Kenya’s Capital Markets Authority (CMA) has upped the game of investment banking in the country by issuing an investment banking license to Ecobank capital, the investment banking arm of Ecobank Group, which made its first foray into the country last year.
Ecobank Capital joined the growing list of financial institutions in Kenya. These investment firms are said to be complimenting their affiliate commercial banking activities by providing investment support in critical developmental sectors.
According to Ecobank Managing Director, Mr. Moyo Kamgaing, the bank has arranged over $4 billion in financing for private and public sector clients across 12 African countries in the past two years.
The pan-African banking group requested for an investment banking license from the CMA in November 2013 following its acquisition of Iroko Securities Kenya Limited in July 2013.
With the new investment license, EBI Investment Corporation Kenya Limited – the parent company of Ecobank capital – will provide structured trade and commodity finance, project finance, corporate advisory and also target East Africa’s oil & gas, infrastructure and other key economic sectors.
The Group intends to boost its efficiency in all business areas, having established its pan-African footprint across 35 countries in Africa with international offices in Paris, London, Dubai and Beijing. (VENTURES AFRICA)