African Alliance restructures businesses to meet regulatory requirements

17/05/2011 - Kenya property & investment news
African Alliance restructures businesses to meet regulatory requirements
African Alliance, the investment banking group, has restructured its businesses to align them with new regulatory requirements in Kenya.The group confirmed in a statement that it has merged its three business divisions - investment banking, stockbroking and asset management.Recently, African Alliance Kenya Investment Bank Limited confirmed that it is to acquire the assets of African Alliance Kenya Management Company Limited and African Alliance Kenya Securities Limited.The new capital requirements were introduced by regulators earlier this year.Ewart Salins, senior executive officer at African Alliance Stockbroking division, remarked: "With this single license, all three functions of the business can be carried out, hence rendering the need for separate stockbroking and asset management licenses quite redundant."African Alliance, which was founded in 1992, provides local and on-the-ground investment banking services across the African continent.It has successfully built a substantial infrastructure in terms of offices and professional teams to satisfy the investment banking needs of its clients.