New investment banker licensed
By Tom Mogusu
Renaissance Capital (Kenya) has been granted a licence by the Capital Markets Authority (CMA) to set up investment banking operations in Kenya.
The announcement means that the firm joins seven other companies that have so far been licenced by the CMA to carry out investment banking business.
The firm has also hired Mr Maina Mwangi from Standard Bank, South Africa, to be in charge of its investment banking business in Kenya. "We think Kenya is on a long term convergence curve," Mr Stephen Jennings, CEO of the Group said.
Reinassance will also apply to become a member of the Nairobi Stock Exchange (NSE). The NSE is reported to have set the reserve price for the prestigious position at Sh150 million, though it is also holding out for bids in the region of Sh300 million for the two positions that are now vacant.
The winner will join an exclusive club of 18 stockbrokers who last year shared an estimated Sh4 billion at a time when the market was going through one of its biggest boom in recent years.
Renaissance group’s commitment to invest US$1 billion into Africa is on track and should be completed in 2008, Jennings said.
"We are seeing what happened in Asia being replicated here in Kenya. We hope to play a bigger role in the growth of this economy in the long term".
The CEO said the firm is angling for key businesses in financial services, telecommunications, consumer services and infrastructure.
"We are looking at industries that are long term by nature because we are here for a long term regardless of what happens over the next 15 years," he said.
Mr Amish Gupta, the Director Renaissance Capital Kenya Limited, said the firm’s Investment banking licence had been given in record time, an indication that the CMA is committed to deepening the capital markets in Kenya.
Renaissance Capital (Kenya) has been granted a licence by the Capital Markets Authority (CMA) to set up investment banking operations in Kenya.
The announcement means that the firm joins seven other companies that have so far been licenced by the CMA to carry out investment banking business.
The firm has also hired Mr Maina Mwangi from Standard Bank, South Africa, to be in charge of its investment banking business in Kenya. "We think Kenya is on a long term convergence curve," Mr Stephen Jennings, CEO of the Group said.
Reinassance will also apply to become a member of the Nairobi Stock Exchange (NSE). The NSE is reported to have set the reserve price for the prestigious position at Sh150 million, though it is also holding out for bids in the region of Sh300 million for the two positions that are now vacant.
The winner will join an exclusive club of 18 stockbrokers who last year shared an estimated Sh4 billion at a time when the market was going through one of its biggest boom in recent years.
Renaissance group’s commitment to invest US$1 billion into Africa is on track and should be completed in 2008, Jennings said.
"We are seeing what happened in Asia being replicated here in Kenya. We hope to play a bigger role in the growth of this economy in the long term".
The CEO said the firm is angling for key businesses in financial services, telecommunications, consumer services and infrastructure.
"We are looking at industries that are long term by nature because we are here for a long term regardless of what happens over the next 15 years," he said.
Mr Amish Gupta, the Director Renaissance Capital Kenya Limited, said the firm’s Investment banking licence had been given in record time, an indication that the CMA is committed to deepening the capital markets in Kenya.
posted by Mwananchi at 7:22 PM
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