By THE AFRICA BAZAAR Staff Writer
Building on its successful acquisition of a major investment advisory firm in Kenya, Ecobank said it recently obtained license from Kenya’s Capital Markets Authority to establish an investment bank in the country.
Ecobank, an independent pan-African bank and a subsidiary of Ecobank Transnational Inc, joins a growing numbers of banks across the continent that are seizing on the demands from a rapidly evolving emerging middle class and commercial enterprises seeking investment opportunities and help with the financing of projects.
The move will complement the bank’s established commercial services in the country and the East Africa region and further cements its entry into Kenya via its July 2013 acquisition of investment advisor Iroko Securities.
The bank has arranged over $4 billion in funds to private and public sector clients across the continent, including joining forces with an Ivorian investment bank, Africa Link Capital, to raise $260 million to finance a road infrastructure projects in the Ivory Coast.
Last month, Ecobank completed its acquisition of Mozambique’s Banco Precredit, further expanding its footprint across African markets.