EBI Investment Corporation Kenya Limited, a subsidiary of Ecobank Capital has been granted an investment bank license by the Capital Markets Authority in Kenya. Ecobank Capital (registered as Ecobank Development Development) is the investment banking arm of the Ecobank Group. Its entry into Kenya follows its acquisition of the investment advisor Iroko Securities Kenya Limited in July 2013 and subsequent application to the Capital Markets Authority for an investment bank license 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, and comes along with the recent announcement by Ecobank Group of its plan to inject Sh8.8 billion ($100 million) over the next two years into its Kenyan subsidiary Ecobank Kenya Limited to strengthen its position as hub for the Group’s East Africa regional operations.
Speaking when he announced the CMA licensing, 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 bankingâ€.
Mr. Moyo Kamgaing, Managing Director of Ecobank Capital, said that EBI Investment Corporation Kenya Limited’s business activities will encompass:
- Equity & debt capital markets
- Structured trade and commodity finance
- Project finance
- Corporate advisory targeting East Africa’s oil & gas
- Infrastructure (power, ports, roads, airports and telecommunications)
- Commodities and FMCG sectors