24 February 2014

Kenya: KCB Gets CMA Nod for Investment Banking

KENYA Commercial Bank Group is ready to embark on investment advisory business after getting approval from the Capital Markets Authority to operate an investment bank.

CMA said it has issued a licence to the banking group to open a subsidiary called KCB Capital Limited which will be the investment banking business of the company.

KCB Capital will offer advisory services on offers of securities, take-overs, mergers, acquisitions, corporate restructuring involving companies listed or quoted on a securities exchange, privatisation of companies through a securities exchange or underwriting of securities issued or to be issued to the public.

Through its new business, KCB will also be able to offer stock brokerage or dealer services to clients.

KCB Capital is the 11th investment advisory firm to be licenced by the CMA.

The banking group enters the market at a time the stock market is enjoying a bullish moment attracting a lot of interest from international investors as well as local ones.

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