London-based publisher names KCB, StanChart top lenders
Standard Chartered, a subsidiary of StanChart Plc., has been named the best foreign subsidiary operating locally. PHOTO | FILE
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EMEA named regional banker KCB the best Kenyan lender while Standard Chartered, a subsidiary of StanChart Plc., was named the best foreign subsidiary operating locally.
EMEA said it picked KCB over Equity Bank due to the former having stronger profit growth recently and introducing Islamic banking.
KCB Group and Standard Chartered Bank have been named the best lenders by EMEA, a London-based publisher that focuses on transaction activity in various global regions.
Dyer & Blair chaired by Jimnah Mbaru was named the best broker.
EMEA named regional banker KCB the best Kenyan lender while Standard Chartered, a subsidiary of StanChart Plc., was named the best foreign subsidiary operating locally.
EMEA said it picked KCB over Equity Bank due to the former having stronger profit growth recently and introducing Islamic banking.
“Each year has seen a showdown between Equity Bank and Kenya Commercial Bank as our pick for Kenya’s best local firm,” said the publisher in citations seen by the Business Daily.
“The two giants of the country’s financial-services sector have demonstrated exceptional growth over recent years, but Kenya Commercial Bank takes the prize this year.”
KCB net profit in 2013 stood at Sh14.3 billion, higher than Equity’s Sh13.2 billion. Standard Chartered on its part was recognised for focus on SMEs and larger corporate clients.
“The firm is a valued source of funding to local companies, extending loans worth a total of Sh10.7 billion to small and medium-sized businesses last year and, through its wholesale banking business, providing Sh77 billion-worth of support to sectors including energy, trade and commodities — an 18 per cent increase from 2012,” said the publisher.
CfC Stanbic Bank and Dyer and Blair Investment Bank were picked due to their respective transaction advisory and brokerage businesses.
EMEA particularly noted CfC’s investment banking unit work on Kenya’s $2 billion sovereign bond. Standard Bank’s other investment banking subsidiaries in Uganda, Tanzania and Rwanda were also winners.
The investment bank brokered the block sale of Umeme shares in Uganda and IFC’s Rwandese franc-denominated bond.
Dyer & Blair was recognised for its role in the Nairobi Securities Exchange initial public offering (IPO).
“Finally, as the Nairobi Securities Exchange completes its own IPO and begins its next phase of development, we’ve recognised Dyer & Blair as the best broker for its work helping investors access this growing market,” said EMEA.
The local investment bank was the joint transaction adviser for the IPO with Standard Investment Bank and Renaissance Capital Kenya Limited. Dyer and Blair also participated in the $2 billion (Sh178.5 billion) sovereign bond as the co-manager.
The local investment bank was also the transaction adviser and placing agent for Britam Sh6 billion bond.
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