Two brokerage firms AIB Capital Limited and ApexAfrica Capital Limited announced a merger on Thursday.
This will see the two operate under a joint venture company.
In a joint statement, the firms said they will continue to operate independently until the regulators approve the merge.
“We are delighted at the prospect of joining forces with AIB as the second step of our development and enhance our local presence in Kenya,” said Louis Lallia, Executive Director of ApexAfrica Capital Limited.
On the digital front, the combined entity will remain a clear leader in innovation, through established brands such as AIB DigiTrader the first trading platform in Kenya to fully automate the trading process.
“We are excited for the possibility to combine the two businesses; which will also create enhanced capacity through capital consolidation creating wider service solutions for clients,” said Paul Mwai, CEO of AIB Capital Limited.
The joint venture will form part of AXYS Group, and will thus provide new and greater opportunities for employee development, growth and advancement.
Both boards firmly believe that the merged entity will be strongly placed to play a bigger and more significant role in the financial sector of Kenya and the region.
AIB Capital specializes in stockbrokerage, bond trading, research, and corporate finance advisory while ApexAfrica specializes in Equity trading and Research.