, NAIROBI, Kenya, Oct 7- Barclays Bank of Kenya has launched its stock brokerage subsidiary, Barclays Financial Services Limited (BFSL), which will be led by local stock brokers.
Barclays Bank of Kenya Managing Director Jeremy Awori said the Kenyan brokerage will be bringing a range of new investment products and services to the country’s vibrant financial market.
BFSL will be offering cash equity trading services, fixed income and bond trading and derivatives.
“BFSL is set to bring far more to the Kenyan market than a solid capital base, embedded continental reach and a market leading brokerage team. We have combined these elements for a purpose, and that is to launch new services, new investment options and a new level of research in our stock broking market,” Awori said.
It will also be offering a key research portal, Barclays Live, providing global research, indices, data and analytical tools, and clients sector-based research, across agriculture, business services, commodities, financial institutions, global development organisations, healthcare manufacturing, transport and logistics.
The new brokerage is also planning to launch Exchange Traded Funds (ETFs), working closely with the Capital Markets Authority (CMA) and the Nairobi Securities Exchange (NSE) under the new NSE rules.
As a wholly bank-owned subsidiary, BFSL will have foreign desks in nine other African markets including Botswana, Ghana, Mauritius, Mozambique, Seychelles, South Africa, Tanzania, Uganda and Zambia.
“We believe that this will contribute to the rise in the competitive position of the Nairobi Securities Exchange,” Jeremy Awori, Managing Director, Barclays Bank of Kenya said.
Currently, Kenya is the third largest stock-market hub in Sub-Saharan Africa after the South African JSE and Nigeria’s SEC, but its move into ETFs is poised to make it an even more competitive investment hub.
BFSL licensed by the Capital Markets Authority, was admitted as a trading participant of the NSE in 2015.