Kenya: I&M Bank Starts Investment Company
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The East African Standard (Nairobi)
21 March 2008
Posted to the web 20 March 2008
Kimathi Njoka
Nairobi
I&M Bank has launched an investment affiliate, Investment Management Services (IMS).
The bank joins a growing list of financial institutions keen on individuals and companies eyeing investments at the Nairobi Stock Exchange (NSE).
The launch comes ahead of the Safaricom initial public offer. The new service targets investors with having existing investments or with intentions to invest at least Sh1 million.
Mr Henry Omondi, head of Investment Management Services, said the launch of the product is in line with the strategy to offer innovative services to old as well as new customers and ease the processes customers go through when buying and selling shares.
"The personalised nature of this service requires that it is offered to select investors and hence a minimum portfolio size of Sh1 million is a requirement for signing up. Eligible investors will include private individuals and corporate," he said.
The services will be offered at three levels. At the first, the bank will facilitate buying, holding and selling shares.
At the second, it will act in a fiduciary capacity by opening CDS accounts and making investments through its nominee company.
The bank will also handle purchase and sale of Government treasury bills and bonds on behalf of investors.
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"The services are laced with attractive features like loan facilities against shares and IPO subscription loans to eligible IMS customers, as well as interest bearing IMS transaction accounts to make idle float funds productive."
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