Stock brokerage firms, AIB Capital and Apex Africa Capital have just revealed that they are in the process of merging their businesses. The two companies have signed a binding agreement that sets the stage for merge negotiations.
According to a press statement, AIB and Apex plan to merge their respective Stockbrokerage, Bond Trading, Research and Corporate Finance businesses in Kenya to operate under a joint venture Company.
Louis Lallia, Executive Director of ApexAfrica Capital Limited said, “We are delighted at the prospect of joining forces with AIB as a 2nd step of our development and enhance our local presence in Kenya. Both entities will continue to operate independently until the regulators approve the merge.”
The two entities aim to be the top Stockbrokerage, Derivatives, Bond Trading, Research and Corporate Finance Advisory company in Kenya.
“We are excited for the possibility to combine the two businesses; which will also create enhanced capacity through capital consolidation allowing it to create wider service solutions for clients; who will also benefit from strong relationship management and customer service excellence,” said Paul Mwai, CEO of AIB Capital Limited.
Besides improved services to clients, employees of the two companies will have great opportunities to advance their careers after the union.
The joint venture will form part of AXYS Group, a Mauritian financial services company which fully owns Apex Africa Capital.
