Kenya, Top News

Kenya: Ecobank obtained investment bank licence

The Ecobank group obtained in Kenya a licence of investment bank delivered by the Capital Market Authority (CMA). The present authorization will facilitate the diversification of the activities of the bank and will reposition it on a market that it has difficulty to conquer.

In Kenya, Ecobank is not listed among the Top 20 banks of the country. In order to emerge, the group counts on companies. The Pan-African bank, thanks to its subsidiary Investment Corporation Kenya Limited, will be active on markets of “ownership interests and credits, structured financing of business and raw materials, financing of projects, companies consulting targeting oil and gas in East Africa, infrastructures (energy, ports, roads, airports and telecommunications), raw materials and sector of high consumption”, indicated a communiqué of the bank.

After several months of leadership crisis, Ecobank found serenity according to Gervais Djondo, its co-founder. “I can assure you that the crisis is behind us. Drastic measures were taken to improve the governance within the group. A new meeting board wass just appointed by an independent committee“, he declared.

As a reminder, Ecobank is already active on five African stock exchanges: Ghana Stock Exchanges, Nigeria Stock Exchanges, Regional Stock Exchange of Securities (BRVM), Douala Stock Exchange and the Stock Exchange of Central Africa (BVMAC).

 

Original text by: Roger ADZAFO

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