Banks, stockbrokers fight for bonds market millions

Some of the contentious issues will be discussed at a meeting between Mr Mwangi and the Central Bank of Kenya’s director of monetary operations and debt management, Jackson Kitili.

“It is important that senior management from the invited institutions attend this meeting because serious and firm decisions have to be made,” says Solomon Alubala, a dealer with Co-operative Bank and secretary of the ACI, in another letter to members seen by Business Daily.

The National Bank of Kenya (NBK) has, however, broken ranks with other players and submitted an application for an authorised dealer’s licence.

NBK’s manager for custodial services, Daniel Mboi, said the move was necessitated by the growing base of high net worth foreign clients who are queuing to buy treasury bonds through the bank opening a new income stream.