Wednesday, November 17, 2021 / 06:30 AM / Clandun Business AdvisoryServices / Header Image Credit: Clandun Business Advisory Services

Thejust-concluded divestment of Cititrust Financial Services Plc and Six (6) ofher operating subsidiaries by their erstwhile Parent Company, CititrustHoldings Plc has only given room for the much-needed growth, stability, andstrategic repositioning that is required for the financial services Group toupscale to the next level. This was projected in a statement released by theCompany on Thursday, 11^th Of November, on the Highlights and Gainsof the Company's Divestment.

Priorto the divestment of Cititrust Financial Services Plc and Her Operatingsubsidiaries namely; Core Capital Limited, First Option Microfinance BankLimited, Great Hope Insurance Brokers Limited, First Guaranty Health CareLimited, Cititrust Portfolio Limited, and Cititrust Credit Limited, they had allcontinued 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 consortiumof investors led by Clandun Business Advisory Services.

Inthe Statement released by the Company, the Managing Partner of Clandun BusinessAdvisory Services, Mr. Chukwuemeka Oguh was quoted as saying that, "As astrategic player in the Private Equity industry we are always seeking Companieswith growth potentials, led by strong, result-oriented management teams with aview to becoming dominant and sustainable enterprises especially in verydifficult seasons and terrains."

Hewent further to say that, "Cititrust Financial Services Plc and her six (6)operating subsidiaries were identified as viable institutions. After series ofreview of their financial performance, challenges, and the potentialprofitability in the nearest future, we came to a firm decision to acquire theCompany and her subsidiaries, and we have strong reasons to believe that thisinvestment decision will be worth our while and the consortium of investors weare leading."

Aspart of efforts to further ensure that the business continuity strategy of theGroup under a new ownership framework is established, emphasis has been made bythe Managing Partner of Clandun Business Advisory Services that there areseries of Post-Acquisition Plans that would be activated without delay. Planslike an eminent change of name to portray the new brand, redefinition of thepresent business model and fund Injection possibilities, just to mention a feware some of the plans on ground to ensure that the system is properly revampedto do more in terms of delivering on its commitments to offer exceptionalservices in line with its business objectives.

Itis against this development that he further advised that the existing andprospective customers have nothing to worry about, as the divestment in itselfis meant to cut across to make the Company better and stronger to serve itsteeming clientele base better than before. In order to further underscore theabove stated, the new owners have further committed that their investment inthe company would not in any way lead to any form of loss of employment forthose members of staff that are already on ground. That they would rather commiteven more towards creating a working system that Members of Staff can beconfident in, as they pursue their chosen career endeavors on this platform.

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