option Microfinance Bank Limited, Great Hope Insurance Brokers Limited, First Guaranty Health Care Limited, Cititrust Portfolio Limited, and Cititrust Credit Limited, they had all continued under the umbrella of Cititrust Holdings Plc as their Parent Company. However, with the decision to divest, the company has been bought over by a consortium of investors led by Clandun Business Advisory Services.
In the Statement released by the Company, the Managing Partner of Clandun Business Advisory Services, Mr. Chukwuemeka Oguh was quoted as saying that, “As a strategic player in the Private Equity industry we are always seeking Companies with growth potentials, led by strong, result-oriented management teams with a view to becoming dominant and sustainable enterprises especially in very difficult seasons and terrains.”
He went further to say that, “Cititrust Financial Services Plc and her six (6) operating subsidiaries were identified as viable institutions. After series of review of their financial performance, challenges, and the potential profitability in the nearest future, we came to a firm decision to acquire the Company and her subsidiaries, and we have strong reasons to believe that this investment decision will be worth our while and the consortium of investors we are leading.”
As part of efforts to further ensure that the business continuity strategy of the Group under a new ownership framework is established, emphasis has been made by the Managing Partner of Clandun Business
Advisory Services that there are series of Post-Acquisition Plans that would be activated without delay.
Plans like an eminent change of name to portray the new brand, redefinition of the present business model and fund Injection possibilities, just to mention a few are some of the plans on ground to ensure that the system is properly revamped to do more in terms of delivering on its commitments to offer exceptional services in line with its business objectives.
It is against this development that he further advised that the existing and prospective customers have nothing to worry about, as the divestment in itself is meant to cut across to make the Company better and stronger to serve its teeming clientele base better than before.
In order to further underscore the above stated,
the new owners have further committed that their investment in the company would not in any way lead to any form of loss of employment for those members of staff that are already on ground.
That they would rather commit even more towards creating a working system that Members of Staff can be confident in, as they pursue their chosen career endeavors on this platform.