Two local stock brokerage firms, AIB Capital and Apexafrica Capital have announced plans to merge their respective stock brokerage, bond trading, research and corporate finance businesses in Kenya to operate under a joint venture company.
They have entered into a binding agreement that will see the shareholders of the two companies enter into an agreement to merge their businesses.
Making the announcement, Louis Lallia, the executive director of Apex Africa Capital said both entities will continue to operate independently until the regulators approve the merger.
According to Lallia, the two will form part of the Mauritius based AXYS Group and will aim to be a market leader in stock brokerage, derivatives, bond trading, research and corporate finance advisory.
Apex, which specialises in equity trading and research, was acquired by AXYS Group in 2015.
Paul Mwai, CEO of AIB Capital said the merger of the two businesses will create enhanced capacity through capital consolidation allowing it to create wider service solutions for clients.
AIB Capital ltd (formerly Afrika Investment Bank) is engaged in the business of stock brokerage, bond trading, research and corporate finance advisory.
