Ecobank Kenya gets licence to open investment bank

Kenya: Competition in the investment banking business has gone up a notch higher. This follows the entry of EBI Investment Corporation Kenya Limited, a subsidiary of Ecobank Capital. It has been granted an investment banking licence by the Capital Markets Authority (CMA).

Ecobank Capital is the investment banking arm of the Ecobank Group. Ecobank Capital’s entry into Kenya follows its acquisition of the investment advisor Iroko Securities Kenya Limited in July 2013 and subsequent application to the CMA for an investment bank licence in November 2013. Ecobank Capital joins a growing number of financial services institutions in Kenya which are moving into investment banking to complement their commercial banking services.

Speaking when he announced the CMA licencing, Mr Ehouman Kassi, Managing Director of Ecobank Kenya and head of Ecobank’s East Africa regional cluster, said, “Increased corporate activities in the East Africa and SADC regions have created a vibrant environment for investment banking”.

Moyo Kamgaing, the Managing Director of Ecobank Capital, said that EBI Investment Corporation Kenya Limited’s business activities would encompass equity and  debt capital markets, structured trade and commodity finance, project finance, and corporate advisory targeting East Africa’s oil and gas, infrastructure (power, ports, roads, airports and telecommunications), commodities and fast moving consumer goods sectors.

- Jackson Okoth