According to a statement issued on Thursday, 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.
“We are delighted at the prospect of joining forces with AIB as a second step of our development and enhance our local presence in Kenya. Both entities will continue to operate independently until the regulators approve the merge,” said ApexAfrica Capital executive director Louis Lallia.
“We are excited for the possibility to combine the two businesses which will also create enhanced capacity,” AIB Capital chief executive Paul Mwai said.
Apex specializes in equity trading and research, while AIB concentrates in stock brokerage, bond trading, corporate finance advisory, and research.
The statement said that both firmly believe that the merged entity “will be strongly placed to play a bigger and more significant role in the financial sector of Kenya, the region and beyond” and added that the new entity would be a leader in the digital front.
“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,” said the statement.
“The entity will see sustained investment in networks and disruptive future technologies enhancing the range and quality of products and service offerings in the market; offering greater financial inclusion and convenience to customers.”
The joint venture will form part of AXYS Group, a Mauritian financial services company which fully owns Apex Africa Capital.