Brokerage firms to merge operations eyeing enhanced capacity

KENYA – Brokerage houses Apex Africa Capital and AIB Capital have entered into an agreement that will see their stock brokerage, bond trading, research and corporate finance businesses merged. The deal, fronted by Mauritian-owned financial services, AXYS Group, is subject to regulatory approvals from the Capital Markets Authority and Competition Authority of Kenya. ApexAfrica Capital Executive Director Louis Lallia said both firms would continue to operate independently until regulators approve the merger. AXYS Group, which expanded into Kenya by acquiring ApexAfrica Capital in 2015, is keen on controlling a larger…

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