Kenya: Banks Cash in On Safaricom

Nairobi — The race for a chip of Safaricom's billions heightened last week with an announcement of a fusion between financial kingpins, Dyer and Blair Investment Bank and the world's most revered investment bank, Morgan Stanley.

The two investment banks said in a joint statement on Thursday that they had formed a consortium to bid for the one of the most coveted investment deals as the transaction advisors for Safaricom's Initial Public Offer (IPO), now slated for November.

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