By InvestAdvocate

Lagos (INVESTADVOCATE)-Financial services giant, FBN Holdings Plc said on Friday it has obtained approval from the Central Bank of Nigeria (CBN) to divest from FBN Microfinance Bank Limited.

“FBN Holdings Plc has obtained the requisite approval from the Central Bank of Nigeria in respect of its divestment from FBN Microfinance Bank Limited,” the company said in a notice dated December 3, 2015 to the Nigerian Stock Exchange (NSE).

FBN Holdings said it has executed through a Sale and Purchase Agreement (SPA) with Letshego Holdings Limited to sell its shares to Letshego. “We expect that the sale will be concluded before the end of the current financial year,” FBN Holdings added.