CMA licenses Salaam Investment Bank
Nairobi, 21 December, 2018…The Capital Markets Authority (CMA) has granted a license to Salaam Investment Bank Kenya Limited to operate as an investment bank under the Capital Markets Act and Regulations.
The license will enable the Salaam to offer its clients portfolio management including wealth management services and explore Shariah compliant products and services. The intermediary will be able to undertake investment advisory on corporate restructuring for example takeovers, mergers, acquisitions, privatization and corporate financing for example issuance of equity and debt securities.
An investment bank is a non-deposit taking institution licensed by the Authority to advise on offers of securities to the public or a section of the public, take-overs, mergers, acquisitions, corporate restructuring involving companies listed or quoted on a securities exchange, privatization of companies listed or to be listed on a securities exchange or underwriting of securities issued or to be issued to the public, and to engage in the business of a stockbroker or dealer.
The newly licensed Investment Bank’s parent company is Salaam African Bank, based in Djibouti and regulated by the Central Bank of Djibouti.
BACKROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY
The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence.